Question reg deemed disposition related forms please , esp T1243, T1244

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redrosepro
Posts: 10
Joined: Mon Feb 03, 2020 1:22 pm

Question reg deemed disposition related forms please , esp T1243, T1244

Post by redrosepro »

(1) owned and lived in a principal residence home for all the years I was in Canada and while leaving permanently. Do I have list this house in the forms T1243 or 1244 , considering there’s no deemed disposition on Canadian real property?


(2) Why is there an elective T1244 .. Is it mandatory or optional. As i said the only real property i have is used as principal residence, so should I be declaring anything in 1244?

3) All my other assets are cash in domestic Canadian and foreign bank accounts. I’ll be filing T1135. In addition to this, should i be declaring these cash assets in any of the departure / deemed disposition related forms?

PS: I’ve separately applied to get Section 116 certificate of compliance claiming principal residence exemption.
nelsona
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Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: Question reg deemed disposition related forms please , esp T1243, T1244

Post by nelsona »

Your Cdn real property is not subject to deemed disposition, so is not reported on T1242. It does however need to be reported on T1161, which lists ALL property you own when you leave. These forms are pretty clear as to what does not need to be listed on them,

Since you have no property to be deemed disposed, the election on T1244 doesn't apply to you.

You don't need 116 clearance until you actually sell the property.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
redrosepro
Posts: 10
Joined: Mon Feb 03, 2020 1:22 pm

Re: Question reg deemed disposition related forms please , esp T1243, T1244

Post by redrosepro »

nelsona wrote:
> Your Cdn real property is not subject to deemed disposition, so is not
> reported on T1242. It does however need to be reported on T1161, which
> lists ALL property you own when you leave. These forms are pretty clear as
> to what does not need to be listed on them,
>
> Since you have no property to be deemed disposed, the election on T1244
> doesn't apply to you.
>
> You don't need 116 clearance until you actually sell the property.

Nelson, do you know what software has these forms? I've checked ufile, studiotax and a few others. They don't have T1243 or T1161
nelsona
Posts: 18385
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: Question reg deemed disposition related forms please , esp T1243, T1244

Post by nelsona »

Does not look like these forms are supported. Hiowever, one typicall cannot e-file a departure return, so you will have to fill those forms manually and work them in to your Schedule 3.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
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