How do I report the deferred benefit on CCPC shares in income where form 1212 was previously not required to be filed
- exercised security options to purchase shares of a CCPC in 2006 (I think this is the year). There was a taxable benefit on this exercise of the options, but I was not required to reported the benefit in income until the shares are sold.
- at the time the shares were exercised in 2006, Form 1212 was not filed because the company was not public.
-form 1212 is only for shares listed on a stock exchange, and a non elective deferral applied to CCPCs.
-now that the shares were sold in 2014, I am required to include the benefit related to these shares in income, and would also like to take the 50% deduction on line 249.
-my tax return was netfiled but was not accepted by the CRA because there is no record of deferral from Form 1212 on file.
How do I report the deferred benefit on these shares in income where form 1212 was previously not required to be filed?
Also, where do I report the 50% deduction? Line 249?