Preparing T5013 - Partnership Tax Return & Practice cases
The course provides an introduction to Canadian Partnerships. You will learn to prepare T5013 returns from start to finish The course includes 3 Real Client T5013 practice cases.
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The course provides an introduction to Canadian Partnerships. You will learn to prepare T5013 returns from start to finish The course includes 3 Real Client T5013 practice cases.
The course provides an introduction to Canadian Partnerships. You will learn to prepare T5013 returns from start to finish The course includes 3 Real Client T5013 practice cases.
Course Walkthrough
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Pre-Requisite Course - Preparing Corporate Tax Ret...
Pre-Requisite Course - Preparing Corporate Tax Return using TaxPrep
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General Information
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Guide to Taxation of a Partnership - T5013
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Guide for the Partnership Information Return (T5013 Forms)
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Download the TaxPrep Form - Demo version (T5013)
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CASE FACTS
- Top Realty Limited Partnership is a Limited partnership formed in the Province of Ontario
- There are two partners
- 123456 Ontario Inc. (Limited Partner) - made an initial capital contribution of $9,000
- 99999 Ontario Inc. (General Partner) - made an initial capital contribution of $1,000
- As per the partnership agreement, LP and GP will share income or loss 90% and 10% respectively
- For tax purposes, the type of partnership is a limited partnership
- Partnership year-end is December 31, 2020
- Top Realty Limited Partnership is a Limited partnership formed in the Province of Ontario
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STEP 1
Complete the Client Identification - Legal Name, Business Number, Address, Province, Yearend and etc.
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STEP 2
Goto T5013Fin - Jump code and Complete T5013 Financial - Partnership Return
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STEP 3
Complete GIFI - (based on attached excel file)
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STEP 4
Prepare the tax schedules
- Schedule 1 - to report book-tax differences such as meals, depreciation, and CCA
- Schedule 8 - to report CCA, additions, dispositions of depreciable properties
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STEP 5
Prepare the Worksheets
- T5013WSA - Worksheet A - Allocation of income among sources such as
- Business income
- Rental income
- Dividend income (eligible and ineligible)
- Interest income
- Other income
- T5013WSB - WorkSheet B - Summary of amounts to allocate to partners
- Specify what is the basis of Allocation to partners for example:
- based on Capital contributed by each
- based on the partner's interest
- based on the number of units owned or
- or some other basis
- Specify the total income to be allocated amount the partners
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STEP 6
Final Step is to complete
- T5013 Slip - for each partner (jump code T5013 - click new to add a slip)
- Partners identification (individual or a corporation)
- Filing details - a general vs. limited partner
- Capital account information (opening balance, new contributions or withdrawals)
- Partner's share or units
- Adjusted cost base
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FULL SOLUTION
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Feedback / comments
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Certificate: Preparing T5013 - Partnership Tax Return
What People Are Saying About Us
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"Excellent training - I found the hands-on practical experience very very useful"
"Very useful and practical courses, the instructor is very knowledgeable. Will definitely recommend to all CPA students"
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"The step by step video tutorial is easy to follow and the case study that required marking and feedback. Overall a Brilliant Course!!"