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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) where the partnership has disposed of property to the corporation.
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How to fill out form t2058
How to fill out Form T2058
01
Obtain Form T2058 from the Canada Revenue Agency website or your local CRA office.
02
Ensure you have all necessary information, including details about the transferor, transferee, and the property being transferred.
03
Complete the top section by entering the transferor's and transferee's names, addresses, and relevant identification numbers.
04
In the next section, provide details about the property being transferred, including its description and the date of transfer.
05
Fill out the applicable sections regarding the elections being made, ensuring to refer to any specific criteria that may be required.
06
Review the completed form for accuracy and completeness.
07
Sign and date the form, and ensure that all required signatures are provided.
08
Submit the form to the appropriate tax office as instructed by CRA guidelines.
Who needs Form T2058?
01
Individuals or corporations that are transferring assets and wish to defer the capital gains tax.
02
Registered charities or other institutions involved in a transfer of property.
03
Trustees or executors of estates engaging in property transfers.
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What is Form T2058?
Form T2058 is a tax form used by Canadian corporations to report certain transactions involving the transfer of assets to a subsidiary.
Who is required to file Form T2058?
Corporations that are transferring property to a corporation that is a subsidiary of the transferring corporation are required to file Form T2058.
How to fill out Form T2058?
To fill out Form T2058, a corporation must provide details about the transferring corporation, the subsidiary receiving the assets, and the specific assets being transferred, along with the appropriate financial information.
What is the purpose of Form T2058?
The purpose of Form T2058 is to ensure proper reporting and compliance with tax regulations concerning the transfer of assets between related corporations.
What information must be reported on Form T2058?
Form T2058 requires reporting information such as the names and addresses of both the transferring and receiving corporations, a description of the transferred assets, the fair market value of the assets, and any liabilities assumed by the subsidiary.
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