Partnerships are not subject to income tax, and it is the members who must report their share of the partnership income or losses on their income tax returns.
The return must be filed by members of the partnership (also called “partners”) or by any mandataries or representatives who hold interests in a partnership.
If you are required to file a partnership information return, click Filing the Partnership Information Return for information about:
- filing methods;
- filing deadlines;
- documents to be filed;
- penalties for filing a return late or for failing to provide information.
If you are a member of a partnership, you must report all your partnership income, gains and losses in your income tax return, based on how the amounts were allocated among partners.
- Click Limited Partner to learn more about the at-risk amount rule and about calculating the adjusted cost base of a partner's interest.
- Click Tax Shelter if the partnership is a tax shelter or acts as a tax shelter promoter.
- A specified investment flow-through partnership (SIFT partnership) may be subject to income tax on a portion of its income. For more information, refer to section 2.3 of the Guide to Filing the Partnership Information Return (TP-600.G-V).