Form T2062B Notice of Disposition of a Life Insurance Policy in Canada by a Non-resident of Canada - Canada

Form T2062B, Notice of Disposition of a Life Insurance Policy in Canada by a Non-resident of Canada, is used in Canada to report the sale or disposition of a life insurance policy by a non-resident of Canada. This form is filed with the Canada Revenue Agency (CRA). It is required to fulfill tax obligations related to the disposition of a Canadian life insurance policy by a non-resident. The form provides information about the policy, the proceeds from the disposition, and the tax implications for the non-resident taxpayer.

The Form T2062B, Notice of Disposition of a Life Insurance Policy in Canada by a Non-resident of Canada, is filed by the non-resident of Canada who is disposing of a life insurance policy in Canada.

FAQ

Q: What is Form T2062B?
A: Form T2062B is the Notice of Disposition of a Life Insurance Policy in Canada by a Non-resident of Canada. It is a document that needs to be filed by non-residents of Canada when they dispose of a life insurance policy in Canada.

Q: Who needs to file Form T2062B?
A: Non-residents of Canada who dispose of a life insurance policy in Canada need to file Form T2062B.

Q: What is the purpose of filing Form T2062B?
A: The purpose of filing Form T2062B is to report the disposition of a life insurance policy in Canada by a non-resident. It helps the Canadian tax authorities track the income and gain from the disposition for tax purposes.

Q: When should Form T2062B be filed?
A: Form T2062B should be filed within 10 days after the disposition of the life insurance policy.

Q: Are there any penalties for not filing Form T2062B?
A: Yes, there can be penalties for not filing Form T2062B or for filing it late. It is important to comply with the filing requirements to avoid penalties and potential legal issues.

Q: Is there a fee for filing Form T2062B?
A: Currently, there is no fee for filing Form T2062B.

Q: What information is required to complete Form T2062B?
A: To complete Form T2062B, you will need information about the policy, the disposition of the policy, and the parties involved. This may include details such as the policy number, policy holder information, and the sale proceeds.