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 this form to report in a functional currency within the first 61 days 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.
You cannot change functional currency. If you cease to qualify as a functional currency reporter, you must revert to determining your Canadian tax results in Canadian dollars. You cannot make the election again.