If you have a business or rental partnership with someone else using your Wealthsimple Tax account, you can share income information between profiles. This applies to:

• Business income (T2125)
• Fishing income (T2121)
• Farming income (T2042)
• Rental income (T776)

Here's how to share Business, Professional, and Commission Income (T2125):
(Similar steps apply for T2121, T2042, and T776 forms)

1. Set up the partnership:
   • In the first profile, add the Business, Professional, and Commission Income section
   • Complete the Identification tab
   • Answer "Yes" to "Is this a partnership?"
2. Enter partnership details:
   • Go to the Partnership information tab
   • In the Partners table, enter the first person's share of partnership income
3. Share with partner:
   • Select your partner's profile from the "Share this T2125 with" dropdown
4. Complete individual information:
   Each partner must enter in their own profile:
   • Their share of the partnership in the Partners table
   • Use-of-home information (if applicable)
   • Personal motor vehicle expenses (if using own vehicle)
5. For partnership-owned vehicles:
   • Report in the Motor vehicle expenses (the partnership's vehicle) tab

Important notes:

• Most information will be shared between profiles
• To remove a shared business, delete it from each profile individually
• Similar steps apply for T2121, T2042, and T776 forms
• For T776 (rental income), this applies to both partnerships and co-ownerships

Remember:

• Ensure accurate allocation of income and expenses between partners
• Keep detailed records of all partnership activities

If you need assistance sharing business or rental income between profiles in Wealthsimple Tax, please contact Wealthsimple support. For questions about partnership tax implications, consider consulting with a tax expert.