Form T2058 Election on Disposition of Property by a Partnership to a Taxable Canadian Corporation - Canada

Form T2058 Election on Disposition of Property by a Partnership to a Taxable Canadian Corporation is used in Canada to elect the disposition of property by a partnership to a taxable Canadian corporation. It allows the partnership and the corporation to choose how the tax consequences of the disposition will be treated.

The general partner of the partnership would file the Form T2058 Election on Disposition of Property by a Partnership to a Taxable Canadian Corporation in Canada.

FAQ

Q: What is Form T2058?A: Form T2058 is a form used for electing the disposition of property by a partnership to a taxable Canadian corporation.

Q: What is the purpose of Form T2058?A: The purpose of Form T2058 is to elect how the disposition of property by a partnership will be treated for tax purposes.

Q: Who needs to fill out Form T2058?A: Partnerships and taxable Canadian corporations involved in the disposition of property need to fill out Form T2058.

Q: What information is required on Form T2058?A: Form T2058 requires information about the partnership, the taxable Canadian corporation, and details of the property being disposed of.

Q: Is there a deadline for filing Form T2058?A: Yes, Form T2058 must be filed within 90 days after the end of the taxation year in which the disposition occurred.

Q: Are there any penalties for not filing Form T2058?A: Yes, failure to file Form T2058 within the deadline may result in penalties and interest.

Q: Is there a fee for filing Form T2058?A: No, there is no fee for filing Form T2058.

Q: What should I do after filing Form T2058?A: After filing Form T2058, keep a copy for your records and ensure that all relevant parties receive a copy of the form.