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Preparing Your Partnership Returns, 4th Edition

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File your returns with accuracy by staying up-to-date on recent tax changes with the most current tax preparation guide. Critically-acclaimed by tax professionals, Preparing Your Partnership Returns is updated annually and provides the most comprehensive coverage and in-depth analysis of the rules for partnership returns available.

Features & Coverage:
Why do tax professionals across Canada come back to Wolters Kluwer year-after-year? It's simple. We provide the most comprehensive tax resource available anywhere. The tax rules are exhaustively detailed. Descriptions of forms and analysis of necessary information are organized by topic. Preparing Your Partnership Returns will give you the professional expertise, confidence, and time-saving efficiency you need to deliver your best returns. The book also provides in-depth coverage of tax issues that are unique to partnerships as well as detailed software tips for preparing partnership returns using Wolters Kluwer compliance software (i.e., Taxprep, Cantax and iFirm Tax).

What's New in the 2021 Edition:

• Proposed changes to filing requirements for information returns
• Updated software tips
• The latest revisions to the Canada Emergency Wage Subsidy and
• Canada Emergency Rent Subsidy
• The new Canada Recovery Hiring Benefit
• New changes to capital cost allowances classes

Table of Contents

• How To Use This Book
• Forms and Schedules
• Prescribed Quarterly Interest Rates
• Prescribed Interest Rates for Leasing Rules
• Automobile Rates and Limits
• Yearly Average Conversion Rates for Major Currencies
• Rates of Withholding Tax under Income Tax Agreements Signed by Canada
• Tax Changes Due to COVID-19

Chapters

• Partnership Basics
• Preparation of Partnership Statements
• General Filing Information
• T5013 Schedule 1, Net Income (Loss) for Income Tax Purposes
• T5013 Schedules 2 and 5
• T5013 Schedule 6, Summary of Dispositions of Capital Property
• Capital Cost Allowance
• Resource Schedules
• T5013 Schedules 9 and 50
• Allocating Amounts to Partners
• Non-Resident Issues
• Selected Tax Issues
• Tax Shelters
• CRA and Revenu Québec Forms and Guides
• Appendix: CRA and Revenu Québec Forms and Guides
• Topical Index