On January 31, 2025, the Government of Canada announced that they would be deferring the date on which the capital gains inclusion rate would be increased from one-half to two-thirds on capital gains realized annually above $250,000. Due to this late-breaking change, for version 1.84 of GenuTax Standard software, there was insufficient time for the Canada Revenue Agency to certify the portion of the software responsible for the calculation of taxable capital gains and allowable capital losses. Therefore, you cannot use the currently-available version of GenuTax Standard software to print or use NETFILE for your 2024 tax return if you have any capital gains or losses to report.
The next version of the software will be made available as soon as NETFILE certification of GenuTax Standard software for the reporting of capital gains and losses for 2024 has been obtained from the Canada Revenue Agency. Please monitor the Software Update page for the most current information regarding the availability of the next version.
Although GenuTax Standard handles most other tax situations, there are some circumstances under which you will not be able to use the software to prepare your income tax return:
If you emigrated from Canada during 2024, please note that the latest version of GenuTax Standard software does not yet include the ability to use NETFILE for your 2024 tax return.
If you own or hold foreign property with a total cost of more than CAN$100,000, you must complete Form T1135, Foreign Income Verification Statement, and send it to the Canada Revenue Agency's Winnipeg Taxation Centre at the address indicated on the form. Please note that GenuTax Standard software does not support the completion of Form T1135, or the electronic filing of this form using the Canada Revenue Agency's NETFILE or ReFILE services. Instead, if you are required to file Form T1135, and you use GenuTax Standard to complete and file your tax return, you will have to download Form T1135, complete and print a paper copy of the form, and mail it separately from your tax return.
If you are required to complete and file Form T1134, Information Return Relating To Controlled and Non-Controlled Foreign Affiliates, please note that that GenuTax Standard software does not support the completion of Form T1134, or the electronic filing of this form using the Canada Revenue Agency's NETFILE or ReFILE services. Instead, if you are required to file Form T1134, and you use GenuTax Standard to complete and file your personal T1 tax return, you will have to download Form T1134, complete and print a paper copy of the form, and mail it separately from your tax return.
GenuTax Standard does not support the completion or electronic transmission of certain Special Elections and Returns; specifically, Form T217, Election or Revocation of an Election to use the Mark-to-Market Method, Form T2057, Election on Disposition of Property by a Taxpayer to a Taxable Canadian Corporation, Form T2059, Election on Disposition of Property by a Taxpayer to a Canadian Partnership, or Form UHT-2900, Underused Housing Tax Return and Election Form.
In addition, if you were a resident of Quebec at the end of the taxation year, you may use GenuTax Standard to prepare your federal tax return only, the T1 General which is to be sent to the Canada Revenue Agency. GenuTax Standard does not support the preparation of the Quebec provincial income tax return, which is to be sent to Revenu Québec.
There are some types of tax returns that cannot be submitted electronically. These NETFILE restrictions are listed on the CRA's NETFILE website. If you are wanting to change an already-filed tax return using ReFILE, please note these additional restrictions listed on the CRA's website.
Please note that GenuTax Standard software is approved for personal use only. GenuTax Standard software is not approved for use by individuals that are in the business of preparing tax returns on behalf of others. Those individuals should be using software designed for use with the Canada Revenue Agency's EFILE service. Our company does not produce EFILE-approved software.