Form T217 Election or Revocation of an Election to Use the Mark-To-Market Method - Canada

Form T217 Election or Revocation of an Election to Use the Mark-To-Market Method in Canada is used to elect or revoke the election to use the mark-to-market accounting method for certain types of investments. This form is used by individuals who are trading in securities or foreign currency futures and options as part of their business or in the course of their employment.

The taxpayer or their authorized representative files Form T217 Election or Revocation of an Election to Use the Mark-To-Market Method in Canada.

FAQ

Q: What is Form T217?
A: Form T217 is a form used in Canada for making an election or revocation of an election to use the mark-to-market method.

Q: What is the mark-to-market method?
A: The mark-to-market method is a method of accounting for certain financial instruments at their fair value.

Q: Who can use Form T217?
A: Individuals who are residents of Canada and meet certain criteria can use Form T217.

Q: What is the purpose of making an election to use the mark-to-market method?
A: The purpose of making an election to use the mark-to-market method is to simplify the reporting of gains and losses on certain financial instruments.

Q: What is the deadline for filing Form T217?
A: The deadline for filing Form T217 is generally the same as the deadline for filing your income tax return.

Q: Is Form T217 mandatory?
A: No, making an election to use the mark-to-market method is optional.