Since 1989 partnerships have been required to file information returns known as the T5013, but administrative concessions permitted smaller partnerships to avoid this requirement. In 2011 the concessions disappeared and all partnerships must now file annually and various changes to the prescribed forms have made keeping up with these requirements taxing (pun intended!)
One of the more onerous schedules on the information return is the reconciliation of partner’s capital account schedule. The schedule requires tracking the cost base and atrisk amount (the “ARA”) for each member of the partnership. In prior years the adjusted cost base (the “ACB”) was also required. The ACB is still effectively required as it forms the basis of the ARA amount.
The CPL advantage comes in streamlining the documentation process. Our Partnership Template does the following:
- Enter information once reducing entry errors and input time,
- Keep historic information in one location for all members of the partnership,
- Ability to upload directly into your tax preparation software, and
- Keep the flexibility of a spreadsheet – information can be copied from template for
further work or distribution.
- Populate historical information only once! With minimal effort populate multiple years’ worth of historical information. The template’s macros do the heavy lifting for you.
- Populate current year opening balances with a press of a button.
- Upload to tax preparation software – let us show you how to import the information in the template into tax preparation software.
- Populate current year ending balances by using aggregate taxable income calculations to populate the ending year ACB and ARA.
- Use the template to cut your review time on the partnership forms and slips.
Each template is $650.00 plus applicable taxes.