The Juno star - who made the announcement in December 2020 - has admitted the pandemic gave him a lot of time to think about the topics he was "unconsciously avoiding".
Explaining how he was inspired by transgender icons like Laverne Cox, he said: "I had a lot of time on my own to really focus on things that I think, in so many ways, unconsciously, I was avoiding. I was able to embrace being transgender and letting myself fully become who I am."
Elliot also revealed he has undergone surgery to change his figure.
Speaking about the surgery, Elliot admitted it had allowed him to recognise himself when he looks in the mirror now, adding: "It has completely transformed my life."
And Elliot confessed he had a lot of "fear and anxiety" before he came out as transgender, but also experienced a feeling of "true excitement and deep gratitude".
Asked how he felt before the announcement, he said: "This feeling of true excitement and deep gratitude to have made it to this point in my life [but it was] mixed with a lot of fear and anxiety."
Elliot now wants to help others in the community with his "privilege".
Speaking to the new issue of TIME magazine about how he plans to go forward, he said: "My privilege has allowed me to have resources to get through and to be where I am today and of course I want to use that privilege and platform to help in the ways I can."
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In his initial statement, the 'Umbrella Academy' admitted he felt "lucky" to be sharing the news.
He wrote: "Hi friends, I want to share with you that I am trans, my pronouns are he/they and my name is Elliot. I feel lucky to be writing this. To be here.
"To have arrived at this place in my life. I also ask for patience. My joy is real, but it is also fragile. The truth is, despite feeling profoundly happy right now and knowing how much privilege I carry, I am also scared. I'm scared of the invasiveness, the hate, the "jokes" and of violence.
"To be clear, I am not trying to dampen a moment that is joyous and one that I celebrate, but I want to address the full picture. The statistics are staggering."