[RL Tax Joe]

I got this in the email from Video Tax News. Doesn't apply to me...but might to some of you good folks.

The February 15, 2007 CRA Guide (T4068) notes in the “What’s New for 2006” section that a T5013 Partnership Information Return must be filed if the partnership has a corporation or trust as a partner.


CRA waiver of the filing requirement for partnerships with five or fewer partners will not apply if any partner is a corporation, trust or partnership.


In many cases this has a March 31 deadline.

[Jennifer C]

We were told this by our National Tax Dept.

According to the CRA, this is a misprint. This change will be made in the future (2009 filing season apparently), but it does not apply this year. We were told a notice will be posted to the CRA website.

[RL Tax Joe]

Jennifer C, on Mar 22 2007, 12:50 PM, said:

We were told this by our National Tax Dept.

According to the CRA, this is a misprint. This change will be made in the future (2009 filing season apparently), but it does not apply this year. We were told a notice will be posted to the CRA website.

Good Ole CRA missprints.

Thanks for the info.

[Gordon Wiber]

Just wondering if any further news on this - havent seen a posting on CRA website.

[RL Tax Joe]

Gordon Wiber, on Mar 26 2007, 02:12 PM, said:

Just wondering if any further news on this - havent seen a posting on CRA website.

I have not seen anything Gordon.

[ansewrman]

RL Tax Joe, on Mar 26 2007, 08:32 PM, said:

I have not seen anything Gordon.

It is there now.


Notice to the reader:
For fiscal periods ending before 2007, the CRA will extend the exemption policy for filing a T5013 Partnership Information Return, for partnerships that have five members or fewer, where throughout the fiscal period of the partnership, any of the members are corporations or trusts.

For fiscal periods ending after 2006, a partnership that has a corporation or trust as a member at any time throughout the fiscal period of the partnership, will be required to file a T5013 Partnership Information Return. Partnerships that have five members or fewer, where all of the members are individuals (excluding trusts), will remain exempt.

CRA What's new

[Gordon Wiber]

Awesome - that is great news - have quite a few clients that will be hit by removal of less than 5 partners administrative consession by CRA if the partnership has a corporate or trust partner. Was working on my fairness appeal letter for complete lack of notice on the CRA's part. Of course the new forms will take about 3 times longer to complete, any chance Profile is working on a caseware import for the GIFI forms?

Gord

[RL Tax Joe]

Gordon Wiber, on Mar 27 2007, 06:41 PM, said:

Awesome - that is great news - have quite a few clients that will be hit by removal of less than 5 partners administrative consession by CRA if the partnership has a corporate or trust partner. Was working on my fairness appeal letter for complete lack of notice on the CRA's part. Of course the new forms will take about 3 times longer to complete, any chance Profile is working on a caseware import for the GIFI forms?

Gord

"pressing play on the machine"

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:lol:

[rusty_hound]

Does anyone have an update relative to the filing requirement for the t5013 for 2007, for situations where there are less than 5 partners, however certain partners are corporations?