Form T2060 Election for Disposition of Property Upon Cessation of Partnership in Canada is used to report the transfer of partnership property to a partner or another person upon the termination of a partnership.
The Form T2060 Election for Disposition of Property Upon Cessation of Partnership in Canada is filed by the partnership itself.
Q: What is Form T2060?
A: Form T2060 is a tax form used in Canada for making an election regarding the disposition of property upon the cessation of a partnership.
Q: When is Form T2060 used?
A: Form T2060 is used when a partnership in Canada is ceasing, and there is a disposition of partnership property.
Q: What is the purpose of Form T2060?
A: The purpose of Form T2060 is to elect how the partnership property will be distributed and to report the disposition of partnership property to the Canada Revenue Agency (CRA).
Q: Who needs to fill out Form T2060?
A: The partners in a partnership that is ceasing and where there is a disposition of partnership property need to fill out Form T2060.
Q: What information is required on Form T2060?
A: Form T2060 requires information about the partnership, the partners, and details of the disposition of partnership property.
Q: Is there a deadline for filing Form T2060?
A: Yes, Form T2060 must be filed with the CRA within 90 days after the end of the partnership's fiscal period in which the disposition of partnership property occurred.
Q: Are there any fees associated with filing Form T2060?
A: There are no fees for filing Form T2060 with the CRA.
Q: What happens after filing Form T2060?
A: After filing Form T2060, the CRA will review the election and may contact the partnership or partners for further information or clarification.
Q: Can I amend Form T2060 once it has been filed?
A: Yes, if there are errors or changes to the election, you can file an amended Form T2060 with the CRA.