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:
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.
Hi,
When I enter the T5013 slip and enter the amount on line C of T2125, the amounts are added together on T1 General and it doubles my income! The only way the amounts are correct is if I do not enter the T5013 slip information into Turbo Tax.
Please help.,
Was there ever guidance or clarity on this? It is an issue I am experiencing this year... Should I just not input the 5013 and fill in the 2125? Will the CRA not notice a lack of 5013 on the Business Income Summary? Appreciate any help...
@shapiroja Have you seen TurboTax-Terry's answer above?