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Release Info - Business Forms

Wondering if we have an ETA on business forms ? Clients are already asking… oh my.
Here in NB I haven’t even worked today… Family Day… Last day I spend for a long while.

The final version in TaxCycle of the business forms depends on when we get the final form versions from the CRA - we have no insight into a specific timeframe for their release, as soon as we receive the updated forms and make the required changes we will issue an update.

~ Rob

You can always try going to CRA’s forms and publications website to download the require form
https://www.canada.ca/en/revenue-agency/services/forms-publications/a-form-publication.html?utm_campaign=not-applicable&utm_medium=vanity-url&utm_source=canada-ca_get-cra-forms?utm_source=stkhldrs&utm_medium=eml&utm_campaign=prntfrms2018

As a note to anyone using this link, the income statements (T2125, T776, etc) in there are from the 2017 tax year and do not have the 2018 versions available yet.

~ Rob

Have they given you any kind of time frame when they may have them available?

No they have not indicated a specific timeframe for release of the final versions.

~ Rob

For some crazy reason I still keep my annual subscription to Profile.

If a person was still using that software they would be oblivious to the fact the CRA has not approved or released the 2018 versions of the various business or rental statements. None of the the forms in Profile display the word “draft” or “preview”… so if a person did not know any better the forms appear to be a 2018 filing version.

Does anyone know whether TaxCycle T1 returns are currently able to be filed for clients who have business or rental income to report with these “Preview” forms? I suspect they would be ok to efile.

Can I EFILE any of these forms now?

Despite the Preview watermark, you can still EFILE returns with the above forms in the current version of TaxCycle T1/TP1. For example, if you are preparing a return for a client who is not affected by the Accelerated CCA changes because they acquired no depreciable assets after November 20, 2018, or if you are preparing a T776 rental statement with only a small amount of income or a loss and therefore are not able to claim CCA or can only claim a limited amount.

I understand the preview situation as not T2125 not being approved yet by CRA.
I have selected commission income on the top right corner and entered the amount to be reported on Part 3A - Business income on line 1 (Gross sales, commissions, or fees) .
I keep getting preview message “type of business activity does not match business income reported” and box 7 is highlighted.
This is where the commission income should be reported and I did the same on the last year tax return. Why is the Taxcycle not allowing me to select this income as commission income?
Thanks

There is an erroneous condition in the existing warning which is causing it display incorrectly when commission is selected as the business income type - it has been corrected and will be in the next release.

On a side note, the preview watermark will also be lifted off the income statements for this upcoming release that we expect to have available within a few days.

~ Rob

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Our release with Preview removed from all the business and rental statements is now available.
https://www.taxcycle.com/Support/Download

Since today is the last day for slip filing, it is only a download, We will likely turn on auto-update tomorrow.

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I see today’s TacCycle update nicely incorporates the Accelerated Investment Inventive CCA calculations into the T2125 even though the pink “working on it” message bar still exists.

Thanks for this!