Hey all, what is the latest update that you have heard on how long this could take the CRA before we can file Tax Returns which are impacted by capital gains. I have a stack of returns waiting to be finalized. Could this delay go into April or even longer?
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unknown…have tons of returns waiting to be filed, good for thousands of dollars of refund… good job CRA…
I’m equally waiting on the certified version of the T936 Cumultive Net Investment Loss to Dec 31, 2024. Most of my returns are just carrying forward the loss from prior years so data from the form won’t even be submitted to CRA on e-file, yet we have the restriction to not e-file until the form has been certified. These clients will be getting impatient soon.
Totally agree with you. Some of them have refunds that they want to invest right away. They don’t want to wait weeks. It will get interesting if this isn’t updated/applied correctly soon.
It’s not like my clients would have to pay the higher rate anyway as their capital gains are well under the $200k. I can see holding returns that would be affected by having to use the 2/3rd rate rather than the 1/2 rate but that is none of my personal clients. A couple corporate ones but they luckily don’t have to be filed until June 30th anyways.
You should be able to file those, the form just won’t print when sending the copy to client.
I’m surprised by this although it is CRA so I shouldn’t be. They announced it over a month ago, do they not just have to revert the form back to how it was? I don’t understand the hold up but if TaxCycle team has any insights they’re able to share I’d love any sort of update!
This is a CRA acceptance system update that needs to happen before they can accept capital gains related tax returns. As soon as they provide us a date for the system updates to handle capital gains related filing for T1 (and T3) and then certify applicable test cases impacted by that we’ll plan a release(s) around that. At this time we don’t have any definitive dates as to when their acceptance site will be ready to accept/process capital gains impacted returns.
Some information about filing relief around impacted returns and applicable dates can be found in the links below for both T1 and T3 and any applicable slip information returns:
~ Rob
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The deadline is extended to June 2 for the T1s affected… that is a long extension… which makes me real nervous this isn’t getting sorted any time soon. The vast majority of my returns have capital gains/losses as stock compensation is part of most of my clients income. What’s even more frustrating as it would’ve made no difference to 95%+ of my clients had the deferral occurred or not. Fingers crossed it gets resolved soon so we all don’t end up with piles of returns in limbo.
Definitely makes everyone nervous. Does this mean if a taxpayer owes taxes, the late filing AND PAYING penalties won’t be applied until then, or does this just relate to filing? (i.e. still need to pay taxes due by April 30)
The certified version of the T936 went out today at 3:30 pm mst with todays release
Thanks, @aaron.doucet.cpa for the update on the T936. The update was not automatic and I didn’t read your message until after midnight. I downloaded and install. Thank you.
Now that I’m looking at the new version, I have a client who sold their principal residence in 2024 and I see the printing error related to S3 and the T2091.
So because the T2091 is linked to S3, we can’t file these returns either until S3 is certified. This new version does not have the “PREVIEW for review only” watermark on the S3 or the T2091, so I’m surprised that the forms aren’t available for printing. I wasn’t anticipating a delay on this one! Looks like it’s going to be an interesting tax year indeed!
Can confirm I filed one with your scenario and verified on RAC the PR was noted on the assessment. Just couldn’t print the Schedule 3.
EDIT: No capital gains, PR for all years.
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I updated my Tax Cycle just now but am still receiving the T936 message when I look to print or file.
The T936 is a form that deals with capital gains, so while we have released the final form, you are still not allowed to file this per the CRA.
Just in case you aren’t aware, TaxCycle is not flagging the T936 as not being able to file at all, and you can file the form just not print it. If it’s not allowed to be filed, might want to stop that?
I filed two returns yesterday that had a T936. One with current interest and one with previous interest.
Both were assessed as filed.