A Partnership's Obligation to File an Information Return
The following types of partnerships must file the Partnership Information Return (form TP-600-V) for every fiscal period:
- any partnership that carries on a business:
- in Québec, or
- in Canada, outside Québec, where one of its members is an individual (including a trust) that is resident in Québec or a corporation that has an establishment in Québec;
- any Canadian partnership or specified investment flow-through partnership (SIFT partnership) one of whose members is an individual (including a trust) that is resident in Québec or a corporation that has an establishment in Québec;
- any partnership that owns a specified immovable, of which one of the members is a specified trust.
The partnerships covered by points 1 and 2 above can, under certain conditions, be exempted from filing an information return.
However, a SIFT partnership covered by point 2 above must file an information return if it has an establishment in Québec. It must enclose with the return a duly completed copy of form TP-1129.71-V, Income Tax Payable by a SIFT Partnership, and, where applicable, the payment of any income tax payable.
An investment club that is not a partnership, trust or corporation must file an information return if it elects to be considered as a partnership in order to facilitate the calculation of its members' income.
A mandatary or a representative who holds interests in a partnership on behalf of investors must file an information return and RL-15 slips (see courtesy translation RL-15.EX-T) on behalf of the investors, taking into account the information in the RL-15 slips that the mandatary or representative received from the partnership.
The mandatary or representative must complete:
- pages 1 to 3;
- section 4.4; and
- Part 3 of Schedule E (if the partnership is a tax shelter).
The information to be entered by the mandatary or representative on lines 08a through 08c of the information return must cover the RL-15 slips that the mandatary or representative is filing, not the RL-15 slips that the partnership has filed.