Re: TurboTax does not have these forms in our soft...

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New Member

Does turbo tax also generate forms T1161 and T1243(related to departure tax) for Canada non-residents? How do I report departure tax as a non-resident through turbo tax?

 
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Moderator

Does turbo tax also generate forms T1161 and T1243(related to departure tax) for Canada non-residents? How do I report departure tax as a non-resident through turbo tax?

TurboTax does not have these forms in our software but for your departure tax, you will need to claim it as a capital gain. Here is quoting directly from the CRA - link provided below for more information.

"Departure tax

When you leave Canada, you are considered to have sold certain types of property (even if you have not sold them) at their fair market value (FMV) and to have immediately reacquired them for the same amount. This is called a  deemed disposition  and you may have to report a capital gain (also known as departure tax).

Your property could include the following: shares, jewelry, paintings, or a collection."

Links below from the CRA  


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New Member

Does turbo tax also generate forms T1161 and T1243(related to departure tax) for Canada non-residents? How do I report departure tax as a non-resident through turbo tax?

If TurboTax does not provide these forms for our tax returns, how do you recommend we submit these forms as part of our tax return? Should we just download the documents, and mail them somewhere? If so, where would that address be? Usually CRA forms, in my experience, specify the location that the document should be mailed to (e.g. as the NR-73 form does).