I have a T3 from CIBC that has an amount in box 21 but no reporting for boxes 52 and 53. Taxcycle is giving me a critical review message that I can’t check off:
“T3 The [capital gains] in T3 box 21 must equal the total [breakdown by period]in boxes 52 and 53.”
Does this mean I can’t EFILE?
Boxes 52 and 53 are redundant at this point. Those boxes emerged to deal with the 2/3rds capital gains inclusion rate which failed.
Simply enter the amount from box 21 into box 52 (or 53 if you want) and be done with it. I’m entering all my capital gains into box 52.
Interestingly enough, in the Intuit Profile software you don’t enter the amount in box 21. Box 21 populates when you enter an amount in box 52 and/or box 53. That’s actually one thing that Intuit got right this year. TaxCycle makes you enter amounts twice.
Ok thanks! I know the fields are redundant but given TC has a critical message I thought there might be an issue with entering data in the T3 that’s not there.
I saw a T3 recently that didn’t have the box #'s but had a notation elsewhere on the slip for the amounts for boxes 52 and 53.
The Canada Revenue Agency actually recycled box numbers 52 and 53 from other uses in prior years. Keeping in line with their typical service quality they forgot to update the descriptions of those boxes on their end.
When you actually find a T3 slip that has actually been posted to the CRA website and available via AFR they forgot to update the box descriptions. They read as follows:
Box 52 - Amount deemed payable to the deceased beneficiary of a spousal trust under subsection 104(13.4) and similar trusts
… and Box 53 is complete word salad
Box 53 - slip.17.box.53.name
My dad used to tell me that intelligence has its limits but stupidity knows no boundaries.
You can permanently neuter the critical message @Versa.
If you select “Review” from the the right menu bar right click on that message and select “never show this message for any clients”.
I disabled that message weeks ago.
Just wait until you get the Processing Review letters asking for details about the spousal trust!
I had a T5013 with a capital gain in box 151 but boxes 270 and 271 for the period 1 period 2 breakdown were blank. There was no revew message, but the gains in box 151 didn’t carryforward to Schedule 3 until I also put the capital gain in one of those boxes. I did note with a T3 slip that the gain also didn’t show up on Schedule 3 if boxes 51/52 weren’t completed, but at least there was a critical message
It’s interesting the software doesn’t pick up Capital gains on line 17599 on Schedule 3 from Box 21 - Capital Gains on the T3 slip. I actually had not noticed that, but then again I am including all T3 capital gains in box 52.
With the competitor’s software you don’t enter anything into box 21. Instead you enter your capital gains in box 52 and/or box 53 and box 21 gets populated automatically from those figures.
I use the competitor’s software as a review of the accuracy of all my T1’s. A few years ago I found it got too complicated and time consuming to work them all out by hand in order to check the software prepared returns.
This thread is VERY interesting to me, because I’ve got my own road-block on it, but from the opposite end I think.
I have a T3 for Primaris REIT. The problem, is that it only has two boxes with values in it.
Box 26 and Box 52.
Obviously, this is causing great problems with both StudioTax and WealthSimple Tax.
From what I’ve found on the internet, the solution is to just delete box 52, and be done with it. But that doesn’t seem right to me? Isn’t the real glitch here that Box 21 should have a value (the same value) as in box 52?
I don’t want to do what everyone else is doing by deleting boxes 52 and 53, then finding out the CRA is really mad at me if I am supposed to have something in box 21 but failed to report.
