Form T2057 Election on Disposition of Property by a Taxpayer to a Taxable Canadian Corporation - Canada

Notification Icon This version of the form is not currently in use and is provided for reference only. Download this version of Form T2057 for the current year.

Form T2057 Election on Disposition of Property by a Taxpayer to a Taxable Canadian Corporation - Canada

Form T2057 or the "Form T2057 "election On Disposition Of Property By A Taxpayer To A Taxable Canadian Corporation" - Canada" is a form issued by the Canadian Revenue Agency .

The form was last revised in January 1, 2017 and is available for digital filing. Download an up-to-date Form T2057 in PDF-format down below or look it up on the Canadian Revenue Agency Forms website.

FAQ

Q: What is Form T2057?
A: Form T2057 is a tax form used in Canada for making an election on the disposition of property by a taxpayer to a taxable Canadian corporation.

Q: Who can use Form T2057?
A: Any taxpayer in Canada who has disposed of property to a taxable Canadian corporation can use Form T2057.

Q: What is the purpose of Form T2057?
A: The purpose of Form T2057 is to make an election that allows the taxpayer to defer any taxable gain from the disposition of property to a taxable Canadian corporation.

Q: When should Form T2057 be filed?
A: Form T2057 should be filed within certain time limits, usually within two years after the end of the tax year in which the disposition of property occurred.

Q: What information is required on Form T2057?
A: Form T2057 requires information about the taxpayer, the taxable Canadian corporation, and details of the property disposition, such as the date and sale proceeds.

Q: Do I need to submit any supporting documents with Form T2057?
A: Generally, supporting documents such as the purchase and sale agreements should be kept with your records but do not need to be submitted with the form.

Q: What are the consequences of filing Form T2057?
A: By filing Form T2057, the taxpayer can defer the recognition of any taxable gain from the disposition of property to a taxable Canadian corporation, resulting in potential tax savings.

Q: Can I change or revoke the election made on Form T2057?
A: Generally, once the election is made on Form T2057, it cannot be changed or revoked. However, there are certain situations where the election can be cancelled or amended.

Q: Who can I contact for more information about Form T2057?
A: For more information about Form T2057 and its requirements, you can contact the Canada Revenue Agency (CRA) or consult a tax professional.

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