Partnerships that have to file a partnership information return (PIR)

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The following is now available on the CRA Web site:

Notice to the reader:

For fiscal periods ending before 2007, the CRA will extend the exemption policy for filing a T5013 Partnership Information Return, for partnerships that have five members or fewer, where throughout the fiscal period of the partnership, any of the members are corporations or trusts.

For fiscal periods ending after 2006, a partnership that has a corporation or trust as a member at any time throughout the fiscal period of the partnership, will be required to file a T5013 Partnership Information Return. Partnerships that have five members or fewer, where all of the members are individuals (excluding trusts), will remain exempt

If you are a partner of a partnership that has to file a PIR, you should get two copies of a T5013 slip, Statement of Partnership Income, from the partnership. If you do not receive this form, contact the person who prepares the forms for the partnership.

On your income tax return, report the gross partnership income and your share of the net partnership income or loss. You will get these amounts from your T5013 slip. Attach a copy of your T5013 slip to your income tax return. Do not attach the partnership’s income and expense statement.

You may need to adjust your share of the net partnership income or loss shown on your T5013 slip. Do this to deduct any business expenses you incur for which the partnership did not repay you, and for any other deductible amounts. If this is your situation, read topic Line 9943 – Other amounts deductible from your share of net partnership income (loss). You may also have expenses related to the Business-use-of-your-home.

Forms and publications

* Business and Professional Income guide (T4002)
* Guide for the Partnership Information Return (T4068)

SOURCE: CRA Newsroom

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