Designated Immediate Expensing Property - Schedule 8

T2
8

@CGLtax

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.
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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

  1. 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)

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  1. 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)
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Now the cheat way

  1. Using the Windows file explorer, right click and rename the file extension from .2021T2 to .2022T2.
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If the file extension is not visible, you will need to make it visible i nWindows file explorer.

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  1. After the renaming the file extension, conversion is complete. Make sure to thoroughly review the file.

  2. 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

  3. Amend the T2 return and transmit.
    Amending a T2, CO-17 or AT1 Return - TaxCycle

If you experience any issue, let me know.

Steven