Schedule 3

[rvithal]

I have Turbo Tax Canada Premier 2024 downloaded Version 00.01.11. Part 5 of Schedule 3 is not pulling in figures within Amount A or Amount B from Part 4. Why is this the case? Is there a fix for this?

[TurboTaxVeronique]

To help our teams who are working to resolve this issue and collect all the details they need, we need our customers to contact product support to report it. 

Product support team has access to some tools, we don't have here in this Community and escalate technical issues, if needed, like this one, to the proper TurboTax team.

Thank you for choosing TurboTax.

[questionsforever]

if you file your taxes with this hugely buggy version of turbotax you are gonna get HUGE fines and problems from CRA. I can't believe they release such software that doesn't even populate the tax forms with proper figures, it almost makes it look like you failed to declare your income! Even more shocking is that cra considers turbotax a certified tax software! but it doesn't even populate the fields from the tax slips on schedule 3. 

[TurboTaxVeronique]

@questionsforever The due date is April 30th 2025, but you can't send your return before Netfile system is ready to receive your 2024 tax return, end of February 2025. You also have to make sure all T-Slips and receipts are in your hands. 

At this time, some CRA forms are still being reviewed by them for the 2024 tax season. As soon as they are ready, TurboTax will be updated.

Thank you fir choosing TurboTax.

[hqkhan]

I have same questions about Schedule 3 of 2024 turbotax premium addition. It does not correctly calculate capital gain and losses. It also does carry forward capital losses to next year simmary

When will this,be resolved and when will turbotax provide update after fixing scheduke 3

[TurboTaxVeronique]

@hqkhan 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 and received, TurboTax will be updated.

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

Thank you for choosing TurboTax.

[rvithal]

Agreed that we can't file our taxes via Netfile right now, and that tax filing is due April 30th. However, we need to do our planning and analysis, e.g. RRSP contributions before March 1st, and for this we need the software to be working properly. Schedule 3 as of today (Jan 24, 2025) is still not fixed; capital gains under 250K is being calculated at 66.67% instead of 50% in Part 5. This software should not have been released on the market with this significant issue. How can I get my refund on this software, as it can't be trusted? 

[TurboTaxVeronique]

@rvithal You are right! planification is the key! 

We understand that the fact that the review of Schedule 3 is not complete by CRA yet, may have an impact on the planning of some of our customers, but as has been said a few times in this post, as soon as CRA sends us the finalized Schedule, TurboTax will be updated. An update has already been released last Thursday.

Every year, the software is available to all our customers in mid-December, even if the annual review of certain forms is not yet complete. Some of these forms are not necessary for all customers, and as soon as one of them is in your return, NETFILE is impossible precisely for reasons of calculation accuracy.

We value your opinion and we invite all our customer to report calculation or technical problem with Product support, when the issue persists. They will be able to screenshare with you and send to investigation, if needed.

Thank you for your patience.
 

[elykFFF]

Yeah, I have the Schedule 3 problem where Net Capital Loss is calculated incorrectly.
They did an update this week, but it still isn't fixed.

Myself, I had Net Capital Losses in both period-1 and period-2.
These are small losses around $10K each, so a 50% inclusion rate should be applied to both.

Instead they apply the 66.67% inclusion rate to the period-2 loss as if it was over $250K.
The Total Capital Loss in line 30 is calculated correctly.
The Net Capital Loss in line 46 is calculated incorrectly.

Example of Turbo Tax results for Capital Loss 2024:
Period 1 loss = -$10000
Period 2 loss = -$12000
Total Capital Loss line 30 = -$22000 (correct)
Net Capital Loss line 46 = -$13000 (incorrect - should 50% of Total Capital Loss = -$11000)

[Gilles9999]

Avez vous un montant de réduction à la ligne 12701

ce qui ramènerait le montant à 50%