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 by individuals and partnerships to elect or revoke the election to use the mark-to-market method for certain capital property. This method allows taxpayers to report gains and losses on the disposition of capital property as ordinary income or losses.

The taxpayer who wants to elect or revoke the election to use the Mark-to-Market method files the Form T217 - Election or Revocation of an Election to Use the Mark-To-Market Method in Canada.

Form T217 Election or Revocation of an Election to Use the Mark-To-Market Method - Canada - Frequently Asked Questions (FAQ)

Q: What is the Form T217? A: Form T217 is a tax form in Canada.

Q: What is the purpose of Form T217? A: Form T217 is used to make an election or revocation of an election to use the mark-to-market method for tax purposes.

Q: What is the mark-to-market method? A: The mark-to-market method is a way of valuing assets at their current market value for tax purposes.

Q: Who should use Form T217? A: Individuals or partnerships in Canada who want to elect or revoke the mark-to-market method.

Q: When should Form T217 be filed? A: Form T217 should be filed by the due date of your income tax return for the year in which the election or revocation takes effect.

Q: Do I need to attach any documents with Form T217? A: You may need to attach additional documents such as supporting calculations or schedules, depending on your specific circumstances.

Q: Can I file Form T217 electronically? A: No, Form T217 cannot be filed electronically and must be filed by mail or in person.

Q: What are the consequences of making an election or revocation with Form T217? A: Making an election or revocation with Form T217 can have tax implications, so it's recommended to consult with a tax professional before submitting the form.

Q: Are there any fees associated with filing Form T217? A: There are no specific fees associated with filing Form T217, but there may be other fees related to tax professionals or obtaining additional documents.