Form T2059 Election on Disposition of Property by a Taxpayer to a Canadian Partnership - Canada

Form T2059 Election on Disposition of Property by a Taxpayer to a Canadian Partnership is used in Canada to declare and provide information about the transfer of property by a taxpayer to a Canadian partnership. The form helps to determine the tax implications and treatment of the transaction.

The taxpayer who disposed of the property files the Form T2059 Election.

FAQ

Q: What is Form T2059?A: Form T2059 is a document used by taxpayers in Canada to make an election on the disposition of property to a Canadian partnership.

Q: What is the purpose of Form T2059?A: The purpose of Form T2059 is to report the disposition of property by a taxpayer to a Canadian partnership and make an election under section 97 of the Canadian Income Tax Act.

Q: Who needs to complete Form T2059?A: Taxpayers who have disposed of property to a Canadian partnership and want to make an election under section 97 of the Canadian Income Tax Act need to complete Form T2059.

Q: When do I need to file Form T2059?A: Form T2059 must be filed with the CRA within 90 days of the disposition of property to a Canadian partnership.

Q: Are there any penalties for not filing Form T2059?A: Yes, there are penalties for not filing Form T2059 or for filing it late. It is important to file the form within the required timeframe to avoid penalties.

Q: What information is required on Form T2059?A: Form T2059 requires information such as the taxpayer's name, address, taxpayer identification number, the details of the disposed property, and the details of the Canadian partnership.

Q: Can I make an election on the disposition of property to a non-Canadian partnership using Form T2059?A: No, Form T2059 is specifically for making an election on the disposition of property to a Canadian partnership. For a non-Canadian partnership, different rules and forms apply.

Q: Is there a fee for filing Form T2059?A: No, there is no fee for filing Form T2059. It is a free form provided by the CRA.

Q: Is Form T2059 available in both English and French?A: Yes, Form T2059 is available in both English and French. Taxpayers can choose the language that is most comfortable for them.