Schedule 3

[Erik63]

When will Schedule 3 be corrected?  When I made a change to my ACB it calculated my balance at $3,500,000,000,000, everytime I made a change it got bigger.  The calculated capital gains doesn't get carried over.  I understand why it's a mess and the fault of our current inept government but I would have expected TurboTax to release software that worked, subject to CRA updates.  

[TurboTaxSusan]

We hope to get the issues with Schedule 3 resolved as soon as possible, but we don't have an ETA at the moment. 

Please note that the Canada Revenue Agency (CRA) hasn't updated Schedule 3 on their website yet - they still showing the 2023 form as the latest.

[dufus]

Sched 3 Part 5 line 28 does not populate

[TurboTaxAniqua]

@dufus We hope to get the issues with Schedule 3 resolved as soon as possible, but we don't have an ETA at the moment. 

Please note that the Canada Revenue Agency (CRA) hasn't updated Schedule 3 on their website yet - they still showing the 2023 form as the latest.

[Erik63]

Turbotax should have released the 2024 version using the 2023 Schedule 3.  I understand the predicament but if CRA hadn't changed the schedule then Turbotax should not have changed the schedule for the initial release.  I bought the software early for tax planning regarding the capital gains that I crystalized between my corporation and myself and right now, today, the software is useless to me.  At least with a working schedule 3 I could do some planning and better understand my corporate decision's, which have to happen now.

[TurboTaxSusan]

@Erik63 There are changes to the Schedule 3 for 2024, so using the 2023 version would cause incorrect calculations for some people if it were used. 

[Bnaeth]

The Schedule 3 updated forms were released on Feb 10. Why is the software still deflecting back to the CRA for not processing file submissons?

[TurboTaxAniqua]

Schedule 3 is still locked by CRA and not finalized by yet. Please refer to this link Why does TurboTax say my forms are locked or haven't been finalized? 

We do not have any ETA on this yet but as soon a these forms gets finalize we will be updating them in TurboTax for an accurate calculations.

We appreciate your patience.

[Bnaeth]

This is from the public statement on CRA site: "The Department of Finance announced today that it will introduce legislation in Parliament in due course, related to the capital gains inclusion rate change with a new effective date of January 1, 2026."

If this schedule 3 change isn't effective until January 1, 2026, why are we held up on 2024 submissions. Seems like we are all tempered to just accept this terrible Gov't service.

Thanks for your responses, i guess i'll be a good citizen and just sit and wait....

[TurboTaxAniqua]

@Bnaeth These forms are still locked by CRA & RQ and not finalized by yet. Please refer to this link Why does TurboTax say my forms are locked or haven't been finalized? 

We do not have any ETA on this yet but as soon a these forms gets finalize we will be updating them in TurboTax.

We appreciate your patience.