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Carry forward from Taxprep


#1

We have rolled forward a few of our T2 files from Taxprep and have noted the following issues:

  • Mailing address was set as preparer in Taxprep but was set as client after rolling into TaxCycle
  • Prior year GIFI information did not roll forward
  • Schedule 1 comparative information did not roll forward (minor issue)
  • Schedule 4 capital loss information did not carry forward
  • Schedule 50 shareholder information did not carry forward
  • 5 year comparatives did not have any figures on them
  • Schedule 8 information did not carry forward

In short, it appears that the only information being carried forward is the Client name, address, etc.
Is there an option we are missing somewhere to get the full carry forward?

This is happening in version 3.0.24606.0.

As a side note, are there plans to add carry forwards from Taxprep in the T4 and T5 modules?

Thanks.


#2

Hi @matthew. We are just preparing a new TaxCycle release that has improvement to the T2 carry forward. It will include:

  • Info GIFI (S100, S125, S140)
  • S1 (Prior year amounts column)
  • S50 (all but S50 percentage columns)
  • 5 Year comparative

Returns must have the .213 extension (tax year end in 2013) and have been saved using the version before T2 Taxprep 2014 v.1 (January 2012 – Oct 2014).

Watch for the automatic update coming this afternoon or tomorrow, and then try it again.

We haven’t yet got a timeline for T4 and T5 carry forwards. I imagine it’s something we’d like to do eventually, just not sure it will make it in there this season.


#3

Thanks,

What about the returns we have prepared in Taxprep 2014 v.1? There will be a number of those as we have only just started our change-over.


#4

@matthew - T4 and T5s from can be carried forward from the xml files you generated to submit these returns electronically to CRA. Also, we support importing T4 and T5 slips from a spreadsheet… so there are a few options there. Colan in our office can provide more detail if you want to discuss your options.

~ Cameron


#5

Thanks @Cameron

That will be very helpful. The people in our office who prepare T4s and T5s will be very happy if they do not have to re-enter a lot of names and SINs.

I will be in contact with Colan!


#6

@matthew,

The Carryforward preview version should be released this morning. In a subsequent release, we will update the T2 Taxprep extension so that you can also carryforward from T2 Taxprep files with extensions .210, .211, .212 and .214. And in that release, we will add more T2 schedules to carryforward.

In terms of the mailing address, in today’s upcoming release, if Taxprep T2 “Use address of preparer = Yes”, we carryforward Yes to use “Preparer” address in TaxCycle. If No, we carryforward Yes to “Use Head office” address. If No and you have entered a customized mailing address in Taxprep, we will carryforward that customized address to TaxCycle. When the release is available, give it a try and let me know what you think.

If you have any questions, call us, post here or email us at info@TaxCycle.com.

Thanks and have a great day!

Steven


#7

Thanks Steven,

A few files were rolled forward in our office today and things worked as advertised. No issues so far. We are looking forward to being able to carry forward the other schedules, particularly Schedule 8 and Schedule 4.