Now that the government has confirmed that the capital gains inclusion rate was not increased in June 2024 and they will defer the increased inclusion rate to (maybe) Jan 1, 2026 - is Taxcycle going to update the T2 return?
Both calculations are included in the program.
Go to the “Tax Constants” worksheet. Uncheck the box “For dispositions after June 24, apply the new inclusion rate”
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I expect the fine folks at Taxcycle, like me, are banging their heads against the wall. Ministers and departments can make all the announcements they like but without Parliament, nothing is certain.
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Thank you!!!
You are 100% correct. The latest version of TaxCycle T2 supports the continued use of 50% inclusion rate. Once I receive a communication from the T2 CRA software group, I will, at that point, figure out what to do. Likely, I will revert S6 and other affected schedules and worksheets to the previous version and remove the sections/fields related to supporting the 2/3 inclusion rate calculation.
Steven
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