I’m preparing a T3 return with a December 29 year-end. A review message popped up that says an upcoming release of TaxCycle will have a mechanism to create a stub period return from the return for the first year-end in 2015.
Should I wait for this release or just go ahead and create the new return?
We are working on this for our next release but it may take some time to implement so I can’t provide a time-frame for when that will be ready. If you need to file quickly…one way to do it would be to carry forward the prior year T3 and revise the opening balances as required.
I have a 2016 estate that is winding up now. I want to do the final T3, but, of course, I can’t roll forward the 2016 T3. Is there a way to create a non-December stub for the final T3 of an estate?
Until we release a T3 2017 module, there is a workaround to carryforward from the 2016 file. First, copy the 2016 file to say your desktop. Rename the new file to a 2015T3 extension (ABC.2016T3 to ABC.2015T3). On the Welcome page, click on “Carry forward” and select the newly renamed file; this will give you a file with 2017 year end that you can now modify, as you wish, to do the closing return, including changing the year-end date to the closing date. Finally, delete the temporary file with 2015T3 extension.