A T5013 slip reports your share of income from a partnership. Here's what you need to know:
To add your T5013 information to your return:
- Add the Partnership Income section to your profile
- Enter all relevant box amounts from your T5013 slip
Key points about partnership income:
- Partnerships don't pay income tax directly
- Each partner reports their share of the partnership's income or loss on their personal tax return
- You must report this income whether you received it in cash or as a credit to your capital account
- If your partnership had six or more partners, you'll receive a T5013 slip
Important notes:
- Different box numbers correspond to various types of income or deductions
- Some amounts may need to be reported on other schedules or forms
- Pay attention to the footnotes on your T5013 slip for additional instructions
Remember:
- Keep your T5013 slip and any related documents for your records
- If you have multiple T5013 slips, enter each one separately
- Some amounts may affect other calculations on your tax return (e.g., RRSP deduction limit)
If you're unsure about how to report specific amounts from your T5013, consider consulting with a tax expert or referring to the detailed CRA instructions for T5013 recipients.
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