Sorry to be a broken record - I’m sure this is ruining your summer. I see the new T2S8 has FINALLY been released by the CRA on their website. https://www.canada.ca/en/revenue-agency/services/forms-publications/forms/t2sch8.html and it has new columns and column numbers.
The legislation says we have 12 months after the filing deadline to make a DIEP claim. This means that the April 30, 2021 returns that had Eligible Property purchased in the last 12 days of their fiscal year, have until October 31, 2022 to file any amendment claiming this, which would be 5 months before any T5013 and 6 months before any T1 amendment would be due.
So knowing that the T2 should be the top priority for updating - when can we expect the release of the form?
I’m asking so we don’t have to end up with our files in limbo at CRA from amending everything using cell overrides.
Sorry for adding more pressure - but the clients have started pushing on our end.
We have been working on this for a while; it is quite complicated as you can appreciate.
We plan to release an interim version that will allow for claiming immediate expensing before the end of August. A subsequent release will include the full implementation of our designed solution.
@Allen is there an updated ETA? we have only 56 days left to file (Oct 31 deadline) amendments for April 2021 FYEs that had purchased assets after the announcement.
Finally, we are running through release testing. The T2 immediate expensing update will be out shortly. Thanks for your patience as we worked through all the CCA complications!
Update looks good for current filings. However, I need to do an amendment for previous filings in the 2021 Module that had asset purchases after April 18, 2021. The deadline for FYE 2021-04-30 is on Monday. The most recent update only pertains to the 2022 module. How do we amend the 2021 filings?
Since immediate expensing is only in the 2022 T2 module (TaxCycle T2 files with .2022T2 file extension). So, you will need to “convert” your file (.2021T2) to .2022T2 file.
You probably have seen this banner message in the past.
This is what we call a conversion message with a quickfix to convert a T2 file into the next year’s file extension. So, the trick here is to open the file and make TaxCycle trigger this banner message so you can click on “Convert the return now”.
There is an easy “cheat” way to do this and a proper way. I will go over the proper way and if that doesn’t work, you can try the “cheat” way (which I will mention at the end).
Long/proper way
If you already transmitted T2 (and AT1, CO17), first unlock the T2 return (Security > Unlock File).
(If the return is in work in progress (ie. has not been transmitted yet, you should get the conversion banner to begin with)
In the transmission window on the side tab, click “Dismiss result and start again”. That should show the conversion banner message. (if you also field AT1 and/or CO17, you must also “Dismiss result and start again” for those transmissions before the banner message shows up)
Now the cheat way
Using the Windows file explorer, right click and rename the file extension from .2021T2 to .2022T2.
If the file extension is not visible, you will need to make it visible i nWindows file explorer.
After the renaming the file extension, conversion is complete. Make sure to thoroughly review the file.
Go to S8Assets and you should hopefully now see the QuickFix to enter the immediate expensing limit. Here is a documentation on it. T2 Immediate Expensing (DIEP) - TaxCycle
@jimt
The T1 immediate expensing will be essentially identical to the way we have implemented it in T2. In other words, if you complete, say T2125Asset form by adding additions now, and you re-open that file in a future T1 version with immediate expensing, TaxCycle will automatically apply and calculate immediate expensing. So, the short answer is Yes.
