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Guide for the Partnership Information Return (T5013 Forms) 2017 Available elect

Guide for the Partnership Information Return (T5013 Forms) 2017 Available electronically only T4068(E) Rev. 17 canada.ca/taxes Is this guide for you? This guide provides general information on how to fill out the partnership information return, its related schedules and forms, and the T5013 slips and summary for the partners that are members of the partnership. The partnership information return is used to report any fiscal data about the allocation of net income, losses, and other amounts from the partnership’s activities to its members. It is also used by specified investment flow-through (SIFT) partnerships to calculate the tax payable under Part IX.1. Income Tax Folio S4-F16-C1, What is a Partnership? can help you determine if your arrangement is a partnership. As noted in that Folio, the existence of a partnership must be determined by reference to the partnership law of the relevant province or territory. For the purposes of this guide, the partnership information return includes the: ■ Form T5013FIN, Partnership Financial Return and the 14 related schedules ■ Form T5013SUM, Summary of Partnership Income and Form T5013, Statement of Partnership Income In this guide, the Canada Revenue Agency is designated by the acronym “CRA.” Confidentiality of information Under the Privacy Act, the information you provide on the partnership information return and related forms and schedules can be used only for the purposes authorized by law. Legislative references In this guide and on the partnership forms, all legislative references (parts, sections, subsections, paragraphs and subparagraphs) are to the federal Income Tax Act (the Act) and Income Tax Regulations (Regulations) unless otherwise noted. The legislation can be viewed online at the Justice Canada website at laws.justice.gc.ca/eng. The information in this guide does not replace the provisions of the Act and Regulations. Our publications and personalized correspondence are available in braille, large print, e-text, or MP3 for those who have a visual impairment. Find more information at canada.ca/cra-multiple-format or by calling 1-800-959 5525. La version française de ce guide est intitulée Guide pour la déclaration de renseignements des sociétés de personnes (formulaires T5013). canada.ca/taxes What’s new? We list the service enhancements and major changes below, including announced income tax changes that were not law when this guide was published. If they become law as proposed, they will be effective for 2017 or as of the dates given. Internet file transfer availability Internet filing is available from January 8, 2018. Common Reporting Standard (CRS) Part XIX implements the due diligence and reporting obligations of the CRS in Canada. For more information, go to “Enhanced financial account information reporting” at canada.ca/en/revenue-agency/services/tax/international- non-residents/enhanced-financial-account-information- reporting.html. In the case of a transparent entity that has no residence for tax purposes such as a partnership, the entity is to be treated as a resident in the jurisdiction in which it has its place of effective management. For more information, go to “Information for entities holding accounts with Canadian financial institutions” at canada.ca/en/revenue- agency/services/tax/international-non-residents/ enhanced-financial-account-information- reporting/information-entities-holding-accounts- canadian-financial-institutions.html. Eligible capital property On January 1, 2017 the eligible capital property system was replaced with the new capital cost allowance (CCA) class 14.1 with transitional rules. Under the old system, eligible capital expenditures are added to the cumulative eligible capital pool at a 75% inclusion rate, and the rate of depreciation of those expenditures is 7% on a declining- balance basis. Under the new system, newly-acquired eligible properties will be included in class 14.1 at a 100% inclusion rate with a 5% capital cost allowance rate on a declining-balance basis. For each taxation year that ends before 2027, additional deductions for CCA will be allowed for property acquired before January 1, 2017. This property will be included in class 14.1. Special transitional rules will apply to transfer any existing CEC balance of a business to the new CCA class. For more details, see subsections 13(34) to 13(42) of the ITA and regulation 1100(1)(c.1) of the ITR. Revision of Form T5013 SCH2, Charitable Donations, Gifts, and Political Contributions Form T5013 SCH2 has been revised to remove separate reporting for gifts to Canada, a province or territory. Elimination of Form T5013 SCH10, Calculations Relating to Cumulative Eligible Capital - Schedule 10 Form T5013 SCH10, Calculations Relating to Cumulative Eligible Capital - Schedule 10, is eliminated for 2017 and subsequent years as part of the implementation of new capital cost allowance (CCA) class 14.1. Special transitional rule calculations do not have to be filed with the T5013 return. They should be kept with your records in case we ask for them at a later date. Elections should be filed as instructed in Line 275 of this guide. Elimination of line numbers from Forms T5013 FIN, T5013 SCH1, and T5013 SCH6 As Form T5013 SCH10 is being eliminated for 2017 and subsequent years, certain T5013 form line numbers connected to it are also being eliminated. The T5013 information return form lines being eliminated are as follows: ■ T5013 FIN, line 210 ■ T5013 SCH1, lines 108, 153, 405 ■ T5013 SCH6, line 982 Adjusted cost base (ACB) Deemed gain for certain partners If subsection 40(3.1) applies, the member of a partnership is deemed to have disposed of the partnership interest at the end of the fiscal period of the partnership, for the purposes of subsection 2(3), subsections 116(6) and (6.1) and section 150. These amendments clarify that a non-resident is subject to tax in Canada in respect of a deemed gain under paragraph 40(3.1)(a) from a disposition of a property that is taxable Canadian property (other than treaty- protected property) of the taxpayer. The amendments also clarify that a non-resident is required to file an income tax return for each taxation year for which it is deemed under paragraph 40(3.1)(a) to have a gain from a disposition of a taxable Canadian property, unless the property is a treaty- protected property. The amendments apply in respect of gains from dispositions that occur on or after September 16, 2016. Partnership stop-loss rules The Act provides that certain amounts must be deducted in computing the ACB of a taxpayer’s partnership interest. In general terms, subparagraph 53(2)(c)(i) reduces the ACB of a partnership interest by the taxpayer’s share of losses of the partnership that are not included in the taxpayer’s limited partnership losses. Clause 53(2)(c)(i)(C) provides that any loss of a partnership is to be determined without reference to certain provisions of the Act and it is being amended to also include reference to subsections 112(4) and (5.2). This amendment is deemed to have come into force on September 16, 2016. canada.ca/taxes Where a partnership has ceased to exist Effective January 1, 2017, subsection 24(3) of the Act is repealed, consequential on the repeal of subsection 24(1). This measure had provided that, under certain circumstances, each former member of a partnership that had dissolved could have deducted an amount equal to that former member’s proportion of the amount that would have been deductible under subsection 24(1) by the partnership had the partnership not ceased to exist. Reclassification of expenses renounced to Flow-Through Share investors For expenses incurred after December 31, 2018, (including expenses incurred in 2019 that could have been deemed to be incurred in 2018 because of the look-back rule), eligible small oil and gas corporations will no longer be permitted to treat the first $1 million of Canadian development expenses as Canadian exploration expenses when renounced to shareholders under a flow-through share (FTS) agreement. However, expenditures incurred after 2018 and before April 2019 that are renounced under FTS agreements entered into after 2016 and before March 22, 2017 will still be allowed this treatment. Mineral Exploration Tax Credit for Flow-Through Share (FTS) investors Budget 2017 extends the eligibility for the mineral exploration tax credit to expenses associated with flow- through share agreements entered into before April 2018. Currently, the 15% mineral exploration tax credit is scheduled to expire at the end of March 2017. It is available to an individual investor on specified mineral exploration expenses incurred in Canada by a resource company and renounced to the individual under an FTS agreement. Under the look-back rule, a corporation can renounce expenses incurred during the year or in the following calendar year. The budget extends the eligibility for the credit to expenses associated with FTS agreements entered into before April 2018. Clean energy generation equipment: Geothermal energy Budget 2017 includes measures that expand eligible geothermal energy equipment under capital cost allowance (CCA) Classes 43.1 and 43.2 to include geothermal equipment that is used primarily for the purpose of generating heat or a combination of heat and electricity. Eligible costs will include the cost of completing a geothermal well (such as installing the wellhead and production string) and, for systems that produce electricity, the cost of related electricity transmission equipment. As with active solar heating and ground source heat pump systems, equipment used for the purpose of heating a swimming pool will not be eligible. As well, geothermal heating is made an eligible thermal energy source for use in a district energy system. Lastly, expenses incurred for the purpose of determining uploads/Finance/ t5013-guide.pdf