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Schedule 10 - ECP


#1

Does TaxCycle have an updated Schedule 10 currently in the works? If so, is it something that can be released before the end of November?

Reason being, I need to make a 13(38(d)(iii) Election for ECP disposed of in 2016 for a corporation with a May 2017 year end, and the current TaxCycle Schedule 10 does not accommodate the election. I have a few of these to do this year (farm quota sales in 2016) however this one is the most pressing.

I can likely do up the election manually and mail it, however, the latest CRA revision of the Schedule 10 seems to handle it better than I could, and if I could efile the T2 with the schedule that would be even better.

Please refer to page 4 line 102 of the following pdf attachment.


#2

@snoplowguy

Hi,
We are working thru T2 certification now and that will include S10. We hope to release late Nov/early Dec. BTW, the CRA has issued a draft version to us that differs from the one that you attached as they found some errors in the previous version. (I see that the CRA already retracted the previous version of S10). For now, please manually make the election to mail in and enter the income on line 108 of Schedule 1. I thank you for your patience on this and my apologies for inconvenience.

Steven


#3

I see that the CRA has not retracted the form yet. Their site www.canada.ca forms section seems to be down.

Steven


#4

@snoplowguy

I avoid mailing CRA whenever possible due to lack of tracking, lack of workflow completion, and some erroneous assessments by newbie or poorly trained assessors.

I have had issues with faxed, XPress post, and registered documents getting lost in the shuffle, not actioned, not assessed, or misassesed.

I have used an online fax server, My Fax, since 2010. CRA WTC (Winnipeg) has issues with or blocks transmissions from my Fax Server. This means that I have to raise Service Issue and have someone give me an alternate fax number. So I no longer bother sending faxes to main published fax numbers. I send them to individual or specialized numbers when so instructed.

Instead I submit all possible documents via Rep A Client, Submit Documents. This works like a charm. I get a proof of submission directly from CRA. I get a tracking number. This goes into a paperless workflow. Can’t get lost. Gets processed within the same quoted time but effectively faster because it is not lost. I can track better and faster. CRA got this one right. Now they just need to move this into the Tax Services Offices for those specialized processes which must be filed directly with the CRA TSO.


#5

@Steven, would you happen to have an estimated time frame for the new Schedule 10? I have updated to TaxCycle version 7.0.32536.0 but it still contains the 2004 version of the schedule.

The CRA must be assessing T2 returns using the new Schedule 10 because it seems every T2 Notice of Assessment being issued now contains adjustments in the “Explanation of Changes” area if the corporation had a Schedule 10 in its prior year. In each case the changes section reads as follows;

I believe Richard had made note of these adjustments a few weeks ago. Although the adjustments don’t have any impact on the income tax owing, it doesn’t feel particularly professional advising the client not to pay attention to those paragraphs.


#6

@snoplowguy We are doing our final testing and hope to release in a few days. I appreciate your patience.
Thanks!

Steven


#7

@snoplowguy @richard T2 is now live. You can download the latest version from:
https://www.taxcycle.com/Support/Download

Have a great day!

Steven


#8

Thanks Steven, much appreciated.


#9

@snoplowguy You’re very welcome. I appreciate everyone’s patience. Thank you for your continued support.

Steven