If you have a business, fishing, farming or rental partnership* with someone that shares your Wealthsimple Tax account, you can share the business between returns. Here’s how:
- In the first return, complete the Identification tab and indicate this is a partnership
- In the Partnership Information tab, indicate the first person’s share of the partnership income
- Use the drop-down box to select who to share the form with
The business will appear in each return and most information will be shared; however, each person will need to enter:
- their share of the partnership
- the Details of other partners table
- their Use-of-home information, if applicable
- their allowable personal motor vehicle expenses; but note: if the partnership owns the vehicle, use the Motor Vehicle Expenses (the partnership’s vehicle) tab instead
If you delete a shared business, it will only be removed from that return. If you want to remove a business from more than one return, you’ll need to delete it from each one.
*In the case of rental income, the above applies if you have either a partnership or co-ownership.