📄 T1243 — Deemed Disposition of Property by an Emigrant of Canada

Form T1243 is the official Canada Revenue Agency (CRA) form used when an individual ceases to be a Canadian tax resident and is deemed to have disposed of certain types of property at fair market value on their departure date. You must complete T1243 and include it with your tax return if you are subject to the departure tax rules.

📥 Download & Complete the Form

• Accessible fillable PDF — Form T1243 — complete electronically with Adobe Acrobat Reader 10 or later.
• Printable PDF — Form T1243 — fill by hand.

Make sure to save the PDF locally and open it with Acrobat Reader rather than in a browser to enable editing.

📋 What the Form Covers

Form T1243 requires you to list each property deemed disposed of when you ceased Canadian residency, including:

• Description of property
• Date acquired
• Adjusted cost base
• Fair market value on departure date
• Capital gain or loss calculated on deemed disposition

This information is then carried into your Schedule 3 (Capital Gains or Losses) of your Canadian tax return.

💡 Why It Matters — Departure Tax & Reporting

When you emigrate and stop being a tax resident of Canada, CRA generally treats many non-excluded assets (such as shares, mutual funds, crypto, etc.) as if you “sold” them at their fair market value on the day you left — this is called a deemed disposition. The resulting capital gain (or loss) must be reported, even though you don’t actually sell the assets.

• Excluded assets include: Canadian principal residence, RRSPs, TFSAs, pensions, and personal property under certain thresholds.
• The amounts reported on T1243 help determine the “departure tax” payable on accrued gains not realized before leaving Canada.

📅 Filing & Deadlines

T1243 should be included with your T1 Departure Tax Return, typically due by April 30 of the year after you emigrate. Late or missing forms may lead to reassessments or delay processing. (CRA general filing rules apply.)

📌 Related CRA Forms

• T1161 — List of Properties by an Emigrant of Canada — lists property you owned when departing if total fair market value exceeds $25,000.
• T1244 — Election to Defer Payment of Tax on Deemed Dispositions — elect to defer tax by providing adequate security.
• T4058 — Non-Residents and Income Tax (Guide) — broader tax implications when leaving Canada.

📊 Tips Before You File

• ✔ Keep detailed records of acquisition dates and costs — they are critical for accurate capital gain calculation.
• ✔ If some assets are exempt (e.g., RRSPs), understand treatment and exclusions before listing them.
• ✔ Consult a tax professional if your asset mix is complex, especially for cross-border tax planning. (General practice advice.)

Note: CRA provides accessible formats (braille, audio, large print) on request.