Software updates

This version can be used to file between Fiscal Year Start January 1, 2024, and Fiscal Year End October 31, 2026

General

Supports corporate tax returns for taxation years beginning on or after January 1, 2024, and ending on or before October 31, 2026.

Major Federal Changes

• Schedule 8 – Capital Cost Allowance (CCA)
  • New rules for Reaccelerated Investment Incentive Property (RIIP) and Accelerated Investment Incentive Property (AIIP)
  • Immediate expensing columns removed
  • New RIIP-related columns added
  • Passenger vehicle Class 10.1 limit increased to $39,000 for acquisitions after December 31, 2025
• Schedule 8 WORKCHART
  • Updated for RIIP calculations
  • New fields for RIIP/ZEV additions and dispositions
  • UCC adjustments
  • "Is property a RIIP?" question added
  • Alberta calculations aligned with federal changes
• Schedule 3
  • New dividend deduction column under 113(1)(c)
• Schedule 5
  • New Ontario manufacturing and railway credits
• Schedule 75/76/78
  • Partnership allocation sections added

SR&ED Changes (Major)

Effective for expenditures after December 15, 2024:

• Capital expenditures for depreciable property are now eligible for SR&ED ITC
• Enhanced 35% ITC available to CCPCs and Eligible Canadian Public Corporations (ECPCs)
• Expenditure limit increased to $6 million
• Revenue-based phase-out begins at $15 million and is eliminated at $75 million
• Schedule 31 – Investment Tax Credit
  • Added ECPC rules
  • Revenue-based expenditure limit calculations
  • Clean Electricity ITC
  • SR&ED capital expenditure reporting
  • New Part 10A (pre-December 16, 2024)
  • New Part 10B (post-December 15, 2024)
• T661 – SR&ED Claim
  • Major updates for SR&ED capital expenditures
  • Capital expenditure reporting
  • Lease equipment costs
  • Shared-use-equipment reporting
  • Largest capital expenditure disclosure
  • CRDC field of research code
  • Pre-approval fields
• T1145 & T1146
  • Separate reporting for current expenditures
  • Separate reporting for capital expenditures

Deleted Forms

• Federal
  • Schedule 65 – Air Quality Improvement Tax Credit

Ontario Updates

• Schedule 572 – Ontario Made Manufacturing Investment Tax Credit
  • Refundable credit rate increased from 10% to 15% after May 14, 2025
  • New non-refundable credit for non-CCPCs
  • 10-year carryforward available
  • Credit repayment rules added
  • Credit expires after 2029
• Schedule 570
  • Removed temporary enhanced regional investment credit provisions
• Ontario SR&ED Credits
  • Capital expenditures now eligible on Schedule 508
  • Capital expenditures now eligible on Schedule 566

British Columbia

• BC SR&ED credit aligned with federal Bill C-15
• ECPC refundable credit
• Capital expenditures eligible

Alberta

• Alberta aligns with federal SR&ED and CCA changes
• New RIFE reporting sections added
• Capital expenditures added to Schedule 16
• Capital expenditures added to Schedule 29

Filing Period Support

• Supports Federal T2 and Alberta AT1 corporate tax returns for taxation years spanning January 1, 2023, to May 31, 2026.

Enhancements and New Features since T2 2024.2

1. Unified Entry for Schedule 9 and Schedule 23

What's New:

Schedules 9 and 23 have been consolidated into a single integrated form to improve usability and streamline data entry.

• Schedule 9: Identifies related and associated corporations.
• Schedule 23: Allocates the business limit among those corporations.

Previously (2024 and earlier):

• Data entry was performed separately for Schedule 9 and the Associates Worksheet for Schedule 23.

In TaxTron T2 2025.2:

• A new "Associates" form now manages:
  • Corporation identification (formerly Schedule 9)
  • Business limit allocation (formerly Schedule 23)
• No changes have been made to calculations—only the entry process has been optimized.
• Users can access the form via Forms Manager → Search "Associates".

Web Version Users:

• No changes required—continue to answer:
• "Is the corporation related or associated with another corporation?" and complete the section accordingly.

2. Introduction of Refundable Investment Tax Credits (ITCs) – Schedules 75, 76, and 78

TaxTron T2 2025.2 introduces three major refundable ITCs aligned with Canada's 2050 net-zero goals:

Clean Hydrogen Investment Tax Credit (Schedule 74)

• Eligibility: For assets available for use between March 27, 2023, and January 1, 2035.
• Refundable credit: Up to 40% of eligible costs.

Clean Technology Investment Tax Credit (Schedule 75)

• Applies to: Class 43.1 and 43.2 properties used for clean energy generation.
• Eligibility: For assets available for use between March 27, 2023, and January 1, 2035.
• Refundable credit: Up to 30% of eligible costs.

Clean Technology Manufacturing ITC (Schedule 76)

• Applies to: Assets used in clean technology manufacturing or critical mineral processing.
• Covers Classes: 8, 10, 12, 38, 41, 41.2, 43, 43.1, 43.2, 53, 56.
• Eligibility: Available for use on or after January 1, 2024, until 2035.

Carbon Capture, Utilization, and Storage (CCUS) ITC (Schedule 78)

• Applies to: Classes 57 and 58 for CO2 capture and storage.
• Eligibility: For assets available for use between 2021 and December 31, 2030.

How to Claim ITCs in TaxTron 2025.2:

1. Begin with Schedule 8 (CCA Workchart):

• Enter details of eligible investments.
• Select the applicable Class Number.
• At the bottom of the worksheet, indicate the ITC being claimed (Clean Hydrogen Investment Tax Credit, Clean Technology ITC, Clean Technology Manufacturing ITC, or CCUS ITC).

1. Complete the corresponding schedule (75, 76, or 78) for final details.

Additional Enhancements

• Schedule 8 (CCA) Enhancements:

• Improved logic and updated asset class handling to support ITC-related categories.

• Schedule 130 Enhancements:

• Designed to align Canada's tax regulations with international standards on base erosion and profit shifting (BEPS).
• Effective for tax years starting on or after October 1, 2023.

• Sign-Up for Email Notifications for My T2 Account:

• Email registration is no longer available through the software.

For netfile users:

Changes in receiving WAC and DAC online.

NetFile updates: WAC/DAC access now requires NOA date and tax amount details (Part I Tax, Total Fed Tax, or Net Balance).

Commitment to Efficiency and Compliance

TaxTron T2 2025.2 continues to evolve, ensuring users maximize tax efficiency, streamline compliance processes, and access new sustainability-focused tax incentives.

This version can be used to file between Fiscal Year Start January 1, 2023, and Fiscal Year End October 31, 2025

1. Unified Entry for Schedule 9 and Schedule 23

What's New:

Schedules 9 and 23 have been combined into a single integrated form for improved usability and reduced duplication in data entry.

• Schedule 9: Identifies related and associated corporations.
• Schedule 23: Used to allocate the business limit among those corporations.

In Previous Versions (2024 and earlier):

Data was entered in Schedule 9, then in the Associates Worksheet separately for Schedule 23.

In TaxTron T2 2025.1:

A single "Associates" form now handles:

• Corporation identification (formerly Schedule 9)
• Business limit allocation (formerly Schedule 23)
• No changes to the calculations — only the entry process is streamlined.
• Access the new form via Forms Manager → Search "Associates".

Web Version Users:

No change. Continue to answer: "Is the corporation related or associated with another corporation?" and complete the related corporations section as before.

2. New Refundable Investment Tax Credits (Schedules 75, 76, and 78)

The 2025.1 release introduces three major refundable ITCs aligned with Canada's 2050 net-zero goals:

• Clean Technology Investment Tax Credit (Schedule 75)
  • Applies to: Class 43.1 and 43.2 properties (clean energy generation).
  • Covers Classes: 8, 10, 12, 38, 41, 41.2, 43, 43.1, 43.2, 53, 56.
  • Eligibility: Available for use on or after Jan 1, 2024, before 2035.
• Carbon Capture, Utilization, and Storage (CCUS) ITC (Schedule 78)
  • Applies to: Classes 57 and 58 (CO₂ capture & storage).
  • Properties must be available for use after 2021, up to Dec 31, 2030.
• How to Claim These ITCs in TaxTron 2025.1
• Start with Schedule 8 (CCA Workchart):
  • Input details for eligible investments.
  • Select the applicable Class Number.
  • At the bottom of the worksheet, indicate the ITC being claimed:
    1. Clean Technology ITC
    2. Clean Technology Manufacturing ITC
    3. CCUS ITC

3. Schedule 8 / CCA Enhancements

Enhanced logic and updated asset class handling to support ITC-related classes.

Schedule 7 Improvements

Updated to meet current tax compliance standards and improve reporting accuracy

These updates are part of our ongoing commitment to help users maximize tax efficiency, streamline compliance, and access new sustainability-focused tax incentives.

This version can be used to file between Fiscal Year Start January 1, 2021, and Fiscal Year End October 31, 2023

• Netfile T1135 using WAC
  • Netfile users can now also netfile T1135 using WAC (Web Access Code)
• Schedule 200 (T2 jacket)
  • Added the Japanese yen (05 JPY) to the currency field on line 079
  • Added a new line: Line 925 (RepID)
  • Removed lines 460, 465, and 480
• Schedule 141
  • Substantially revised Schedule 141
  • Updated the wording of question 111 in Part 1
  • Added new lines in Part 2: 300, 301, 302, 303, 304, and 305
  • Added new lines in Part 5: 310, 311, 312, 313, and 314
  • Removed lines 110 and 198
• Schedule 27
  • Updated to the final version dated February 21, 2023
  • Removed the calculation for amount 14C in Part 14
  • Revised Part 15 and Part 16
• Schedule 444
  • Added sections 1 through 3 for the Yukon Business Carbon Price Rebate
• Schedule 8
  • The ceiling for CCA (Capital Cost Allowance) for Class 54 zero-emission passenger vehicles has increased from $59,000 to $61,000, before tax, in respect of vehicles (new and used) acquired on or after January 1, 2023
• UHT2900
  • Added the underused housing tax form
• Schedule 89
  • Updated schedule 89 to latest forms released by CRA
• T2054: Election for a Capital Dividend Under Subsection 83(2)
  • Updated form T2054 to latest form released by CRA
• Removed T2 Schedules
  • Schedule 504, Ontario Resource Tax Credit
  • Schedule 552, Ontario Apprenticeship Training Tax Credit
• Alberta AT1 Form Changes
  • Alberta installments calculations have been added
• AT1 Schedule 13 (Alberta Capital Cost Allowance - CCA)
  • Revised to harmonize with the federal Schedule 8 to allow immediate expensing
• AT1 Schedule 100 (AT1Exempt)
  • Alberta Form AT100 has been discontinued and replaced with the Filing Exemption Checklist
• AT1 Schedule 1
  • Updated AT1 Schedule 1 line 015 business rules and comments

This version can be used to file between Fiscal Year Start January 1, 2020, and Fiscal Year End October 31, 2022

• T2 jacket
  • Removed direct deposit information from Page 9
• Schedule 141
  • Updated schedule 141 to comply with CRA
• Schedule 5
  • Updated schedule 5 to comply with CRA
• Schedule 8
  • Updated schedule to include immediate expensing as per Bill C-19
  • Updated automobile deduction limits for class10.1 ($34,000 before tax) and class 54 ($59,000 before tax)
• All provincial tax calculations are updated
• Added schedule 63
  • Return of fuel charge proceeds to farmer's tax credit