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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Course Walkthrough

  • Pre-Requisite Course - Preparing Corporate Tax Ret...

    Pre-Requisite Course - Preparing Corporate Tax Return using TaxPrep


  • General Information
  • Guide to Taxation of a Partnership - T5013
  • Income Tax Folio S4-F16-C1, What is a Partnership?
  • Guide for the Partnership Information Return (T5013 Forms)
  • Download the TaxPrep Form - Demo version (T5013)
  • Steps to Follow to prepare a Partnership Return
  • Case 1 - Scenario and casefacts
  • Create a New File using TaxPrep Forms software
  • Goto ID - Jump code and Complete the Client Identification
  • STEP 1 - Preparing T5013 - Complete the Client Identification - Legal Name, Business Number, Address, Province, Yearend and etc.
  • STEP 2 - Preparing T5013 - Goto T5013Fin - Jump code and Complete T5013 Financial - Partnership Return
  • Complete T5013 Financial - Partnership Return
  • STEP 3 - Complete GIFI
  • Excel copy of the Financial Statements
  • SAMPLE GIFI 100, 125 and 141
  • STEP 4 - Prepare applicable tax schedules
  • Schedule 1 (Book-tax adjustments) and Schedule 8 (CCA)
  • STEP 5 - Prepare the Worksheets
  • Copy of T5013 - Worksheet A and Worksheet B
  • STEP 6 - Final Step is to complete T5013 slips
  • T5013 - data entry forms for each partner
  • T5013 Slips for each partner
  • T5013 Summary Form
  • Scenario A - Detailed case facts for preparing T5013 Case 1-A
  • Proposed Solution for Case 1 - Scenario A
  • Scenario B - Detailed case facts for preparing T5013 Case 1-B
  • Proposed Solution for Case 1 - Scenario B
  • CASE FACTSTop Realty Limited Partnership is a Limi...

    CASE FACTS

    1. Top Realty Limited Partnership is a Limited partnership formed in the Province of Ontario
    2. 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
    3. As per the partnership agreement, LP and GP  will share income or loss  90% and 10%  respectively
    4. For tax purposes, the type of partnership is a limited partnership
    5. Partnership year-end is December 31, 2020 




  • CASE 2 - Top Realty Limited Partnership
  • STEP 1Complete the Client Identification - Legal N...

    STEP 1


    Complete the Client Identification - Legal Name, Business Number, Address, Province, Yearend and etc.


  • Client Identification
  • STEP 2Goto T5013Fin - Jump code and Comp...

    STEP 2


    Goto T5013Fin - Jump code and Complete T5013 Financial - Partnership Return



  • T5013 Financial
  • STEP 3Complete GIFI - (based on attached excel fil...

    STEP 3


    Complete GIFI - (based on attached excel file)



  • T5013 GIFI
  • STEP 4Prepare the tax schedules Schedule 1 - ...

    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



  • Tax Schedules 1 and 8
  • STEP 5Prepare the Worksheets T5013WSA - Works...


    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


  • T5013 Worksheet A and B
  • STEP 6Final Step is to complete T5013 Slip - ...

    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



  • T5013 - Data Entry From
  • FULL SOLUTION



    FULL SOLUTION

  • T5013 Return - Full solution
  • Feedback / comments
  • Certificate: Preparing T5013 - Partnership Tax Return

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