T5013 Partnership Information Return
As we step into 2025, it’s an ideal time to prepare for the T5013 Partnership Information Return filing deadline.
Key Filing Information
For partnerships that include individual partners, the 2024 T5013 Partnership Returns must be filed with the Canada Revenue Agency (CRA) no later than Monday, March 31, 2025. This earlier deadline ensures individual partners receive their T5013 slips on time for personal tax filing.
For partnerships with only corporate partners, the filing deadline is the earlier of:
- Five months after the end of the partnership’s fiscal year, or
- Monday, June 2, 2025 (in most cases).
Penalties for Late Filing
Failing to meet these deadlines may result in significant penalties, including:
- Late Filing Penalty: $25 per day for each day the return is late, with a minimum penalty of $100 and a maximum penalty of $2,500.
- Additional Penalties: Repeated failure to file may lead to even higher penalties or additional CRA scrutiny.
How We Can Help
Navigating real estate taxation can be complex, but our experienced team is here to simplify the process. We offer a wide range of services, including:
- Comprehensive Real Estate Reviews: Assessments of your property holdings to identify potential tax implications and opportunities for optimization.
- T5013 Return Preparation: Preparation and filing of partnership information returns, ensuring compliance with the Canada Revenue Agency’s regulations.
- GST/HST Compliance: Guidance on GST/HST obligations for residential and commercial properties.
- Corporate Structure Advice: Recommendations on how to structure property ownership to optimize tax benefits.
- Strategic Tax Planning: Strategies to minimize tax liabilities and maximize eligible deductions and credits.
If you do have questions that are beyond the scope of this newsletter, please contact us at realestate@lohncaulder.com to schedule a consultation.
