Get T1161 - List Of Properties By An Emigrant Of Canada - Arc - Cra-arc Gc

The T1161 form is a crucial document for individuals who have ceased to be residents of Canada and need to report the fair market value of their properties. This guide will provide you with detailed, step-by-step instructions to complete the T1161 form online effectively.

Follow the steps to complete the T1161 form accurately.

1. Click ‘Get Form’ button to obtain the form and open it in the online editor.
2. Begin filling out the form by entering your last name and first name in the designated fields. Ensure that the names are printed clearly.
3. Provide your mailing address in the appropriate section, ensuring all details are accurate and up to date.
4. Enter your Social Insurance Number in the provided field. This is essential for identification purposes.
5. Indicate your date of emigration from Canada including the year, month, and day. This is essential for tax reporting.
6. Carefully review the instructions outlining which properties to report and ensure only properties valued over $25,000 are listed, excluding categories specified such as cash or personal-use property.
7. In the list of properties section, detail each property you own as of the date you ceased to be a resident. Include the number of shares if applicable, a brief description, and whether the property is Canadian (C) or foreign (F).
8. Provide the fair market value of each property on the date you emigrated. Ensure the values are accurate to avoid any penalties.
9. If you need additional space for listing properties, attach a separate sheet. Make sure this is clearly labeled and easy to follow.
10. After completing all necessary sections of the form, review your entries to ensure accuracy. Check for any omissions or errors.
11. Once verified, save your changes. You may also download, print, or share the completed form as needed.

Complete the T1161 form online today to ensure compliance and avoid penalties.