Form T2223 "Election Under Subsection 159(6.1) of the Income Tax Act by a Trust to Defer Payment of Income Tax" - Canada

ADVERTISEMENT
ADVERTISEMENT

Download Form T2223 "Election Under Subsection 159(6.1) of the Income Tax Act by a Trust to Defer Payment of Income Tax" - Canada

104 times
Rate (4.5 / 5) 6 votes
Clear Data
Help
Protected B
when completed
ELECTION, UNDER SUBSECTION 159(6.1) OF THE INCOME TAX ACT, BY A TRUST TO DEFER PAYMENT OF
INCOME TAX
For use by a trust when electing to pay income tax in up to ten equal consecutive annual instalments. The first instalment is required to be
paid on or before the day on which payment of that tax was otherwise payable if no election had been made.
This election is to be filed at the Tax Services Offices in the area in which the Trustee/Executor/Administrator/Legal Representative
resides on or before the day on which payment for the first of the equal consecutive annual instalments is required to be made.
Security acceptable to the Minister must be provided with respect to the tax for which payment is being deferred. Contact the Collections
Section at the Tax Services Offices in the area in which the Trustee/Executor/Administrator/Legal Representative resides to complete
security arrangements.
DEEMED REALIZATION DATE
NAME OF TRUST (Print)
Year
Month
Day
ACCOUNT NUMBER
NAME OF TRUSTEE/EXECUTOR/ADMINISTRATOR/LEGAL REPRESENTATIVE (Print)
T
ADDRESS OF TRUSTEE/EXECUTOR/ADMINISTRATOR/LEGAL REPRESENTATIVE (Print)
$
Amount of Tax on which the Trust may elect to defer payment (Form T1055 line 84)
$
Amount of tax deferred
Payment to be made in instalments as follows:
Instalment to be paid or
(A) + (B)
(A)
(B)
(C)
Payment
1/10th of Tax Deferred
Interest on Instalment
Total Payment
Due Not Later Than
1
2
3
4
5
6
7
8
9
10
At the time of payment of any amount, payment of which is deferred by this election, the trust shall pay to the Receiver General
interest, compounded daily, on the amount at the prescribed rate in effect at the time the election is made.The interest is computed
from the day on or before which the amount would, but for the election, have been required to be paid to the day of payment.
Note: Payment of the first instalment as required, on or before the date that the tax would, but for the election, have been required
to be paid, attracts no interest on the amount of that instalment.
ELECTION
I/We, in the capacity of
(Trustee(s)/Executor(s)/Administrator(s)/Legal Representative(s))
HEREBY ELECT to have the provisions of subsection 159(6.1) of the Income Tax Act applied in accordance with the terms set forth
above.
Signature of Authorized Person
Date
Signature of Authorized Person (If more than one)
Date
Signature of Authorized Person (If more than two)
Date
Printed in Canada
Form authorized by the Minister of National Revenue
T2223 E (06)
Clear Data
Help
Protected B
when completed
ELECTION, UNDER SUBSECTION 159(6.1) OF THE INCOME TAX ACT, BY A TRUST TO DEFER PAYMENT OF
INCOME TAX
For use by a trust when electing to pay income tax in up to ten equal consecutive annual instalments. The first instalment is required to be
paid on or before the day on which payment of that tax was otherwise payable if no election had been made.
This election is to be filed at the Tax Services Offices in the area in which the Trustee/Executor/Administrator/Legal Representative
resides on or before the day on which payment for the first of the equal consecutive annual instalments is required to be made.
Security acceptable to the Minister must be provided with respect to the tax for which payment is being deferred. Contact the Collections
Section at the Tax Services Offices in the area in which the Trustee/Executor/Administrator/Legal Representative resides to complete
security arrangements.
DEEMED REALIZATION DATE
NAME OF TRUST (Print)
Year
Month
Day
ACCOUNT NUMBER
NAME OF TRUSTEE/EXECUTOR/ADMINISTRATOR/LEGAL REPRESENTATIVE (Print)
T
ADDRESS OF TRUSTEE/EXECUTOR/ADMINISTRATOR/LEGAL REPRESENTATIVE (Print)
$
Amount of Tax on which the Trust may elect to defer payment (Form T1055 line 84)
$
Amount of tax deferred
Payment to be made in instalments as follows:
Instalment to be paid or
(A) + (B)
(A)
(B)
(C)
Payment
1/10th of Tax Deferred
Interest on Instalment
Total Payment
Due Not Later Than
1
2
3
4
5
6
7
8
9
10
At the time of payment of any amount, payment of which is deferred by this election, the trust shall pay to the Receiver General
interest, compounded daily, on the amount at the prescribed rate in effect at the time the election is made.The interest is computed
from the day on or before which the amount would, but for the election, have been required to be paid to the day of payment.
Note: Payment of the first instalment as required, on or before the date that the tax would, but for the election, have been required
to be paid, attracts no interest on the amount of that instalment.
ELECTION
I/We, in the capacity of
(Trustee(s)/Executor(s)/Administrator(s)/Legal Representative(s))
HEREBY ELECT to have the provisions of subsection 159(6.1) of the Income Tax Act applied in accordance with the terms set forth
above.
Signature of Authorized Person
Date
Signature of Authorized Person (If more than one)
Date
Signature of Authorized Person (If more than two)
Date
Printed in Canada
Form authorized by the Minister of National Revenue
T2223 E (06)