I found some posting by TT that they have updated the income tax calculation for Capital Gain inclusion rate - which will remain at 50% for CG under $250,000 for taxation year ended 2024.
With this new information, I did two tests to see if I can overcome the Error Message:
- putting 100% of the value from my T3 slip Box 21--- into Box 52 (before June 25th) and zero in Box 53 (after June 24th). Then checked against Part 4 - Total Capital gains or losses on lines 15 and 22 of the return, and noted 50% inclusive rate was used for this step;
- I did the opposite in this step, Zero value in Box 52 and 100% in Box 53. Then checked the result in Part 4 and found the rate is also 50% and is not at two-thirds.
Therefore, it is safe to say TT have updated box 52 and 53 to use 50% rate. I used step 2 and filed my tax return already.
Cheers.
