Hello,
I am leaving Canada on the 1st September and need to file my tax return. Is this going to be possible with Turbotax? Also I will need to file a T1243 is this also possible to do on Turbotax?
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
Thank you, So would I file these extra forms myself a long with a tax return at the end of the year?