Partnership Returns
Partnership Returns in Calgary & Surrounding Areas
A partnership is defined by the CRA as a relationship existing between persons performing business in common with the intent to profit. Canadians can determine whether or not they fall under a “partnership” by understanding their own type and extent of business involvement, and then comparing to provincial or territorial legislation. Partnerships may be formed between individuals, corporations, trusts, etc through written contracts or verbal agreement.
SJPC provides services for preparing and filing partnership returns. A partnership is not treated as a separate entity for tax purposes. All income and losses flow out of the partners based on their prorated shares. Each partner would report their share of the income on their income tax return.