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T
thomasriceca1
August 10, 2022
Question

Turbotax - Leaving Canada need to file with T1243

  • August 10, 2022
  • 1 reply
  • 0 views

Hello, 
I am leaving Canada on the 1st September and need to file my tax return. Is this going to be possible with Turbotax? Also I will need to file a T1243 is this also possible to do on Turbotax?

1 reply

B
BrendaW-US
August 12, 2022

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  


 

T
thomasriceca1Author
August 12, 2022

Thank you, So would I file these extra forms myself a long with a tax return at the end of the year? 

B
BrendaW-US
August 15, 2022

Yes, that is correct.

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