Form T2058 Election on Disposition of Property by a Partnership to a Taxable Canadian Corporation - Canada

Form T2058 Election on Disposition of Property by a Partnership to a Taxable Canadian Corporation is used in Canada for the purpose of making an election regarding the disposition of property by a partnership to a taxable Canadian corporation. The form allows the partnership to elect to have the disposition of property deemed to occur at the partnership level rather than at the partner level for tax purposes.

The partnership files the Form T2058 Election on Disposition of Property by a Partnership to a Taxable Canadian Corporation in Canada.

Form T2058 Election on Disposition of Property by a Partnership to a Taxable Canadian Corporation - Canada - Frequently Asked Questions (FAQ)

Q: What is Form T2058? A: Form T2058 is a form used in Canada for electing the disposition of property by a partnership to a taxable Canadian corporation.

Q: When is Form T2058 used? A: Form T2058 is used when a partnership in Canada wants to elect to have a property disposition treated as if it were made by a taxable Canadian corporation.

Q: What is the purpose of Form T2058? A: The purpose of Form T2058 is to report and elect the disposition of property by a partnership to a taxable Canadian corporation.

Q: Who needs to file Form T2058? A: Partnerships in Canada that wish to elect the disposition of property to a taxable Canadian corporation need to file Form T2058.

Q: Is there a deadline for filing Form T2058? A: Yes, Form T2058 must be filed within two years after the end of the taxation year in which the disposition occurred.

Q: Are there any penalties for not filing Form T2058? A: Yes, failure to file Form T2058 on time can result in penalties and interest charges.

Q: Are there any fees associated with filing Form T2058? A: No, there are no fees associated with filing Form T2058.

Q: Can Form T2058 be filed by mail? A: Yes, Form T2058 can be filed by mail to the address provided on the form.