Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Oct 30, 2019 10:23:17 AM

How do I bring T5013 income from my professional services partnership together with my additional individual expenses for the same business (workplace in home, etc.)?

0 5 1789
5 Replies
New Member
Oct 30, 2019 10:23:18 AM

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.


Returning Member
May 25, 2021 11:00:36 AM

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.,

Returning Member
Apr 15, 2024 1:52:08 PM

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...

Moderator
Apr 15, 2024 2:18:48 PM

@shapiroja Have you seen TurboTax-Terry's answer above?

Returning Member
Apr 15, 2024 3:22:42 PM

Yes, though it's not quite clear. Do I not enter a T5013 at all, instead putting these data into the T2125? Concerned not inputting the T5013 will be noticed, but doing so doubles income.