Transferring refunds to instalment account

T1
1

CRA will allow you to transfer all or part of your refund to the next year instalment account. In Taxcycle, you can transfer all the refund by indicating so on field 48800. Does Taxcycle have capability to transfer part of the refund?

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you, or your client should be able to transfer funds before filing using RepClient or My Business Account.
If you transfer the funds that you want to use for next year, then your tax return can just be a refund for the remainder.

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Trying to do so in Taxcycle…

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Transfer payment only works for business accounts. I believe the question is about T1. As far as I know the T1 option is all or nothing.

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I assumed it was a T2 as I have never seen the ability to transfer any refund on a T1 in TaxCycle

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It used to be there but CRA got spooked and removed it (as with payroll transfers on the T2 side).

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https://help.hrblockonline.ca/hc/en-ca/articles/227703208-Can-I-transfer-my-refund-to-next-year-s-instalment-account-#:~:text=Yes.,refund%20to%20your%20instalment%20account.

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Transfer of the full amount (only) of the 2021 refund to the 2022 instalment account is available. See line 48800 on page 2 [EFILE fields not found on CRA forms] of the EFILE worksheet (EFILEWS).

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I knew that, see original post. Enquiring about the capability in Taxcycle to transfer part…

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You knew that Bert, but several of the responders appeared not to know - one said “I have never seen the ability to transfer any refund on a T1 in TaxCycle”; another said "It used to be there but CRA got spooked and removed it ".

As far as I can determine line 48800 is all or nothing - in EFILE terms 1 or 0 per the T1 Electronic Filers Manual Chapter 1:

"#### Refund transfer

Indicate if the client wants to transfer the refund to the next year’s instalment account. The software should build line 48800 with an entry of 1. In this instance, a request for direct deposit of the refund is not permitted."

From CRA Website (albeit not updated for a couple of years) - found by following on from the H&RB link you provided:

"## Transfer your refund to an instalment account

You can ask the Canada Revenue Agency to transfer your refund to an instalment account for 2020 by:

  • selecting this option when filing your tax return electronically
  • attaching a note to your paper return

We will transfer your full refund to your instalment account. It will go towards any amount owing on your tax return.

See Paying by instalments

The CRA will not transfer your refund to pay another person’s amount owing."

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For the record: the “CRA got spooked” was wrt RAC and transferring it there…sorry - I was unclear!! My bad for sure.