Many issues with initial release

I have also just realized that Turbotax is using an inclusion rate of 66.67% on gains realized after June 2024 even if the amounts are under $250,000.  The new inclusion rate is only for amounts above 250K (if approved)

I only got a tax owing number of $13 million. I'm sending my cheque today!

When you enter your amount, in the box you will see 0.00 Make sure that it was removed when you entered your amount, as this was an issue with another customer. 

Thank you for choosing TurboTax.

I'm not entirely sure that is the issue.  I have actually started from scratch a few times (deleting the tt24 file and re importing my tt23 file).  The capital gains are showing up in the Schedule 3 and S3 (SUMM) but not in the T1 or 'detailed summary'.  I have also tried entering my T5008's before entering my T5's.  Sometimes the capital gains show correctly BUT if you edit any one of the T5008's or delete one that seems to be when it breaks and resets everything to 0.00.  In previous versions I always did 'test' entries to see how it affects my tax payable and as soon as i deleted a test t5008 everything would recalculate correctly.  There's also an issue with the inclusion rate on the 'Period 2' of the Schedule 3 calculation.  TutboTax is using a 66.67% rate for gains below $250.000.

I think I might take a pause until there is an update in the new year unless i am notified about a fix.

The T5's are also an issue when entries are recalculated.  If you modify or delete one of the T5's in your entries the tax owing in the top right goes berserk.   I had about 187 owing and when I deleted a $500 T5 dividend the taxes owing went up to OVER $4,000,000.  this would recalculate if you closed and reopened TT.  Previous versions would recalculate correctly if you deleted one T5.

Hopefully this can be confirmed by other users.  I will watch out for a patch or program update.

Thanks.

With that said, then that isn't the issue in your case. We will look at this issue; we may need you to contact our phone support so that they can view your screen and escalate this issue to get it resolved.

Thank you for choosing TurboTax.

Using Forms. Schedule 3 Part 5 "Amount A" not receiving capital gains amount from Part 4 "A" for capital gains inclusion calculation.  Results in Capital Gains inclusion of zero.  Also graphical display summary very very buggy.  

Same issues as described on the capital gains glitches.

I have the 2023 version in 2024  mode and it will add capital gains to income and calculate the correct amount (for 2023).

However in the 2024 version it adds some tax owing to my wife's return (not correctly) but not on mine at all when I put in the exact same T5008 info. The problem is the on the schedule 3 where it does not automatically carry down the amounts to the boxes which split up the CG's to 50% & 66%. Since these are calculated values we're unable to override this. I was trying to figure out how much tax I had to submit before year end but will have to rely on the old 2023 version in 2024 mode to guess this amount. Please advise if I'm missing something - thx.

Me too, I am reporting capital gains, but whether I report them through slips or directly on the Schedule 3, and result is $0 capital gains income included in my net income. Trying to use this for tax planning and was waiting for a couple of weeks, but still no updates for this..... 

It's apparent this isn't isolated just to me.  I am hoping for an update before the end of the year but previous versions don't normally see an update until sometime in January.  Has anyone else had similar issues to me with T5 slips (in particular, slips with dividend income)?  If you delete a T5 the tax owing goes totally sideways.  In a test, I have taxes owing of $197 and when I delete one of my T5's I all of a sudden owe over $30K.  Delete another one and I owe MILLIONS in tax.  In previous versions I used to do 'what if' tests and as soon as you delete a T-slip the program recalculates immediately.  I can say that if you exit and restart TT the T5 issues seem to correct themselves.  This initial version should have been beta tested more before release.  Even small things like the courtesy notes about RRSP's and TFSA's are not correct.  This version says TFSA contribution limit for 2025 is $6,500 and the actual limit of $7,000 was officially announced in November.  It concerns me that more bugs might be uncovered as more people start working on their taxes. I'm also trying to do tax planning and right now can't rely on the summaries I see.

@staging2K Our teams are working to resolve this issue but to help them collect all the information they need, we need our customers to contact product support to report it. Product support team as access to some tools, we don't have here in this Community and escalate technical issues, like this one, to the proper TurboTax team. 

When the next TurboTax update will be available, as my colleague Brenda said previously in this post, we suggest you to contact them to escalate the issue.

Thank you for choosing TurboTax.

Remember Turbotax is CERTIFIED tax software by CRA!! What a joke!! If you use this buggy software cra is gonna come after you big time!!! 

I should say that I have been using TurboTax since it was originally called QuickTax (20+ years).  I do my taxes and taxes for 6 other family members, and I have NEVER had a CRA Reassessment due to incorrect software calculations.  By the final release the program has always been solid despite a fair amount of controversy over the years that can be seen on Wikipedia.  Most of that seems to be with the US version.  I'm confident the program updates in the new year will resolve everything.  My original comments were more directed towards the fact that the original release was far too buggy compared to previous years and anyone trying to get a head start on their 2024 tax situation couldn't rely on the results.

We appreciate your feedback, @staging2K. We will pass on your message to the appropriate team. 

Thank you for choosing TurboTax.

Also, please fix the deduction for alternative minimum tax.  It still shows 40K, should be 173,205.

Getting lots of glitches in the summary as well until it settles down.

Likewise been using this for decades and this is the worst rollout of a pre-release I have ever seen.  Multiple problems, not just capital gains.  Extremely inept and has been useless for any tax planning.  The types of problems I've seen, such as bizarre recalculations into the millions.  I mean what the heck is up with the graphical summary.  You hit enter into a field and the graphic resizes?  Somehow a stable, reliable, tax software is no longer reliable and is full of bugs.  Its as if they self sabotaged the desktop version for some reason.  This is not a pre-release, this is alpha, not even beta.  Its been recoded by interns which is the only thing I can come up with to explain this utter disaster.  Loyal patrons of this software have been hoodwinked.  Perhaps they are purposefully sabotaging the software to drive us to the online version? No! Thank! You!.

and unlike capital gains tax increase, the new AMT laws have already been passed since end of last year.

I can confirm it still shows 40k exemption for 2024 turbotax but the exemption is now something like 173,000 which means it shows you have to pay AMT in many cases when in fact you do not. 

This tax estimator calculator works flawlessly, maybe they should hire them as a consultant on this software! And it has worked perfectly well before this buggy pre-alpha release.

https://www.taxtips.ca/calculators/canadian-tax/canadian-tax-calculator.htm

We are still waiting on CRA to finalize some forms so we can update that accordingly. That might be creating some miscalculations at this time but we can assure you that our development team is working on it.

Thanks for choosing TurboTax.

Thanks for the comments

• I appreciate even the CRA does not know how the form will look at this time and this may affect the development of the forms.  Probably most of us came with an expectation of preserving the previous form until the new one is approved but I understand there have been some complexities this year
• I also have been a customer for around 20 years and have absolute faith in turbotax accuracy after receiving netfile certification the same as any other certified tax software.  The only concern was whether the software is in an acceptable state for early release in order to perform tax planning.  Clearly its not currently but based on your comments I accept you are doing your best to resolve this.  The software was released earlier than I expected so I can afford a delay while waiting for the update
• Please keep us posted as we are eager to begin tax planning and optimize RRSP contributions and need time to prepare

Thanks again and hoping for resolution soon

We appreciate your feedback and it has been reported to the development team. We will surely post once we have an update.

Thanks for choosing TurboTax.

Well said @Refund123 and thanks for the update @TurboTaxAniqua .  Maybe those of us who are eager to get an early start on our tax planning (and have been using the program for 20+ years) could be given the opportunity to become beta testers in the future to help ensure the initial releases are free from errors that shouldn't be there.  What say you development team?? 😏.

We value your feedback and it is important to us. I have passed it on to the assigned team. We are looking into it and report back here.

I think i understand what is happening. CRA did not publish the final forms yet. For example. AMT form T691 if you go to CRA website it is still March 2023. So probably Turbotax is giving errors and incorrect calculations until this form is updated. This is probably the same for the schedule 3 capital gains, however, that is a REAL bug. why would it work properly if you have gains for BOTH periods but fail to calculate the fields on schedule 3 if you populate only period A or period B but not both? 

I would also like to see the t1135 and schedule 3 have more (or unlimited) fields for security symbols. At least have something reasonable like 20 rows each that can be pre-filled with the software version for netfiling (as opposed to paper filing).

I played around with both options but regardless it was broken.

Also I noticed the RRSP limit is inserted into the field for RRSP contribution, regardless of what you put in for a contribution.

Also political contributions are not propagated to the T1

The bugs are numerous. and unacceptable.  Since year to year should be incremental changes it seems that there may have been significant re-coding.  Otherwise why are there so many bugs elsewhere, not just with Sched 3 and capital gains?