Get Canada T2054 E 2022-2026

The Canada T2054 E form is used by private corporations to elect for the provisions of subsection 83(2) to apply to a dividend. This guide provides a clear, step-by-step approach to filling out the form online, ensuring a smooth and accurate submission process.

Follow the steps to complete the T2054 E form online:

1. Press the ‘Get Form’ button to acquire the form and access it in your editor.
2. In Part 1, enter the corporation's name, business number, address, contact person's name, firm name, telephone number, and extension.
3. In Part 2, provide the full amount of the dividend for which this election is made, and list the capital dividend account (CDA) immediately before the dividend becomes payable.
4. Complete the dates indicating when the dividend becomes payable and when any part of the dividend was paid.
5. Indicate if there was an acquisition of control since the last election, and provide necessary details regarding any capital dividends received from other corporations.
6. Fill out Part 5 to report any capital gain or loss during the current tax year, including details of the asset, acquisition date, proceeds of disposition, adjusted cost base, and any associated outlays.
7. In Part 6, provide information about shareholders who received dividends, including their names, business or social insurance numbers, payment dates, and share of capital dividends.
8. Complete Part 7 if the CDA balance includes net life insurance proceeds, supplying details about the insured individual, beneficiary, policy number, adjusted cost basis, and total net proceeds received.
9. In Part 8, if applicable, calculate and report any late-filing penalty.
10. In Part 9, complete information regarding the excess amount of dividend declared subject to Part III tax and calculate the applicable tax.
11. Total any amounts owing in Part 10, ensuring to include late-filing penalties and Part III tax.
12. Finally, in Part 11, authorize the election by signing and dating the form, certifying that the information provided is accurate.
13. Once completed, save changes, download a copy for your records, and submit the form as instructed.

Start filing your documents online today for an efficient process.