Where/How to report the taxable foreign dividend due to foreign company spin-off?

I have received shares of a US spin-off company. As the number of shares received is low, I decided not to make an election under ITA section 86.1 and report the market value of the spin-off company shares as a dividend.

A couple of questions:

1) Should I report this under Line 12100 - Foreign interest and dividends?

2) for the market value reported to CRA, should I use the closing price of the first trading day as the fair market value reported?

Thanks.

481

Level 6

Jan 17, 2022 3:44:11 PM

Foreign Interest and dividends are reported under Line 12100 and should be reported in Canadian Dollars by using the Bank of Canada rate as was on the date you received the income.

For more information please follow the CRA link, Line 12100 - Foreign interest and dividends

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Where/How to report the taxable foreign dividend due to foreign company spin-off?