I know the moderators of the forum are asking us to wait until they can validate new CRA forms but some of the problems have nothing to do with new forms. Before the recent update there was major issues when you edited or deleted a T5 slip which and there have not been any form updates to that investment income (except for a T5-2024 instead of a T5-2023 in the corner of the form. The recent update has helped but not totally resolved things with capital gains and we'll likely need another update before it is trustworthy. It is now putting the correct capital gains on line 12700 but when I did a test it arbitrarily put one cent (.01) in line 25300 for Net capital losses from previous years. And when I put the correct amount in with easy step it said I was applying too much because it still added the penny. I had to manually override. It seems like this year I may have to physically review my T1 and associated forms just to double check calculations are correct.
@AESS Once you have added the information on T4A ( regarding Self- Employment) please fill out the Self Employment section (T2125) as well.
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. As soon as they are ready, TurboTax will be updated accordingly.
As I have used the program for years and always carry forward from previous year's for the C/information to propogate, having these basic issues occur that have never happened before really "taxes" confidence in the program. The T2125 opens automatically in this case. I understand CRA has not finalized some forms, but basic addition mistakes shouldn't be happening for income taxes paid as that has been consistant for all the years I have used the program. Not propogating fields automatically on forms that have not, as I understand, changed from year to year, seems like something is off. This is the first year that Turbo Tax has not contacted former users to let them know the new version is available, nor offered a discount to previous users. Not what I had expected from Turbo Tax for sure. I will await further updates, but you need to work to get our confidence back on the program.
Thank you for your feedback, we value your opinion and have shared this information with the proper TurboTax team. As for the forms & calculations we are still waiting on CRA to finalize the forms so we can update them accordingly in TurboTax.
Originally, the CRA was planning on following the Capital Gains rate changes as outlined in the government's latest budget proposal. Then only a few days ago they announced that they weren't going to make the changes for the 2024 tax year. As such, we now have to undo the changes that we had already incorporated into the software. We are hoping to have everything corrected ASAP.
In the meantime, if you are trying to estimate your taxes payable, use the old 50% capital gains rate.
@hqkhan As I said in my previous post, we had already made the changes to include the new Capital Gains rate, but as of January 31, 2025 the CRA is now reverting those changes. So we now have to take the changes out of the software, but it's not as simple as just pressing the Undo button, so it will take some time.
If you are trying to estimate your taxes payable, use the old 50% capital gains rate.
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