The CRA recently changed its administrative policy on who needs to file a Partnership return in order to alleviate the filing responsibility for small partnerships. If you do not meet the criteria #5 of Filing T5013 Partnership Information Return; then your filing responsibility will consist of reporting your % of Partnership income/expense on form T2125 – Statement of Business or Professional Activities on your Personal Income Tax Return.
The information provided on this page is intended to provide general information. The information does not take into account your personal situation and is not intended to be used without consultation from accounting and financial professionals. Allan Madan and Madan Chartered Accountant will not be held liable for any problems that arise from the usage of the information provided on this page.