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Thursday, April 30, 2015

Canadian Partnership Income Form T5013 Similar to K-1

The Canadian Tax Form T5013 is also known as the Statement of Partnership Income. This is the form that a partnership (that carries on business in Canada and is a Canadian partnership and has Canadian or foreign operations or investments) must file at the end of it's fiscal period.

This form would be similar to the U.S. K-1 form received from the partnership income. 

The T5013 slip prepared for the authorized members of a partnership is used to report to each partner their share of income for the fiscal period that the partner has to report on the appropriate income tax return for the year.

Are you a Canadian spending a significant amount of time in the United States? Give Borders Bookkeeping a call this year for all your U.S./Canadian tax needs.

Borders Bookkeeping
(760) 895-3516