Form T2057 Election on Disposition of Property by a Taxpayer to a Taxable Canadian Corporation - Canada

Form T2057 or the "Form T2057 "election On Disposition Of Property By A Taxpayer To A Taxable Canadian Corporation" - Canada" is a form issued by the Canadian Revenue Agency .

The form was last revised in January 1, 2017 and is available for digital filing. Download an up-to-date Form T2057 in PDF-format down below or look it up on the Canadian Revenue Agency Forms website.

FAQ

Q: What is Form T2057?
A: Form T2057 is a tax form used in Canada for making an election on the disposition of property by a taxpayer to a taxable Canadian corporation.

Q: Who can use Form T2057?
A: Any taxpayer in Canada who has disposed of property to a taxable Canadian corporation can use Form T2057.

Q: What is the purpose of Form T2057?
A: The purpose of Form T2057 is to make an election that allows the taxpayer to defer any taxable gain from the disposition of property to a taxable Canadian corporation.

Q: When should Form T2057 be filed?
A: Form T2057 should be filed within certain time limits, usually within two years after the end of the tax year in which the disposition of property occurred.

Q: What information is required on Form T2057?
A: Form T2057 requires information about the taxpayer, the taxable Canadian corporation, and details of the property disposition, such as the date and sale proceeds.

Q: Do I need to submit any supporting documents with Form T2057?
A: Generally, supporting documents such as the purchase and sale agreements should be kept with your records but do not need to be submitted with the form.

Q: What are the consequences of filing Form T2057?
A: By filing Form T2057, the taxpayer can defer the recognition of any taxable gain from the disposition of property to a taxable Canadian corporation, resulting in potential tax savings.

Q: Can I change or revoke the election made on Form T2057?
A: Generally, once the election is made on Form T2057, it cannot be changed or revoked. However, there are certain situations where the election can be cancelled or amended.

Q: Who can I contact for more information about Form T2057?
A: For more information about Form T2057 and its requirements, you can contact the Canada Revenue Agency (CRA) or consult a tax professional.