Many issues with initial release

[TurboTaxVeronique]

Good question! Like we said previously, SOME of CRA forms are still under review not all. If your return included a form still under review by CRA, you won't be able to NETFILE until this form is updated in the software. 

[hqkhan]

Schedule 3 is not calculating capital gains/loses correctly. It also does not allow capital losses carry forward. Is any update is expected from turbotax soon.

[TurboTaxSusan]

@hqkhan As mentioned above, we are aware of the problems with Schedule 3 and our development team is working on resolving the issues ASAP.

As for Capital Loss Carry forwards - any capital losses that can't be used on this year's return will be carried forward to next year automatically. You can see what is being carried forward in the Review on the page called "Transfer to next year summary".

[staging2K]

If you haven't checked in the last day, there has been an update to the software.  At first glance problems seem to have been fixed however I haven't done a thorough test to see if any issues still exist for me.  I will have more time for a proper evaluation on the weekend.

Do an UPDATE now and see if it solves your issues.

[hqkhan]

I know that the unused capital losses can be seen in summary for next year.

However, their  current version of turbo Tax 2024 is not calculating correctly and not transferring to next year summary

Also the the capital gains calculated in schedule3 is not populating line 127 of form T1

This is the issue with schedule 3 which is not correctly calculating capital gains and losses

I hope turbotax can resolve it soon

[hqkhan]

Till yesterday the issue with Schedule is still there. I have not checked today  I spoke turbotax rep on phone and I was told that cra still has to update the schedule.3. Turbo Tax will update only after cra has finalized the form. I was also told that it is  going to happen sometime in February 2025.

[TurboTaxVeronique]

@hqkhan As it was said previously, this is not a situation under our control. At this time, some CRA forms are still being reviewed by them for the 2024 tax season, which could explain why some calculations are not done correctly or do not appear.

Unfortunately, we don't have an ETA, at the moment, for Schedule 3, but, yesterday, there was an update in the software. Make sure you are always doing your updates when available.

The due date is April 30th 2025, and you can't send your return before NETFILE system is ready to receive your 2024 tax return, end of February 2025.

We understand and we thank you for your patience.