Partnership Tax Returns
A partnership is not responsible for filing an annual income tax return, however, a partnership is required to file its own tax form, called a T5013, in Canada. In some circumstances, this means that the partners involved are responsible to include their portion of income generated on their income tax return. Ultimately, this requires a clear understanding of the financial reporting and tax requirements for each partner. Due to partnerships having their own unique reporting issues and tax complications, it is important to have a professional tax accountant manage your financial reporting and taxes. This way you can feel confident that you are receiving the necessary tax advice you deserve.