Currently TaxCycle has only one line to record the T1 installments claimed on filing. This field matches the CRA AFR installment total accrued for that tax year.
I would like three changes:
1) Installment Details
Expanded lines to enable the recording of the installment payment date and amount. This helps with the reconciliation of the actual installments paid and retained by CRA for that tax year. It helps with the tracing of the payments when
1A) some amounts were transferred to a prior year in the event of a balance due an no longer available to the current year.
1B) some amounts are no longer available to be applied to the tax year in question because a reassessment of this year occurred after a subsequent year claimed this amount.
1C) when the tax return was late filed and a subsequent tax year’s installment amount is being claimed
1D) it helps with T1Adj preparation when reconciling TaxCycle versions to CRA assessment versions.
2) Payments on filing
I would like a series of expandable rows to record payments on filing by date payment and amount.
3) Payment arrangements
I would like a CRA payment arrangements worksheet to be carried forward into the subsequent year when some payments have been made but the balance is not cleared.
Again, I would like a series of expandable rows to record payment arrangements made and actual payments made by date.
This will be especially important for 2019 to 2020.