You will be able to u/g T+ fares as soon as the system recognizes you as an Elite. A nice benefit for your first year is that in addition to the extra eUpgrade points you will get when you become E, you can also then use your existing eUpgrade points your got for being a P on T+ fares.

As of today, eUpgrade points granted anytime this year are good until February 28, 2012. The system is setup to allow for different expiry dates; however, AC has yet to announce a change in policy. Understandably, we would all like to see some sort of extension for points issued later in the year, but nothing yet.