The Canada Revenue Agency (CRA) and Revenu Québec have certified TaxCycle T1/TP1 and T3/TP-646 for filing 2024 returns and slips with capital gains and losses.
To install this version immediately, [download the full installer] from our website or request a [free trial].
This is our TaxCycle 14.55915 release, and full release notes are available HERE
Presumably this means the CRA can now accept these returns as well?
Correct, their system should now be updated to handle acceptance of capital gains returns (unclear as to processing time around these kinds of returns).
~ Rob
Any update on when this update will be available for TaxCycle users? I just checked and my TaxCycle is currently up to date and it is still showing the efile exclusion for cap gains and losses.
It is available now. Just not an automatic update.
@christine you need to download and use the full installer.
Presumably the automatic update will be available later this week.
I filed one this morning with capital gains on it, with the recent TaxCycle update.
Yup it’s official. Video tax news made the announcement on LinkedIn!
I successfully filed a few yesterday that were on hold pending the capital gains update.
They all received an efile code of 181 rather than the standard 180.
Tax return received but requires further processing before assessment will be issued, vs received, processed, and NoA issued immediately.
T2017 (Capital Gains Reserves) is working and efiling
T657 (Capital Gains Deduction) is working and efiling, but printed form is labelled “preview”.
Are you able to share the link? I couldn’t find where they acknowledge it.
To add a bit more information;
You are now able to use TaxCycle to complete and submit 2024 T1 returns for clients who are reporting capital gains or losses on their returns. The Canada Revenue Agency’s system accepts the returns.
At this point in time, however, although the Canada Revenue Agency can accept these returns I’m not sure they have the capability to actually process them. I submitted some the other day, from fairly complex to terribly simple (Small capital gains on T3 slip) and none of the returns have been processed, although the expected time line on all of them show as 14 days from the date of submission.
To “plug” TaxCycle’s software … 
I still carry a subscription Profile by Intuit for whatever reason. Nostalgia? As of today, the most up to date version of Profile will not allow for the filing of any T1 returns that report capital gains.
I just sent some returns with gains from the sale of their Arizona property - one spouse was accepted and instantly assessed, the other spouse ‘status not available’…
Joseph Devaney, CPA - Director of Tax Education over at Video shared on LinkedIn that TaxCycle was the first to update. Very informative individual btw, I highly reccomend following him!
Definitely. I have taken the Personal Tax Update for at least 17 year. Video Tax News courses are awesome.
Ditto. Tom was always fascinating, and hilarious. That is, his jokes weren’t that funny, but so ridiculous you just had to laugh. Now his kids Joe and Caitlin carry on the legacy, along with partner Hugh Neilson. I follow all three of them on LinkedIn, and attend their “Tax Update” course every year.
A further update on this…
Not a single one of my T1 returns have been assessed where the client had any type of capital gains to report on their T1 return. All of these returns have been accepted with an efile code 181.
The T1 returns that I efiled on March 11th that reported capital gains had an initial “Target Completion Date” of March 26th to be assessed. Subsequently, those returns now show a Target Completion Date of “To Be Determined”.
Returns that have been filed since that time not longer show an actual target completion date. Those returns now all show a Target Completion Date of “Not Available”.
I think the Canada Revenue Agency still has serious issues in trying to process T1 returns that are reporting capital gains.
Sure, they can now accept them… but they are unable to process them. They seem to be stacking up in a “digital pile” so to speak.
It would be interesting to learn if anyone has had a T1 return assessed where a capital gain was reported on line 12700 of their T1 return.
I checked one of mine with capital gains (sales of stock) that was filed March 4th and it is still not processed.
And here I thought I was special, and any T1 with a capital gain would slide through with no hiccups. So much for that. Submitted return. Transmission confirmation has NOTHING next to results code. Went to RAC and the return is shown as being “in process”. Client’s balance due includes about $25,000 in minimum tax, which she is not likely to recover. There’s nothing else on her return that’s out of the ordinary.
On another rant, has anyone had a terminal return held up when some income is not reported because it goes on a 70(1) return? The 70(1) return has to be mailed in, which should see it assessed just before New Year’s. It’s a little different as the client died partway through September, meaning his CPP, OAS, and military pension for September will go on a 70(1) return. Government screwed up a bit and paid his military pension for October & November, resulting in 3 months of that pension being reported on the 70(1). Makes a huge difference in the refunds over reporting everything on a terminal return. About $11,000. Their error was subsequently corrected by adjusting his surviving spouse’s survivor benefit payments in 2025. CRA originally marked it as held for review. Now, it’s moved to in process. I suppose that’s better than nothing.
As of today the Canada Revenue Agency is able to immediately process T1 returns that are reporting capital gains. Starting March 31st the transmission results are returning a code 180 or code 180-01, meaning the return has been processed and assessed.
Returns efiled prior to today (March 30th and earlier) that reported capital gains are still sitting in a digital stockpile (ie your return requires additional processing time… target completion date not available).
We should have waited until March 31st to transmit T1 returns for clients with capital gains.
I completed a return with a capital gain, which I submitted earlier in March, today I checked into rep a client, and it has a processing date of April 10th.
Looks like the original batch stuck in line are starting to process.
