The CRA has amended the T2057 to make several significant changes. The form must now be accompanied by a calculation of the tax cost of the subject property, and the form must indicate whether an “independent assessment” of fair market value was completed. Regarding the latter, the author notes that the CRA previously provided guidance on what constitutes an “independent assessment” for Bill C-208 purposes.
Dino Infanti “Subsection 85(1) Election Form Changes” Tax for the Owner-Manager 23:3 (July 2023)
