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This form is used by a taxable Canadian corporation and all members of a partnership to jointly elect under subsection 85(2) when the partnership disposes of property to the corporation in exchange
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How to fill out t2058
How to fill out T2058
01
Obtain a copy of Form T2058 from the Canada Revenue Agency (CRA) website or office.
02
Fill in your personal information at the top of the form, including your name, address, and social insurance number.
03
Indicate the type of election you are making by checking the appropriate box.
04
Provide details about the partnership or corporation, including name and business number.
05
Complete the section for the tax year to which the election applies.
06
Include any relevant supporting documentation or explanations where required.
07
Review the completed form for accuracy and completeness.
08
Sign and date the form.
09
Submit the form to the CRA by the specified deadline, ensuring you retain a copy for your records.
Who needs T2058?
01
Individuals or partnerships who are electing to split their income for tax purposes.
02
Taxpayers who want to allocate business losses to a partner or shareholder.
03
Corporations looking to make a tax election related to mergers, acquisitions, or reorganizations.
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What is T2058?
T2058 is a form used by organizations in Canada to report certain information regarding tax-exempt property and income.
Who is required to file T2058?
Organizations that own or hold tax-exempt property or receive tax-exempt income, such as charities and non-profit organizations, are required to file T2058.
How to fill out T2058?
To fill out T2058, organizations should provide details about their tax-exempt property, including descriptions, locations, and the income received from such properties, following the guidelines provided by the Canada Revenue Agency.
What is the purpose of T2058?
The purpose of T2058 is to ensure that organizations comply with tax regulations regarding tax-exempt properties and to provide transparency in reporting income generated from such properties.
What information must be reported on T2058?
T2058 must report information such as the organization's name, the nature and location of the tax-exempt properties, the type and amount of income earned from these properties, and any relevant details specified by the Canada Revenue Agency.
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