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New Member

What do I have to check off to be able to enter a T2057?

I am using Turbotax and got  t2057. It says I need to enter it into a schedule 3, but I don't know what to check off to get that to come up.

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New Member

What do I have to check off to be able to enter a T2057?

Your question is FAR to complex.to answer on this forum.  The election under SS 85(1) to transfer property to a Taxable Canadian corporation must be filed and approved by CRA.  They will consider the value of the share plus non-share consideration to determine the tax consequences of this transfer.  The services of a qualified tax professional are strongly recommended as the tax consequences can be significant for both the transferor and the transferee if not properly handled and reported..  For more info please see http://www.cra-arc.gc.ca/E/pub/tp/it291r3/it291r3-e.html

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5 Replies
New Member

What do I have to check off to be able to enter a T2057?

I m really just doing where to access the schedule 3 in the software. Not for advice on what to report.
New Member

What do I have to check off to be able to enter a T2057?

Your question is FAR to complex.to answer on this forum.  The election under SS 85(1) to transfer property to a Taxable Canadian corporation must be filed and approved by CRA.  They will consider the value of the share plus non-share consideration to determine the tax consequences of this transfer.  The services of a qualified tax professional are strongly recommended as the tax consequences can be significant for both the transferor and the transferee if not properly handled and reported..  For more info please see http://www.cra-arc.gc.ca/E/pub/tp/it291r3/it291r3-e.html

View solution in original post

New Member

What do I have to check off to be able to enter a T2057?

I m really just doing where to access the schedule 3 in the software. Not for advice on what to report.
New Member

What do I have to check off to be able to enter a T2057?

In the profile area, answer that you have disposed of capital property
New Member

What do I have to check off to be able to enter a T2057?

Thanks