Global

Details

  • Service: Tax, International Corporate Tax, Global Compliance Management Services
  • Type: Regulatory update
  • Date: 7/12/2012

Canada - Expanded relief for 2012 partnership information returns 

July 12:   The Canada Revenue Agency (CRA) announced it will not impose penalties on certain T5013 partnership information returns because of incomplete adjusted cost base and at-risk amount information required to be reported on Schedule 50.

The CRA does not intend to apply penalties for incomplete partnership returns on T5013 returns filed for 2011 or 2012 fiscal periods.


A new page on the CRA website Clarifications and Modifications on the Partnership Information Return (T5013) provides guidance on the following topics:


  • Filing Schedule 50, "Partnership Ownership and Account Activity"
  • Meaning of "nominee or agent" for the partnership information return
  • Reporting affiliated partnerships on Schedule 9
  • Due dates and penalties
  • International Financial Reporting Standards (IFRS)
  • Filing requirements for nominee or agents

Read a July 2012 report prepared by the KPMG member firm in Canada: Partnership Information Returns - Relief Expanded for 2012




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1801 K Street NW
Washington, DC 20006.

 

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