A partnership
that carries on a business in Canada, or a Canadian partnership with Canadian
or foreign operations or investments, has to file a slip T5013, Statement
of Partnership Income, information return for each fiscal partnership
if:
- at the end of the fiscal
period, the partnership has an absolute value of revenues plus an absolute
value of expenses of more than $2 million, or has more than $5
million in assets; or
- at any time during the fiscal
period,
- the partnership is a tiered
partnership (has another partnership as a partner or is itself a partner
in another partnership);
- the partnership has a
corporation or a trust as a partner;
- the partnership invested in
flow through shares of a principal business corporation that incurred
Canadian resource expenses and renounced those expenses to the
partnership; or
- the Minister of National
Revenue requests one in writing.
If you are a partner
in any of these types of partnerships, the partnership has to give you a Slip T5013, Statement of Partnership Income,
to file with your income tax and benefit return.
Box 116: Business income (loss) (Multi-jurisdictional) – Enter this
amount on line C on page 3 of Form T2125,
Statement of Business or Professional Activities, and report the
income on line 135 of your T1 return. The gross amount is in box 118. If you are a partner not actively involved in the
partnership, and not otherwise involved in a business or profession similar to
that carried on by the partnership, report your share of the net income or loss
on line 122 of your T1 return.
In Turbo Tax the referenced section (box C on page 3) is the
total business Sales, Commission or Fees line on the input income screen. You
can then claim applicable expenses against your share of the partnership
income.
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