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How do I enter the numbers from form T1243?
April 22, 2022
3:28 PM
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Self-employed
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
- Leaving Canada (emigrants) - https://bit.ly/2uBofdG
- PDF of T1161 - https://bit.ly/2HXqTCq
- PDF of T1243 - https://bit.ly/2TMTqge
Thank you for choosing TurboTax.
April 28, 2022
8:51 AM