I have a GRE trust tax client with a year-end cut-off on January 31. I prepared their 2023 T3 Trust Tax return using DT Max last year. I completed the return and filed it to CRA on April 20, 2023 just before the deadline of April 30, 2023
I switched to Taxcycle this year. I re-entered the 2023 T3 data to the Taxcycle T3 program in order that I can carry forward the 2023 balances (such as CNIL) to 2024. The 2023 T3 return created by Taxcycle looks fine and consistent with my previous 2023 T3 tax return prepared under the DT Max.
Now I have to prepare the same client’s 2024 T3 Trust Tax Return; the deadline is still April 30, 2024. However, I just noticed that the 2024 option is not yet available on the Taxcycle T3 menu.
I called Taxcycle technical support this morning, and the technician told me that the 2024 T3 program will not be available until late June 2024.
My questions are :
1 How the other users of the Taxcycle T3 program prepare and file their clients’ 2024 T3 Trust Returns which have a year ended before June 30. (The deadline for filing a T3 return is 90 days after the year’s end)
How can the 2023 T3 file in Taxcycle be carried forward to a 2024 T3 file while the 2024 program still needs to be available?
Since my subscription to DT Max has not yet expired, I went back to my DT Max program, and it did allow me to carry forward my 2023 T3 file to 2024, and I can start preparing my 2024 T3 tax return immediately.
Why does Taxcycle ask their users to wait until June 2024 while competitor software has already allowed users to prepare their 2024 T3 tax return by now?
I have a GRE with an April 27th year-end. The 2023 T3 was created in the TaxCycle 2022 module, so when I carry that file forward, it creates a file in the 2023 module, with Tax Year End date of 2024-04-27. If your 2023 year-end is saved in the 2023 module, you won’t be able to carry it forward, but you could save a copy with a new filename, and change the dates to reflect the Jan 2024 year-end. Alternatively, it may be possible to import your DT Max file using TaxCycle’s carry-forward function - this would create the Jan 2024 T3 in TaxCycle’s 2023 module. However, I’m not sure if DT Max is one of the data types that TaxCycle can import. You’d have to look that up.
Yes, this is what I am thinking. To copy the 2023 T3 data file to a new data file with the same name but denoted it as 2024. e.g., The Estate of John Doe – 2024. Then, use the Taxcycle 2023 T3 program to complete the 2024 T3 tax return, which will end on January 31, 2024.
My other question remains as to how to enter the CNIL balance and other carrying forward balances in the 2024 data file
Not sure, off the top of my head, but whenever there have been carry forward amounts, I have found there is a place to enter them - either on the Carry Forward page itself, or by clicking the linked cells on that page to drill down to where you can enter them.
I got it; I have manually inputted the 2023 figures in the 5-year summary sheet of the 2024 data file and entered the b/f loss in the opening balances column in the Carryforward summary sheet. Everything looks good now, thank you for your advice.