Form T2078 Election Under Subsection 147(10.1) for a Single Payment Received From a Deferred Profit Sharing Plan - Canada

Form T2078 Election Under Subsection 147(10.1) for a Single Payment Received From a Deferred Profit Sharing Plan is used in Canada to elect to include a single payment from a deferred profit sharing plan as part of the individual's income for tax purposes. This form is for individuals who want to pay tax on the entire amount of the payment in the year it was received, rather than potentially spreading it over multiple years.

The employee who received a single payment from a Deferred Profit Sharing Plan in Canada would file the Form T2078 Election under subsection 147(10.1).

FAQ

Q: What is Form T2078?
A: Form T2078 is an election form in Canada.

Q: What does Form T2078 allow you to do?
A: Form T2078 allows you to make an election for a single payment received from a deferred profit-sharing plan.

Q: What is the purpose of the election under subsection 147(10.1)?
A: The purpose of the election under subsection 147(10.1) is to defer the tax payable on a single payment received from a deferred profit-sharing plan.

Q: Who can use Form T2078?
A: Form T2078 can be used by individuals or their legal representatives who received a single payment from a deferred profit-sharing plan.

Q: Do I need to include Form T2078 with my tax return?
A: Yes, if you made the election under subsection 147(10.1), you must include Form T2078 with your tax return.

Q: Is there a deadline for submitting Form T2078?
A: Yes, Form T2078 must be filed within 90 days after you receive the single payment from the deferred profit-sharing plan.