Election, or revocation of an election, to report in functional currency

Use Form T1296, Election, or Revocation of an Election, to Report in a Functional Currency, to file or revoke an election. You must file the election at least six months before the end of the tax year to which the election applies. You will receive a confirmation letter that your Form T1296 has been reviewed.

Use Form T1296 to revoke an election at any time after the first functional currency year. The revocation applies to each tax year of the corporation that begins on or after the day that is six months after the day the revocation is filed. The tax year that begins after the last functional currency year is called the "reversionary year". Once a corporation revokes its election, it cannot elect to report in functional currency again.

Forms and publications

• Form T1296, Election, or Revocation of an Election, to Report in a Functional Currency