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This version of the form is not currently in use and is provided for reference only. Download this version of
Form T1296
for the current year.
Form T1296 Election, or Revocation of an Election, to Report in a Functional Currency - Canada
Form T1296 Election, or Revocation of an Election, to Report in a Functional Currency is used in Canada for declaring your election to report your income and expenses in a functional currency other than Canadian dollars.
In Canada, corporations file the Form T1296 Election, or Revocation of an Election, to report in a functional currency.
FAQ
Q: What is Form T1296?
A: Form T1296 is a form used in Canada to report in a functional currency.
Q: What is a functional currency?
A: A functional currency is the currency in which a taxpayer's books and records are kept.
Q: What is the purpose of Form T1296?
A: The purpose of Form T1296 is to elect or revoke an election to report in a functional currency.
Q: Who should use Form T1296?
A: Form T1296 should be used by taxpayers in Canada who want to report their income and expenses in a currency other than Canadian dollars.
Q: When should Form T1296 be filed?
A: Form T1296 should be filed by the taxpayer before the taxpayer's tax return for the year is due.
