The CRA webpage entitled "Restrictive Covenant Election" indicates that, since no prescribed form has been published, the transferor and transferee must submit a letter (containing specified information) signed by each of them in order to make the joint election pursuant to s. 56.4(7)(g) regarding the avoidance of the application of s. 68.
CRA indicated that it does not expect to publish the prescribed form in the near future.
Regarding the situation where the parties had made the election in their contractual agreement without knowing that they were required to report their election in a letter pending the prescribed form becoming available, CRA indicated that, given that s. 56.4(7)(g) was one of the provisions prescribed in Reg. 600, application could be made to extend the prescribed time for filing the election – and that this discretionary power would be exercised in light of the guidelines set out in IC 07-1, Taxpayer Relief Provisions.