Get T2101 Election Form

The T2101 Election Form allows individuals to elect under section 48.1 of the Income Tax Act when their small business corporation transitions to being publicly traded. This guide will provide a clear, step-by-step approach to completing the form online effectively.

Follow the steps to fill out the T2101 Election Form online.

1. Click the ‘Get Form’ button to obtain the T2101 Election Form and open it in your preferred editor.
2. Enter your social insurance number or trust account number in the designated field to identify yourself.
3. Fill in your name as the individual making the election, ensuring it is clearly printed for accuracy.
4. Provide your complete address, including postal code, to ensure accurate processing.
5. In the specified fields, indicate the year, filing due date, and the specific date on which the corporation became publicly traded.
6. Enter the name of the small business corporation as printed to ensure it matches official records.
7. Fill in the business number and ensure that the address of the small business corporation is complete, including postal code.
8. Input the proceeds of deemed disposition in the relevant field, based on your calculations.
9. Provide the adjusted cost base (ACB) and the fair market value (FMV) of the shares immediately before the corporation went public.
10. Specify any proceeds of disposition where the FMV exceeds the ACB and make sure it falls within the acceptable range as indicated in the notes.
11. Indicate the number and type of shares in the appropriate sections, attaching a separate sheet if necessary for full disclosure.
12. Complete the election and certification section by signing the form as the individual or an authorized person.
13. Finally, save your changes, and download or print the completed form for submission.

Complete and file your T2101 Election Form online to ensure compliance and protect your capital gains deduction.