Form T2153 "Designations Under Paragraph 80(2)(I) When Two or More Commercial Obligations Are Settled at the Same Time" - Canada

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DESIGNATION UNDER PARAGRAPH 80(2)(i) WHEN TWO OR MORE COMMERCIAL OBLIGATIONS
ARE SETTLED AT THE SAME TIME
• The sections, subsections, and paragraphs referred to on this form are from the Income Tax Act.
• When a commercial obligation is settled for less than its principal amount, the forgiven amount must be accounted for by the
debtor under the rules in section 80. The forgiven amount is defined in subsection 80(1).
• Paragraph 80(2)(i) clarifies the application of the debt forgiveness rules when two or more commercial obligations are settled
at the same time. When you as the debtor settle more than one commercial obligation at the same time, use this form to
designate the order the obligations were settled under the debt forgiveness rules in section 80.
• When you make a designation using this form, we at the Canada Revenue Agency treat the commercial obligations as if you
settled them at different times, in the order you designate. If you do not designate an order, we will designate one for you.
• The designation is not valid unless you file this form with your income tax return for the year in which the commercial
obligations are settled.
• When you as the debtor settle a commercial debt obligation for less than its principal amount, you may need the following
Canada Revenue Agency forms:
T2154 – Designation of Forgiven Amount by the Debtor – Subsections 80(5) to 80(11)
T2155 – Alternative Treatment of Capital Gains Arising Under Section 80.03 on Settlement of Debt
T2156 – Agreement to Transfer a Forgiven Amount Under Section 80.04
Taxation year end
Debtor's name (print)
Social insurance number or Business Number
Year
Month
Day
Please indicate below the order you designate to settle the commercial obligations:
Priority
Description of the commercial obligation
Forgiven amount
1
$
$
2
3
$
4
$
$
5
6
$
$
7
$
8
T2153 E (11)
(Ce formulaire existe en français.)
Clear Data
Help
Protected B
when completed
DESIGNATION UNDER PARAGRAPH 80(2)(i) WHEN TWO OR MORE COMMERCIAL OBLIGATIONS
ARE SETTLED AT THE SAME TIME
• The sections, subsections, and paragraphs referred to on this form are from the Income Tax Act.
• When a commercial obligation is settled for less than its principal amount, the forgiven amount must be accounted for by the
debtor under the rules in section 80. The forgiven amount is defined in subsection 80(1).
• Paragraph 80(2)(i) clarifies the application of the debt forgiveness rules when two or more commercial obligations are settled
at the same time. When you as the debtor settle more than one commercial obligation at the same time, use this form to
designate the order the obligations were settled under the debt forgiveness rules in section 80.
• When you make a designation using this form, we at the Canada Revenue Agency treat the commercial obligations as if you
settled them at different times, in the order you designate. If you do not designate an order, we will designate one for you.
• The designation is not valid unless you file this form with your income tax return for the year in which the commercial
obligations are settled.
• When you as the debtor settle a commercial debt obligation for less than its principal amount, you may need the following
Canada Revenue Agency forms:
T2154 – Designation of Forgiven Amount by the Debtor – Subsections 80(5) to 80(11)
T2155 – Alternative Treatment of Capital Gains Arising Under Section 80.03 on Settlement of Debt
T2156 – Agreement to Transfer a Forgiven Amount Under Section 80.04
Taxation year end
Debtor's name (print)
Social insurance number or Business Number
Year
Month
Day
Please indicate below the order you designate to settle the commercial obligations:
Priority
Description of the commercial obligation
Forgiven amount
1
$
$
2
3
$
4
$
$
5
6
$
$
7
$
8
T2153 E (11)
(Ce formulaire existe en français.)