  Capital gains and losses |
Use CapitalProp to keep a database of all non depreciable capital property owned by the partnership and their adjusted cost bases. Enter disposals of such property in this group and DT Max will calculate any capital gains or losses for schedule 6.
Depreciable capital property should be entered in the CCA-Class group.
The following options are applicable for the keyword CapitalProp.
Choose "Yes" in the Gift.cg keyword to indicate the property disposed of is a gift subject to a lower inclusion rate.
Qualified small business corporation shares (QSBCS) Qualified small business corporation shares. If an allowable business investment loss is incurred on a disposal, choose "Yes" in the ABIL-Disp keyword.
Qualified farm property (QFP) Qualified farm property. Give the municipal address or a legal description of the disposed property.
Qualified fishing property (QXP) Qualified fishing property. Give the municipal address or a legal description of the disposed property.
QFP or QXP mortgage foreclosures QFP and QXP mortgage foreclosures and conditional sales repossessions.
Mutual fund units or other shares Mutual fund units, deferral of eligible small business corporation shares, and other shares including publicly traded shares.
Real estate - non depreciable and other properties Enter real estate which is non depreciable such as land or on which no capital cost allowance is claimed here.
Other properties include capital debts established as bad debts, amounts that arise from foreign currency transactions, as well as eligible capital properties for which your partnership elects under subsections 14(1.01) or 14(1.02).
Bonds If an allowable business investment loss is incurred on a disposal, choose "Yes" in the ABIL-Disp keyword in this group. The loss will appear on Schedule 1.
Personal use property Personal-use property losses are not deductible. The minimum proceeds and adjusted cost base for such property on its disposal is $1 000.
Listed personal property
Other property Include any mortgage foreclosures and conditional sales repossessions (other than for QFP and QXP) and any other gains or losses that you did not mention in this form. Describe any capital property disposed of during the fiscal period that you have not already reported in preceding parts.
Capital gains(losses) from slips
Partnership interest capital gain (100% inclusion rate) For a partnership interest, a special rule may apply to part of the capital gain that results from the disposition of such an interest to a non-resident or a tax-exempt corporation, or to a partnership or trust composed of such members or beneficiaries. In this case, part of the capital gain may be taxable at 50% and another part at 100%.
The portion of the capital gain for the year from the disposition that can reasonably be attributed to increases in the value of capital property (other than depreciable property) held directly by the partnership (or held indirectly by the partnership through one or more other partnerships) is taxable at the 50% inclusion rate and the rest is taxable at 100%.
As a result, if all the partnership assets are inventory, depreciable property or resource property, then the capital gain would be taxable at 100% unless an exception applies. If the assets also include capital property (other than depreciable property), you must make an apportionment in order to apply the appropriate inclusion rate.
Use this option to enter the capital gain from a disposition of an interest in a partnership attributable to depreciable property or non-capital property where a 100% inclusion rate is used to calculate the taxable portion per paragraph 100(1)(b).
Use the keyword Type.cap to select the type of capital gain.
The following options are applicable for the keyword Type.cap.
Use the keyword Type.cg to select the type of capital gain.
The following options are applicable for the keyword Type.cg.
Other capital property
Qualified farm property - QFP
Qualified fishing property - QXP
Qualified small business corportion shares - QSBCS
Use the keyword Date-Disp.slip to enter the date of disposition. This date will be entered on the RL-15 slip.
Specify whether this is a taxable capital gain resulting from a gift of capital property made in the year. The non taxable portion of the capital gain will be used to calculate the limit on net income for donations.
The following options are applicable for the keyword Gift.cg.
Use the keyword Elig-Amt to enter the eligible amount of the gift.
Is the property disposed of Quebec resource property?
The following options are applicable for the keyword QCResource-Prop.
Enter the eligible taxable capital gains amount on resource property. This calculation is similar to the one in Part 2 of form TP-726.20.2-V, Capital Gains Deduction on Resource Property
Enter the adjusted cost base and description of the property within this group in ACB. When the property is disposed, the ACB entered here will be used to calculate the capital gain or loss. Use [Alt-J] to enter different values for other jurisdictions.
The acquisition date of this property is requested information on schedule 6 in the year the property is disposed of.
The number of shares held is requested information on schedule 6 for the year the shares are disposed of.
The class of these shares is information requested on schedule 6 in the year the shares are disposed of.
A description of this property is requested information on schedule 6 in the year the property is disposed of. If a capital gains reserve is being claimed on the disposal, this description will be printed on schedule 13 in the capital gains reserves section.
The face value of these bonds is information requested on schedule 6 in the year the bonds are disposed of.
The maturity date of these bonds is information requested on schedule 6 in the year the bonds are disposed of.
The issuer's name is information requested on schedule 6 in the year the bonds/shares are disposed of.
Use the keyword Address-Descript to enter the address or legal description of the property.
Use the keyword More-Info to enter additional address information. This will be line two of the address.
Use the keyword City.e to enter the city name. DT Max will not check the spelling of the city name.
Use the keyword Province.e to select the province.
The following options are applicable for the keyword Province.e.
Use the keyword State.e to select the state.
Use the keyword Country.e to select the country.
Use the keyword PostCode.e to enter the postal code. DT Max will make sure that it is in the correct format and will always enter the alphabetic portions in upper case.
Use the keyword ZIPCode.e to enter the zip code.
Use the keyword For-Post.e to enter the foreign postal code.
Enter the gain (loss) on disposal of the property recorded in the partnership's financial statements in the Net-Inc-Add or NET-INC-DED keyword of the NetIncome group. DT Max will adjust net income on schedule 1 for the book gain (loss).
If all property in this group is sold, choose "YES"; DT Max will use the amount entered in the ACB-Disp keyword in this group as the adjusted cost base of the property sold.
If the disposition is not of all property in this group, choose "NO" you need to then enter the ACB of the property sold in ACB-Disp-Cap in this group. DT Max will carry forward this group into next year's data for this client.
The following options are applicable for the keyword Proceeds-Cap.
Use [Alt-J] to enter different values for other jurisdictions.
If an ACB was not entered for this group by using the ACB keyword, use ACB-Disp-Cap to indicate the adjusted cost base of asset(s) disposed of.
If assets remain in the class and an ACB was entered, ACB-Disp-Cap must be entered to indicate the adjusted cost base of the asset(s) disposed of. Next year, DT Max will carry forward the amount entered in the ACB keyword less the amount entered in ACB-Disp-Cap here; you can still adjust this amount in the ACB keyword for new property acquired or other ACB adjustments. Use [Alt-J] to enter different values for other jurisdictions.
Use Expenses-CG to enter expenses associated with the disposition of assets entered in this class. The amount entered will be deducted from the proceeds of disposition for this disposal to determine the amount of the capital gain or loss. Use [Alt-J] to enter different values for other jurisdictions.
Enter the date of the disposition in this group for your own information purposes only. This information is not used by DT Max.
If you choose "YES" in ABIL-Disp, DT Max will calculate a business loss on this disposition if a loss was incurred.
The following options are applicable for the keyword ABIL-Disp.
Enter the insolvency, bankruptcy or wind up date.
Use the keyword Debt-Type to enter the type of debt disposed of by the Small Business Corporation.
Select "Yes" to defer capital gain on qualified small business corportation shares.
The following options are applicable for the keyword Defer-Gain.
Select the country if the assets disposed of are not Canadian.
Use the keyword TaxPaid.cap to enter the foreign tax withheld.
Use the keyword TaxTreaty.ca to enter amounts to be deducted from net income for tax purposes due to a tax treaty with Canada.
GainOV.cap will override the calculated gain or loss on the property disposed of.
Enter the gain (loss) on disposal of the property recorded in the partnership's financial statements in the Net-Inc-Add or Net-Inc-Ded keyword of the NetIncome group. DT Max will adjust net income on schedule 1 for the book gain (loss). Use [Alt-J] to enter different values for other jurisdictions.
Use this keyword to enter capital gains or losses from T3 slips the partnership received. Use [Alt-J] to enter different values for other jurisdictions.
Use this keyword to enter capital gains or losses from T5, T5008, T5013 and T4PS slips the partnership received. Use [Alt-J] to enter different values for other jurisdictions.
Use the keyword CapGain-Reserve to select and enter capital gains reserves.
The following options are applicable for the keyword CapGain-Reserve.
Qualified farming property
Qualified fishing property
Qualified small business corporation shares
Other property
Non-qualifying securities donated
Gifts of non-qualifying secur. - Elig. amt. (federal)
Gifts of non-qualifying secur. - Advantage (federal)
Use the keyword Disp-Date.r to enter the date of disposition.
Use the keyword Previous-Year to enter the capital gains reserve taken in the previous year. Use [Alt-J] to enter different values for other jurisdictions.
Use the keyword Current-Year to enter the capital gains reserve taken in the current year. Use [Alt-J] to enter different values for other jurisdictions.
Use the keyword Elect-On-Disp to make an election on the disposition of property.
The following options are applicable for the keyword Elect-On-Disp.
Partnership to a taxable Canadian Corp. (T2058) T2058 Election on Disposition of Property by a Partnership to a Taxable Canadian Corporation
Taxpayer to a Canadian partnership (T2059) T2059 Election on Disposition of Property by a Taxpayer to a Canadian Partnership
Upon cessation of partnership (T2060) T2060 Election for Disposition of Property Upon Cessation of Partnership
Use the keyword Amended.t to indicate if you are filing an amended election.
The following options are applicable for the keyword Amended.t.
Use the keyword Non-Resident.tr to indicate if the transferor is a non-resident of Canada.
The following options are applicable for the keyword Non-Resident.tr.
Use the keyword Transferor-TIN to enter the transferor's taxpayer identification number.
If the taxpayer is an individual, or if a member or members of the partnership (transferor or transferee) are individuals, use the keyword Self-Employed to indicate whether all of the individuals or their spouse are self-employed for the year of the election.
The following options are applicable for the keyword Self-Employed.
If members of the partnership are individuals, use the keyword Memb-SelfEmployed to indicate whether all of those individuals or their spouse are self-employed for the year of the election.
The following options are applicable for the keyword Memb-SelfEmployed.
Use the keyword Transferor to enter the name of the transferor. Enter the last name only if the transferor is an individual.
Use the keyword First-Name.tr to enter the transferor's first name, if the transferor is an individual.
Use the keyword Bus-Number.tr to enter the business number of the transferring business.
Use the keyword SIN.tra to enter the social insurance number of the transferor, if the transferor is an invididual.
Use the keyword TrustNumber.tr to enter the trust number of the transferor, if the transferor is a trust.
Use the keyword Partnership-Num.tr to enter the partnership number of the transferring partnership.
This is the Quebec enterprise number (NEQ) of the transferor.
This is the Quebec identification number of the transferor.
Use the keyword QC-Partnership-Num to enter the Quebec partnership number of the transferring partnership.
Use the keyword Street.tr to enter the street address of the transferor.
This is the suite number of the transferor. If this is entered, DT Max will print the hash sign, "#" and the number. Do not enter the word "SUITE" or "#". If nothing is entered, DT Max will understand that there is no relevant suite number and will not print anything.
This is the post office box number of the transferor. If this is entered, DT Max will print "P.O. Box" and the number. Do not enter "P.O. Box" or "#". If nothing is entered, DT Max will understand that there is no relevant P.O. box number and will not print anything.
Use the keyword City.tr to enter the city of the transferor.
Use the keyword Province.tr to enter the province of the transferor.
The following options are applicable for the keyword Province.tr.
Use the keyword State.tr to enter the state of the transferor, if applicable.
Use the keyword Country.tr to enter the country of the transferor.
Use the keyword PostCode.tr to enter the postal code of the transferor.
Use the keyword ZIPCode.tr to enter the ZIP code of the transferor, if applicable.
Use the keyword For-Post.tr to enter the foreign postal code of the transferor, if applicable.
Use the keyword YearBegin.tr to enter the transferor's beginning date of tax year.
Use the keyword YearEnd.tr to enter the transferor's year end.
Use the keyword AuthorizedSignee to enter the name of the authorized signee of the transferor. If the transferor is an individual, no entry is necessary.
Use the keyword ContactPerson to enter the name of the contact person.
Use the keyword FirmName.cp to enter the firm name of the contact person.
Use the keyword Phone.cp to enter the telephone number of the contact person.
Use the keyword Extension.cp to enter the extension number of the contact person.
Use the keyword Officer-Transferor to enter the name of the transferor or authorized signing officer.
Use the keyword Position.tr to enter the position or office of the transferor.
The following options are applicable for the keyword Position.tr.
Use the keyword Date-Transfer to enter the date of the transfer.
Use the keyword Transf-Partnership to indicate if the transferor is a partnership.
The following options are applicable for the keyword Transf-Partnership.
Use the keyword Partners-Transf to select the type of partner of the transferring partnership.
The following options are applicable for the keyword Partners-Transf.
Individual
Corporation
Partnership
Trust
Use the keyword Name.tr to enter the name of the member of the transferring partnership.
Use the keyword SIN.tr to enter the SIN of the member of the transferring partnership.
Use the keyword BusNum.tr to enter the business number of the member of the transferring partnership.
Use the keyword Partnersh-Num.tr to enter the partnership number of the member of the transferring partnership.
Use the keyword Trust-Num.tr to enter the trust account number of the member of the transferring partnership.
Use the keyword Year-End.tr to enter the taxation year end of the member of the transferring partnership.
Use the keyword Date.tr to enter the signing date of the member of the transferring partnership.
Use the keyword Transfer-Agree to indicate if there is an authorizing agreement.
The following options are applicable for the keyword Transfer-Agree.
Use this keyword to enter the street address of the contact person.
Use this keyword to enter additional address information of the contact person.
Use this keyword to enter the city of the contact person.
Use this keyword to enter the province of the contact person.
The following options are applicable for the keyword Province.cp.
Use this keyword to enter the state of the contact person, if applicable.
Use this keyword to enter the postal code of the contact person.
Use this keyword to enter the ZIP code of the contact person, if applicable.
Use this keyword to enter the foreign postal code of the contact person, if applicable.
Use this keyword to enter the foreign country of contact person, if applicable.
Use the keyword Prop-Disposed to enter a description of property disposed of.
Use the keyword Disp-Date to enter the disposal date of property.
Use the keyword Partnership-Cost to enter the partnership's cost of property disposed of.
Use the keyword Transf-Corp to enter the name of the transferee corporation.
Use the keyword Bus-Number.tc to enter the business number of the transferee corporation.
Use the keyword QC-Ident-Num.tc to enter the Quebec identification number of the transferee corporation.
Use the keyword NEQ.tc to enter the Quebec enterprise number of the transferee corporation.
Use the keyword Street.tc to enter the street address of the transferee corporation.
This is the suite number of the transferee corporation. If this is entered, DT Max will print the hash sign, "#" and the number. Do not enter the word "SUITE" or "#". If nothing is entered, DT Max will understand that there is no relevant suite number and will not print anything.
This is the post office box number of the transferee corporation. If this is entered, DT Max will print "P.O. Box" and the number. Do not enter "P.O. Box" or "#". If nothing is entered, DT Max will understand that there is no relevant P.O. box number and will not print anything.
Use the keyword City.tc to enter the city of the transferee corporation.
Use the keyword Province.tc to enter the province of the transferee corporation.
The following options are applicable for the keyword Province.tc.
Use the keyword State.tc to enter the state of the transferee corporation, if applicable.
Use the keyword Country.tc to enter the country of the transferee corporation.
Use the keyword PostCode.tc to enter the postal code of the transferee corporation.
Use the keyword ZIPCode.tc to enter the ZIP code of the transferee corporation, if applicable.
Use the keyword For-Post.tc to enter the foreign postal code of the transferee corporation, if applicable.
Use the keyword YearBegin.tc to enter the transferee corporation's beginning date of tax year.
Use the keyword YearEnd.tc to enter the transferee corporation's year end.
Use the keyword Officer.tc to enter the name of the corporation's signing officer.
Use the keyword Position to enter position of the corporation's signing officer and signing date.
The following options are applicable for the keyword Position.
Is the difference between the agreed amount on this form and the equivalent federal form entirely attributable (or almost entirely) to the difference of the cost amount of the property used to calculate Québec income tax and the cost amount used to calculate federal income tax? This information is required for Quebec forms TP529 and TP-614.
The following options are applicable for the keyword Dif-Inc-Tax.
Explain the difference between the agreed amount on this form and the federal form T2059, if not attributable to the difference between the cost amount of the property used to calculate Québec income tax and the cost amount used to calculate federal income tax.
Use the keyword Info-Required to enter required information.
The following options are applicable for the keyword Info-Required.
Written agreement regarding transfer
Is there a valuation report for the transferred properties?
Price adjustment clause apply to any of the properties? Does a price adjustment clause apply to any of the properties? (See Interpretation Bulletin IT-169 for details.)
Non-members of partnership own shares of transferee Do any persons other than the members of the partnership own or control, directly or indirectly, any shares of any class of the transferee?
NA rollover between partnership and transferee corp. Does a non-arm's length rollover exist between the partnership(s) and the transferee corporation?
All properties of partnership transferred to corp. Have all or substantially all (90% or more) of the properties of the partnership been transfered to the corporation?
10% of corp. shares owned by transferee after transfer
Are any partners non-residents of Canada?
Is taxpayer (transferor) a non-resident of Canada?
Shares of capital stock of private corportaion included?
Is the property depreciable property? (QC)
Use the keyword /A to answer the question above.
The following options are applicable for the keyword Yes-No-N/A.
Use the keyword Taxable-Can-Prop to indicate if any of the properties transferred are taxable Canadian properties.
The following options are applicable for the keyword Taxable-Can-Prop.
Use the keyword Corp-Name.p to enter the name of private corporation.
Use the keyword Bus-Number.p to enter the business number of private corporation.
Use the keyword QC-Ident-Num.p to enter the Quebec identification number of the private corporation.
Use the keyword NEQ.p to enter the Quebec enterprise number of the private corporation.
Use the keyword PUC-Shrs-Transf to enter the private corporation's paid-up capital of shares transfered.
Use the keyword Transf-UCC to enter the CCA class number and undepreciated capital cost (UCC) of the depreciable property transfered.
Use the keyword #SHARES-RECEIVED to enter the number of shares received.
Use the keyword Line-Number to enter the line number in section 3.1, "Transferred property and agreed amount", that is associated with the property.
Use the keyword Cons-Non-Share.r to enter consideration other than shares received.
Use the keyword Tot-Consideration to enter the total of share and non share consideration received.
Use the keyword Class-Shares.r to enter the class of shares received.
Use the keyword Common-Shares.r to indicate if the shares received are common shares.
The following options are applicable for the keyword Common-Shares.r.
Use the keyword Class-Non-Common to enter the class of shares that are not common shares.
Use the keyword Redempt-Value to enter the redemption value per share received.
Use the keyword Paidup-Capital to enter the tax value of paid-up capital per share received.
Use the keyword Shares to indicate if the shares received are voting or non-voting shares.
The following options are applicable for the keyword Shares.
Use the keyword Retractable to indicate if the shares received are retractable.
The following options are applicable for the keyword Retractable.
Use the keyword Auth-Agreement to indicate if there is authorizing agreement.
The following options are applicable for the keyword Auth-Agreement.
Use the keyword Transfer-Date to enter the date the property was transfered or sold.
Use the keyword Prop-Transferred to select the type of property transfered.
The following options are applicable for the keyword Prop-Transferred.
Capital property (other than shares and depreciable prop.)
Shares
Depreciable property
Inventory excluding real property
Inventory
Inventory - real property
Resource property
Security or debt obligation property
Specified debt obligation (financial institutions only)
Other
Use the keyword Description.tr to enter the description of the property transfered.
Use the keyword FairMarketValue to enter the fair market value of property transfered.
Use the keyword OtherLimit to enter other applicable limits to property transfered. Use [Alt-J] to enter different values for other jurisdictions.
Use the keyword AgreedAmount to enter the agreed upon amount of property transfered. Use [Alt-J] to enter different values for other jurisdictions.
Use the keyword Cons-Non-Share to enter the FMV and a description of the non-share consideraton received.
Use the keyword Cons-Non-Part-Int to enter a description and FMV of consideration received that is not a partnership interest.
Use the keyword Partnership% to enter the percentage of partnership interest received.
Use the keyword Partnership-FMV to enter the FMV of the partnership interest received.
Use the keyword Cons-Share to enter the FMV, the number and class of shares received as consideration.
Use the keyword Consideration to enter a description of the consideration received.
Use the keyword Line-Number.n to enter the line number in section 3.1, "Transferred property and agreed amount", associated with the property.
Use the keyword Cons-Received to enter a description of consideration received other than an interest in partnership.
Use the keyword $ to enter the fair market value (FMV) of partnership interest received.
Use the keyword Tot-Cons to enter the total of partnership interest and non-partnership interest received.
Reason for filing this form.
The following options are applicable for the keyword Transfer-Options.
Election under subsection 97(2), Part 3
Application to Minister 2nd paragraph section 614
Rollover Submitting a rollover application for Québec income tax purposes because no election may be made under subsection 97(2) of the ITA by reason of subsection 13(21.2) of the ITA.
Election under subsection 85(2), Part 3
Application to Minister 3rd paragraph section 522
Application subsection 85(2), subsection 13(21.2)
Use the keyword Filing-Date to enter the date the from was filed on. If the form was filed after the due date, DT Max will calculate the number of months or parts of a month from the keyword Due-Date to the keyword Filing-Date.
Use the keyword Due-Date to enter the due date of form. The due date is the earliest date on which the members of the partnership and the other party(ies) in the election are required to file their tax returns for the tax year in which the transaction occurred. If the form was filed after the due date, DT Max will calculate the months and partial months from the keyword Due-Date to the keyword Filing-Date.
Use the keyword FMV-OtherProp to enter the fair market value of other property.
Use the keyword Amount-Enclosed to enter the payment enclosed.
Use the keyword LateMonths-OV to override the DT Max calculation of months and partial months from the required filing date to the actual filing date for purposes of the late filing penalty on federal forms T2058 and T2059 and Quebec forms TP-529 and TP-614 (partial months are rounded up).
For DT Max to calculate the number of months, enter the keywords Due-Date and Filing-Date.
Use the keyword LateMonths-OV.d to override the DT Max calculation of months and partial months from the required filing date to the actual filing date for purposes of the late filing penalty on federal form T2060 and Quebec form TP-620 (partial months are not rounded up).
For DT Max to calculate the number of months, enter the keywords Due-Date and Filing-Date.
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Type.cap 
Type.cg 
Date-Disp.slip 