When are you guys planning to implement the immediate expensing calculations into the T1 program? I have a couple of T1s with larger capital asset additions but we are waiting with this for the updated version.
Credit to @snoplowguy he has supplied a work around.
Unfortunately, at this point I am using a competitors software (updated to include Immediate expensing regulations and no watermark) to provide CCA schedules to T1 clients with business or rental properties.
Does TaxCycle realize how amateurish WE look when our tax forms, in mid-March, have that big “Preview” watermark on them? I have lot’s of T1’s to get out the door that can’t be finalized until these issues are solved.
Immediate expensing is the top priority for the T1 team and we are working as fast as we can to have this ready for you. We are currently finalizing our testing and as soon as it’s ready we will release an update to TaxCycle. We don’t want to release something half-finished or untested as that would cause bigger issues for our customers. My sincere apologies that this is taking as long as it is.
In cases where there are no new capital asset additions in the year (i.e., no acquisitions of Designated Immediate Expensing Property), CCA will calculate correctly and you can finalize the tax returns. In this week’s TaxCycle release, we will remove the Preview watermark so that you can finalize tax returns with no new additions. However, the review message about the immediate expensing calculation not being applied will still appear.
I fully understand that this interim solution isn’t the optimal given most businesses would have had new capital asset additions during the year and should be entitled to claim immediate expensing. At this point, unfortunately, the only way to claim immediate expensing is to calculate it yourself and override CCA claim field (column 18) in the CCA table in each statement.
Thanks for the update, @Steven.
Do we also need to override column 4,8,8.1,8.2,9 in the CCA table, or just the column 18 for those new capital asset additions? After the preview watermark removed, can we E-file clients’ returns even with those override new capital assets additions or still have to wait for the new release? Thanks.
The details of the CCA table (ie. Area A table in T2125CCA) does not transmit to the CRA (nor included in the T1 bar code). You can override each row of column 18 which in turn overrides the CCA claim amount field in T2125Asset form for the corresponding CCA class. The total claim amount should flow to line 9936.
Thanks, Steven, Good to know we can E-file returns to CRA with the override and don’t have to wait for the new release.
Seems like we could have had this temporary solution for a while now I wouuld think.
Any update on this? Soon we will start having a lot of people with T2125s…
Our plan is to release at the end of this week.
Again, my apologies and we greatly appreciate your patience and support.
Is today still the plan?
@paul Yes, we are running the installation testing now and it should be available in the next couple of hours I would say. The release will be download only from our website and we will turn on auto update next week.
The download is now available here:
We greatly appreciate your patience and continued support as always.
Have a great weekend!