New Filing Requirements for Partnership Returns

Effective January 1, 2011, the Canada Revenue Agency (CRA) changed the criteria for filing the Partnership Information Return, form T5013. The new criteria will apply to partnerships with fiscal
periods ending on or after January 1, 2011.

Prior to 2011, the requirement to file this return was based on the number of partners in a partnership. Now the requirement is related to financial thresholds, & clarifying the types of partners in the partnership. The filing requirement will include partnerships with revenues and expenses that exceed $2 million, or exceed $5 million in assets. The due date for filing the Partnership Information Return is Mar.31st or five months from the partnership's year end, whichever comes first.

If you are in a partnership and have questions regarding the above, or require assistance with the new filing requirements, be sure to call us so that we can help you comply with the new rules before
the filing deadline.