Saturday, 18 February 2012 00:21
Changes to Reporting of Partnership Returns
On February 1, 2012 the Canada Revenue Agency (CRA), released updated guidelines for the completion of partnership information return and all related schedules and forms which apply to returns filed for fiscal year 2011. There are significant changes to Schedule 50 (Partner’s Ownership and Account Activity). More detailed information is required by the new form which also requires that an adjusted cost base calculation be provided for each individual partner in a partnership (ICABC News & Views 2012/01). These returns are due by March 30, 2012 and we stongly encourage you to speak with your accountants to ensure that you have sufficient time to comply with the new guidelines.
Unsure if this update applies to you?
If you are unsure whether your company or business arrangement is subject to these reporting guidelines, please speak to your accountant for clarification. The CRA Interpretation Bulletin IT-90 is a helpful resource:
“What is a Partnership?“