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Protected B when completed
Summary of Deemed Dispositions
(2002 and later tax years)
 
 Name of trust  Trust account number Tax year
T
 
Instructions
 
Use this form to report deemed dispositions on the following days:
A –  For a spousal or common-law partner trust: the day the beneficiary spouse or common-law partner dies
B –  For a joint spousal or common-law partner trust: the day the settlor or the beneficiary spouse or common-law partner dies, whichever is later
C –  For an alter ego trust: the day the settlor dies. However, if the trust filed an election not to be considered an alter ego trust, see G below
D –  For a trust that distributes property to a beneficiary for the beneficiary's capital interest in the trust, and it is reasonable to consider that the distribution
was financed by a liability of the trust, and one of the reasons for incurring the liability was to avoid paying tax because of the death of an individual: the
day the property was distributed
E –  If an individual has transferred property (other than Canadian real estate, Canadian resource property, Canadian timber resource property, property of a
business the trust carried on through a permanent establishment in Canada, or certain pension interests or rights) after December 17, 1999, to an alter
ego trust, or a trust for the individual's spouse or common-law partner, and it is reasonable to conclude that the individual transferred the property while
planning to emigrate from Canada: the day the individual stops being a resident of Canada
F –  For a trust to which property was transferred by an individual (other than a trust) and the transfer did not result in a change in beneficial ownership of that
property and no person (other than the individual) or partnership has any absolute or contingent right as a beneficiary under the trust: the day the
individual dies
G –  For trusts other than those described in A, B, C, and F: the day that is 21 years after the day the trust was created
H –  For all trusts: on every 21st anniversary of the day established above in A, B, C, F, and G
See "Types of trusts" in Guide T4013, T3 Trust Guide, for the definitions of
–  spousal or common-law partner trust
–  joint spousal or common-law partner trust
–  alter ego trust
Do not report a deemed disposition on any property that was actually disposed of in the tax year, unless this was for a spousal or common-law partner trust, a
joint spousal or common-law partner trust, or an alter ego trust. For more information, see "Form T1055, Summary of Deemed Dispositions" in Chapter 3 of
the T3 Trust Guide.
When a trust (including a deemed resident trust) ceases to be resident in Canada, the trust will be deemed to have disposed of its property immediately
before that time. These deemed dispositions should be reported on Schedule 1. For more information, see "Capital dispositions – Rules for trusts" in Chapter
3 of the T3 Trust Guide.
After 2015, if a particular beneficiary under a trust described in A, B, C or F above dies in the tax year, there is a deemed tax year-end of the trust on the day
established above in A, B, C or F.
 
Additional information for situations A to F
 
For situations A and B :
 First name of deceased beneficiary spouse or common-law partner  Last name of deceased beneficiary spouse or common-law partner
 
 Address  Social insurance number (SIN)   Year    Month  Day
  Date of death:
 
For situations C and F :
 First name of deceased settlor or transferor  Last name of deceased settlor or transferor
 
 Address  Social insurance number (SIN)   Year    Month  Day
  Date of death:
 
For situations D and E :
 
  Year    Month  Day
 Did any of the events described in D or E above occur? If yes, enter the applicable date. Yes
1
No 
2
 
   
T1055 E (23) (Ce formulaire est disponible en français.) Page 1 of 3 Canada Logo

Protected B when completed
 
Qualified small business corporation
shares
(Report publicly traded shares, mutual fund units,
and other shares on line 3 below)
(1)
Year of
acquisition
(2)
Deemed proceeds
of disposition
(3)
Adjusted
cost base
(4)
Gain (or loss)
(col. 2 minus col. 3)
 
Number Name of corporation and class of shares          
 
 
Total  55011   55012  1
 
Qualified farm or fishing property
 
Address or legal description  
 
 
Total  55021   55022 +  2
Mutual fund units and other shares
 
Number Name of fund or corporation and class
of shares
 
 
 
Total  55031   55032 +  3
 
Real estate and depreciable property
 
Address or legal description  
 
 
Total  55041   55042 +  4
 
Bonds, debentures, promissory notes, and other similar properties
 
Face value Maturity date Name of issuer  
 
 
Total  55051   55052 +  5
 
Personal-use property (full description)
 
 
 
Total  55061  (if negative, 55062 +  6
   enter "0")
Listed personal property (LPP) (full description)
 
 
Total  55071   55072  7
 
Minus: LPP losses from line 7 of Schedule 1 and unapplied LPP losses of other years
not claimed on line 8 of Schedule 1 55080  8
Total (gain only – line 7 minus line 8)   = +  9
Total of all net gains (or losses) from capital properties (add lines 1 to 6 plus line 9)   = 10
 
Total deemed taxable capital gains (allowable capital losses) from deemed dispositions (line 10) x 1/2 55250 = 11
Deemed taxable capital gains (positive amount only, from line 11) 12
Net capital losses (line 24 of Schedule 1) 55310 13
Adjusted deemed taxable capital gains (line 12 minus line 13; if negative, enter "0") 55320 =  14
Depreciable property – Recapture
Class number Capital cost* Undepreciated capital cost Recapture (positive amounts only)  
 
 
Total  55331 55332   55333 + 15
* Enter the fair market value if it is less than the capital cost. For timber resource property, always enter the fair market value.
Canadian and foreign resource property (income amount) 55340  16
Minus: Canadian and foreign resource property (deduction amount) 55350  17
Net Canadian and foreign resource property (line 16 minus line 17)   = + 18
Land held in inventory (income/loss amount) 55370 + 19
Total income/losses from deemed dispositions (add lines 14, 15, 18, and 19). 55420 =  20
Enter this amount on line 10 of the T3 return.
 
Page 2 of 3

Protected B when completed
 
 
Schedule 1, adjusted line 24
 
 
  Complete this area if you calculated a deemed allowable capital loss on line 11 of this form and a taxable capital gain on line 24 of Schedule 1.
 
  Taxable capital gains (positive amount only, from line 24 of Schedule 1)   21
  Deemed allowable capital losses (line 11 of this form)   22
  Adjusted taxable capital gains (line 21 minus line 22; if negative, enter "0"). 55530 = 23
     
  Enter this amount on line 1 of the T3 return.
 
  Calculation for election on Form T2223, Election, Under Subsection  
  159(6.1) of the Income Tax Act, by a Trust to Defer Payment of Income Tax  
 
  To determine how much tax the trust can elect to defer, you have to calculate the following amounts:
 
Line 25 (below) – Taxable income excluding deemed dispositions reported on line 10 of the T3 return
  Note
  To calculate line 25, you must adjust the amounts on the following lines of the T3 return, if they increased or decreased because of deemed dispositions:
  Line 1 – Taxable capital gains
  Line 28 – Total deductible income allocations
  Line 33 – Non-capital losses of other years
  Line 34 – Net capital losses of other years
  Line 41 – Other deductions to arrive at taxable income, if this line includes losses from previous years that have been fully or partially applied against
  income from deemed dispositions
Line 26 (below) – Total taxes payable, based on taxable income excluding, deemed dispositions
Line 27 (below) – Increase in total taxes payable, resulting from the deemed dispositions
 
  Total taxes payable on taxable income with deemed dispositions included in income (lines 44 and 45 of the T3 return)   24
  Taxable income with deemed dispositions excluded from income (attach a copy of the calculation) 55820 25
  Total taxes payable on taxable income with deemed dispositions excluded from income (attach a copy of the calculation) 55830 26
  Amount of tax on which the trust can elect to defer payment (line 24 minus line 26). 55840 = 27
     
  Enter this amount on Form T2223.
 
See the privacy notice on your return.
 
Page 3 of 3