*** Transcriber's Note: Please set your voice synthesizer to read most punctuation. When you encounter the caret sign at the end of a line, please enter the applicable information, if necessary. *** Canada Revenue Agency Protected B when completed T2060 E (24) (Page 1 of 3) Election for Disposition of Property Upon Cessation of a Canadian Partnership - For use by members of a Canadian partnership, that has ceased to exist, to jointly elect under subsection 98(3) where all of the partnership property has been distributed to the former members. - A Canadian partnership is a partnership where all of its members are resident in Canada. - Unless otherwise indicated, all legislative references are to the Income Tax Act. - To file this election, you must have a valid Canada Revenue Agency (CRA) account number. For information on how to obtain one, visit canada.ca. - To file electronically, go to canada.ca/cra-special-elections-and-returns. Or an authorized former member can mail one copy of this election and related schedules (as specified), as follows: -- to the tax centre of the former partnership -- on or before the earliest date that any of the former members has to file an income tax return for the tax year in which the partnership ceased to exist (due date), and -- separately from any other return - To find the address of the tax centre, go to canada.ca/tax-centres. - For more information, see Interpretation Bulletin IT-471, Merger of Partnerships. Do not use this area. Part 1 - Identification Line 002: Name of former partnership ^ Line 001: Partnership account number ^ RZ ^ Address ^ City ^ Province or territory ^ Postal code ^ Line 025: If members of the partnership are individuals, are all of those individuals or their spouse self-employed for the year of the election? Yes ^ Line 030: Cessation date (Year/Month/Day) ^ Line 019: Name of contact person ^ Line 024: Name of firm (if applicable) ^ Line 022: Telephone number (including area code) ^ Line 023: Extension ^ Part 2 - Penalty for late-filed election An election that is filed after its due date will be subject to a late-filing penalty. You can file Form T2060, Election for Disposition of Property Upon Cessation of a Canadian Partnership, within three years after its due date if an estimate of the penalty is paid at the time of filing. You can also file Form T2060 after the three-year period at the minister's discretion, but a written explanation of the reason the election is late-filed must be attached for consideration by the minister and an estimate of the penalty must be paid at the time of filing. Calculation of late-filing penalty Line A: Total of all Schedule A line 645 amounts ^ Line 200: Total fair market value (FMV) of other property upon cessation ^ Line B: Subtotal (amount A plus line 200) ^ Line C: Total of all Schedule A amount I amounts ^ Line D: Subtotal (amount B minus amount C) ^ Line E: Amount D ^ multiplied by one quarter ^ multiplied by 1% ^ multiplied by Number of months (note 1) ^ = ^ Line F: $100 multiplied by Number of months (Note 1) ^ = ^ Amount F cannot exceed $8,000. Note 1: Number of months is the sum of each month or each part of a month in the period from the due date to the actual date filed. Line 320: Late-filing penalty(amount E or F, whichever is less) ^ Line 400: Amount enclosed ^ If paying by cheque or money order, make it payable to the Receiver General. Write "T2060", the former partnership name and partnership account number on the cheque or money order. (Note 2) Note 2: Daily compound interest at the prescribed rate applies to unpaid amounts, including late-filing penalties. T2060 E (24) (Page 2 of 3) Part 3 - Additional Information Line 250: Are the partnership's business activities being continued under another entity? Yes or No ^ Line 260: If yes, what type of entity? ^ Line 270: Name of new entity ^ Line 280: Account number of new entity ^ Part 4 - Election and certification All former members of the partnership hereby jointly elect under subsection 98(3) in respect of the property specified in each Schedule A of this form, and certify that the information given in this election, and in any documents attached, is true, correct and complete to the best of their knowledge. Line 300: Is there an authorizing agreement? Yes or No ^ (An authorizing agreement enables one member to sign this election on behalf of all the other members) If yes, you may submit the agreement with the election or make it available upon request. Line 302: Print name of authorized person ^ Line 303: Position or title ^ Line 304: Signature of authorized person ^ Line 305: Date (Year/Month/Day) ^ List below all the members of the partnership at the time the partnership ceased to exist. If there is no authorizing agreement, each member must sign and date on the applicable line with their details. Line 1 Column 1: Box 330 Social insurance, business, or trust account number ^ Column 2: Print name of former member ^ Column 3: Box 345 Signature of former member or authorized person ^ Column 4: Box 350 Date (Year/Month/Day) ^ Line 2 Column 1: Box 330 Social insurance, business, or trust account number ^ Column 2: Print name of former member ^ Column 3: Box 345 Signature of former member or authorized person ^ Column 4: Box 350 Date (Year/Month/Day) ^ Line 3 Column 1: Box 330 Social insurance, business, or trust account number ^ Column 2: Print name of former member ^ Column 3: Box 345 Signature of former member or authorized person ^ Column 4: Box 350 Date (Year/Month/Day) ^ Line 4 Column 1: Box 330 Social insurance, business, or trust account number ^ Column 2: Print name of former member ^ Column 3: Box 345 Signature of former member or authorized person ^ Column 4: Box 350 Date (Year/Month/Day) ^ Line 5 Column 1: Box 330 Social insurance, business, or trust account number ^ Column 2: Print name of former member ^ Column 3: Box 345 Signature of former member or authorized person ^ Column 4: Box 350 Date (Year/Month/Day) ^ Line 6 Column 1: Box 330 Social insurance, business, or trust account number ^ Column 2: Print name of former member ^ Column 3: Box 345 Signature of former member or authorized person ^ Column 4: Box 350 Date (Year/Month/Day) ^ Line 7 Column 1: Box 330 Social insurance, business, or trust account number ^ Column 2: Print name of former member ^ Column 3: Box 345 Signature of former member or authorized person ^ Column 4: Box 350 Date (Year/Month/Day) ^ Line 8 Column 1: Box 330 Social insurance, business, or trust account number ^ Column 2: Print name of former member ^ Column 3: Box 345 Signature of former member or authorized person ^ Column 4: Box 350 Date (Year/Month/Day) ^ Line 9 Column 1: Box 330 Social insurance, business, or trust account number ^ Column 2: Print name of former member ^ Column 3: Box 345 Signature of former member or authorized person ^ Column 4: Box 350 Date (Year/Month/Day) ^ Line 10 Column 1: Box 330 Social insurance, business, or trust account number ^ Column 2: Print name of former member ^ Column 3: Box 345 Signature of former member or authorized person ^ Column 4: Box 350 Date (Year/Month/Day) ^ If space is insufficient, attach another "Part 4 - Election and certification" as required to complete the list. Privacy statement Personal information (including the SIN) is collected and used to administer or enforce the Income Tax Act and related programs and activities including administering tax, benefits, audit, compliance, and collection. The information collected may be disclosed to other federal, provincial, territorial, aboriginal or foreign government institutions to the extent authorized by law. Failure to provide this information may result in paying interest or penalties, or in other actions. Under the Privacy Act, individuals have a right of protection, access to and correction of their personal information, and to file a complaint with the Privacy Commissioner of Canada regarding the handling of their personal information. Refer to Personal Information Banks CRA PPU 005, 015, and 047 on Info Source at canada.ca/cra-info-source. T2060 E (24) (Page 3 of 3) Schedule A - Photocopy and complete this schedule to provide the information on the property disposed of and the deemed proceeds of disposition of each former member. Ensure each sequential number at box 500 is different to help differentiate each former member. Start at 1 and increase by 1 for each former member. - If a former member was itself a partnership, attach a separate list showing the name and social insurance number, trust account number, or business number and the tax year-end of each member of that partnership. Line 500: Schedule A sequential number ^ Identification Former member taxpayer type: Individual ^ Corporation ^ Trust ^ Partnership ^ Line 605: Name of former member ^ Line 600: Social insurance, business, or trust account number(enter 9 digits) ^ Address ^ City ^ Province or territory ^ Postal code ^ Line 610: Tax year-end of former member (Year/Month/Day) ^ Information on property disposed of Line 1 Column 1: Box 615 Property disposal date (Year/Month/Day) ^ Column 2: Box 620 Detailed description ^ Column 3: Box 625 Cost amount to partnership ^ Column 4: Box 630 % of interest or right held by this former member ^ Column 5: Cost amount for this former member (line 625 multiplied by line 630) ^ Line 2 Column 1: Box 615 Property disposal date (Year/Month/Day) ^ Column 2: Box 620 Detailed description ^ Column 3: Box 625 Cost amount to partnership ^ Column 4: Box 630 % of interest or right held by this former member ^ Column 5: Cost amount for this former member (line 625 multiplied by line 630) ^ Line 3 Column 1: Box 615 Property disposal date (Year/Month/Day) ^ Column 2: Box 620 Detailed description ^ Column 3: Box 625 Cost amount to partnership ^ Column 4: Box 630 % of interest or right held by this former member ^ Column 5: Cost amount for this former member (line 625 multiplied by line 630) ^ Line 4 Column 1: Box 615 Property disposal date (Year/Month/Day) ^ Column 2: Box 620 Detailed description ^ Column 3: Box 625 Cost amount to partnership ^ Column 4: Box 630 % of interest or right held by this former member ^ Column 5: Cost amount for this former member (line 625 multiplied by line 630) ^ Line 5 Column 1: Box 615 Property disposal date (Year/Month/Day) ^ Column 2: Box 620 Detailed description ^ Column 3: Box 625 Cost amount to partnership ^ Column 4: Box 630 % of interest or right held by this former member ^ Column 5: Cost amount for this former member (line 625 multiplied by line 630) ^ Line 6 Column 1: Box 615 Property disposal date (Year/Month/Day) ^ Column 2: Box 620 Detailed description ^ Column 3: Box 625 Cost amount to partnership ^ Column 4: Box 630 % of interest or right held by this former member ^ Column 5: Cost amount for this former member (line 625 multiplied by line 630) ^ Line 7 Column 1: Box 615 Property disposal date (Year/Month/Day) ^ Column 2: Box 620 Detailed description ^ Column 3: Box 625 Cost amount to partnership ^ Column 4: Box 630 % of interest or right held by this former member ^ Column 5: Cost amount for this former member (line 625 multiplied by line 630) ^ Line 8 Column 1: Box 615 Property disposal date (Year/Month/Day) ^ Column 2: Box 620 Detailed description ^ Column 3: Box 625 Cost amount to partnership ^ Column 4: Box 630 % of interest or right held by this former member ^ Column 5: Cost amount for this former member (line 625 multiplied by line 630) ^ Line 9 Column 1: Box 615 Property disposal date (Year/Month/Day) ^ Column 2: Box 620 Detailed description ^ Column 3: Box 625 Cost amount to partnership ^ Column 4: Box 630 % of interest or right held by this former member ^ Column 5: Cost amount for this former member (line 625 multiplied by line 630) ^ Line 10 Column 1: Box 615 Property disposal date (Year/Month/Day) ^ Column 2: Box 620 Detailed description ^ Column 3: Box 625 Cost amount to partnership ^ Column 4: Box 630 % of interest or right held by this former member ^ Column 5: Cost amount for this former member (line 625 multiplied by line 630) ^ Line 635: Total cost amount to this former member ^ Attach supplementary tables giving similar details if there is not enough space. Deemed proceeds of disposition Line 645: Amount of any money received when the partnership ended ^ Line G: Total cost amount to this former member from line 635 ^ Line H: Subtotal (line 645 plus amount G) ^ Line 650: Adjusted cost base (ACB) of the partnership interest or right just before the partnership ended (if negative, enter "0") (you are required to keep supporting documents of the calculation of the ACB) ^ Line I: Deemed proceeds of disposition(amount H or line 650, whichever is greater) ^ Note: If amount H is more than line 650, a capital gain could result which should be reported on the former member's income tax return. Line 655: If line 650 is more than amount H, have the supporting documents been attached to this election to show how the excess was shared in determining the deemed cost of the former member's interest or right in each property? Yes or No ^ If no, you are required to keep them and have them available upon request.