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 is used in Canada for making an election or revoking a previous election to use the mark-to-market method. This method allows taxpayers to report gains and losses on certain types of property annually instead of deferring them until the property is disposed of.

In Canada, individuals who want to elect or revoke the election to use the mark-to-market method file the Form T217.

FAQ

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

Q: What is the purpose of Form T217?A: The purpose of Form T217 is to elect to use the mark-to-market method for tax purposes or to revoke such an election.

Q: What is the mark-to-market method?A: The mark-to-market method is a way of valuing assets and recognizing gains or losses on those assets each year, as if they were sold.

Q: Who should use Form T217?A: Individuals or corporations who want to use the mark-to-market method for tax purposes or revoke such an election should use Form T217.

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

Q: Are there any penalties for not filing Form T217?A: Failure to file Form T217 by the due date may result in penalties and interest charges.