Small Partnership Filing Requirements Change

In a press release dated September 17, 2010, CRA announced that, for fiscal years ending after 2010 small partnerships with "simple structures and modest financial activity will no longer be required to file a partnership return." The terms "simple" and "modest" have yet to be defined. In addition, a revised information return and tax guide will be issued for 2011.

In years prior to 2011, the requirement that a partnership file a separate tax return was based on the number of partners. Partnerships with more than five members were required to file form T5013 annually and issue T5013 slips to the partners.

For more information see The Knowledge Bureauís Advanced Tax Preparation and Research and Tax Preparation for Proprietorships courses by self study.