Partnerships Exempted From Filing an Information Return

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Under a Revenu Québec administrative policy, a partnership can be exempted from filing an information return if it meets all of the following conditions:

  • At the end of its fiscal period:
    • the total absolute value of its revenue and expenses was less than $2 million; or
    • the value of its assets was less than $5 million.
  • Throughout the fiscal period:
    • it had no more than five members that were not partnerships, trusts or corporations;
    • it was not part of a tiered partnership structure (that is, it was neither itself a member of another partnership, nor were any of its members partnerships);
    • no exploration or development expenses were renounced in favour of the partnership and no amounts of assistance were allocated to the partnership (the partnership must in turn allocate these amounts and expenses to its members) because the partnership invested in flow-through shares;
    • it was not a specified investment flow-through (SIFT) partnership having an establishment in Québec.
Note
  • The administrative policy does not apply to a partnership that owns a specified immovable, where one of the members is a specified trust.
  • If the partnership does not file an information return because of the administrative policy, the filing deadline under section 1007.1 of the Taxation Act will not apply.

If a partnership is not required to file the partnership information return, each individual who is a member of the partnership must complete Schedule L of the personal income tax return. They should also read the information relating to their situation.

For more information, consult the guide Business and Professional Income (IN-155-V). 

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