We’re thrilled to announce another round of our engaging Ask Us Anything webinar! It’s your opportunity to get live responses from our experts to all your queries. But first…
Your Input Matters! Have questions you need us to answer? Curious about TaxCycle’s future or have suggestions to make it even better? This is your chance! Please post your questions in this thread and like any question you would like us to answer.
Looking for an answer to a question about a new immigrant couple, who arrived in Jan 2023 and then the wife stayed in Canada with kids, worked and got a T4, while the husband went back to home country just after staying for 45 days in Canada. What will be his status for 2023 T1, he doesn’t have any Canadian income but he has other world income.
The tax software gives the benefit of the husband’s personal amount to the wife either way for the husband to be a resident or non-resident. But if we make the husband a resident he is given CWB, which does not appear to be a right thing to me. Another thing bothering me on this is - when we make him a resident and put his world wide income, it makes no difference to the tax liability.
@rachelavryl Sorry about that, we are also balancing staff across time zones and want to create a live event. You are still welcome to ask a question as we will be offering this for on-demand viewing.
Looking for an answer to a question about a new immigrant couple, who arrived in Jan 2023 and then the wife stayed in Canada with kids, worked and got a T4, while the husband went back to home country just after staying for 45 days in Canada. What will be his status for 2023 T1, he doesn’t have any Canadian income but he has other world income.
The tax software gives the benefit of the husband’s personal amount to the wife either way for the husband to be a resident or non-resident. But if we make the husband a resident he is given CWB, which does not appear to be a right thing to me. Another thing bothering me on this is - when we make him a resident and put his world wide income, it makes no difference to the tax liability.
When will proformas be available? As soon as possible would be great as we need to determine how the new AMT rules will impact any large capital gains realized before the June 25th deadline. Need to advise clients if it makes sense to realize gains or to wait.
Not sure if this is relevant…might not be in your control, but…
I recently filed a 2022 T1-ADJ to remove a RRSP contribution receipt that was issued in Feb 2023. The previous tax preparer (not my firm) applied it as a “normal” RRSP contribution for 2022, when it was supposed to be part of a transfer under ITA 60L. A 2023 T4 RSP slip in the same amount noted “refund of premiums”. My firm has prepared the 2022 T1-ADJ and the 2023 T1, and checked the box on the Info page in both returns to indicate “…returns for prior years being filed at the same time…”
However, when trying to EFILE the 2023 return, CRA rejects it:
I expected, when reporting that “prior year returns” are being filed at the same time, CRA would postpone PROCESSING this return until prior year returns had been assessed, but should have allowed us to EFILE it nevertheless.
Is there anything that can be done about this from TaxCycle’s end?
Edit: to clarify, the 2022 RRSP receipt remains REPORTED on the 2022 T1, but not CLAIMED as a deduction (i.e. carried forward).
I think this has been asked before, but I can’t remember the answer:
Can you make it possible to export DATA to Excel, along with the templates that are currently possible?
For example, when creating an Excel template from a T1-OVP, you get an Excel file with field names, but it is a bit confusing where to enter the data values, not to mention when/where you have to create new fields for additional rows, etc. If we could export from an existing T1-OVP to Excel, including data values, it would be easier to see which values end up where. That template could then be used to import data for a different client by replacing the existing data values (without spending as much time figuring out what goes where, and what new fields to create, etc).
I know there have been some good Excel templates (created by TaxCycle users) to generate an “import file” for a T2125 (or other forms) - users can enter the data into a “user friendly” page in the Excel file which then automatically fills the TaxCycle template. But, that doesn’t encompass every schedule and form in a T1, T2, T3, etc.
I would like to know when updates will happen for DoxCycle. I use it all the time and would like to see a few things but most of all that more T slips are recognized.
Regarding the question about why you get EFILE error 2197 for a 2023 return even though you answered Yes to the question about filing prior year returns at the same time, that question is only relevant to a series of initial returns.
When you transmit an adjustment through ReFILE, we transmit the full return and CRA then compares the dollar amount fields received to those they received and processed for the initial return. Any other information is ignored and that includes the indicator about the series of returns being sent.
Therefore, you will need to either wait for the reassessment of the prior year’s return to be processed or remove the unused RRSP amount that resulted from the adjustment, transmit the 2023 return and then use ReFILE to put that amount back into the return.
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