I only file a couple of these a year. One client has not filed since 2016 because they had no subcontractors in 2017 and 2018. I am filing one little T5018 for calendar 2019, normally due 2020/06/30 (before COVID-19 extension to 2020/09/01) but TaxCycle has calculated 2020/03/02 (which was the due date for T4s etc. with February 29 being a Saturday) and is giving me an error message. I can override and sign off on the error, of course, but shouldn’t TaxCycle have the correct “legislated filing deadline” baked in?
Maybe possibly double-check on the corps fiscal year end setting?
The T5018 information return is due on or before the date that is six months after the end of the reporting period you have chosen.
You can report payments on a calendar-year basis, or based on your fiscal year end.
Once you choose a reporting period, subsequent returns must be filed for the same reporting year unless otherwise authorized in writing by the CRA.
If you want to change the reporting period, you must send a written request to your tax centre and indicate the reason for the change. "*
Thanks for bringing to our attention, we will have the date sorted out in the next release.
It looks like this is still an issue. I just prepared a T5018 return with the fiscal year set to August 31, 2020, and Tax Cycle is trying to tell me the return was due on July 1, 2020.
What version of TaxCycle are you using? In the latest version it appears to have 2021 dates, unless your file is behaving differently. If so, please forward the file to our firstname.lastname@example.org email via e-courier so that we can examine it.
Sorry, I just realized that this particular file was created in the 2019 module, so that explains why the date was July 1, 2020. But when I create a new file in the 2020 year, and set the fiscal year end to August 31, 2020 it gives me a filing deadline of June 30, 2021. Is there some option somewhere to choose whether you are filing on a calendar year or fiscal year basis?
No, there is no option like that but we can add it in to our list of suggestions when we next make changes to the slip modules.