Income Tax Regulations

229 (1) Every member, of a partnership that carries on a business in Canada at any time in a fiscal period of the partnership (other than a member that is, because of subsection 115.2(2) of the Act, not considered to be carrying on business in Canada at that time), or of a partnership that is at any time in a fiscal period of the partnership, a Canadian partnership or a SIFT partnership, shall make for that period an information return in prescribed form containing the following information:

• (a) the income or loss of the partnership for the fiscal period;

• (b) in respect of each member of the partnership who is entitled to a share referred to in paragraph (c) or (d) for the fiscal period, the member’s

  • (i) name,

  • (ii) address, and

  • (iii) business number, Social Insurance Number or trust account number, as the case may be;

• (c) the share of each member of the income or loss of the partnership for the fiscal period;

• (d) the share of each member for the fiscal period of each deduction, credit or other amount in respect of the partnership that is relevant in determining the member’s income, taxable income, tax payable or other amount under the Act;

• (e) the prescribed information contained in the form prescribed for the purposes of subsection 37(1) of the Act, where the partnership has made an expenditure in respect of scientific research and experimental development in the fiscal period; and

• (f) such other information as may be required by the prescribed form.

(2) For the purposes of subsection (1), an information return made by any member of a partnership shall be deemed to have been made by each member of the partnership.

(3) Every person who holds an interest in a partnership as nominee or agent for another person shall make an information return in prescribed form in respect of that interest.

(4) [Repealed, SOR/93-443, s. 1]

(5) Subject to subsection (6), a return required by this section shall be filed with the Minister without notice or demand

• (a) in the case of a fiscal period of a partnership all the members of which are corporations throughout the fiscal period, within five months after the end of the fiscal period;

• (b) in the case of a fiscal period of a partnership all the members of which are individuals throughout the fiscal period, on or before the last day of March in the calendar year immediately following the calendar year in which the fiscal period ended or with which the fiscal period ended coincidentally; and

• (c) in the case of any other fiscal period of a partnership, on or before the earlier of

  • (i) the day that is five months after the end of the fiscal period, and

  • (ii) the last day of March in the calendar year immediately following the calendar year in which the fiscal period ended or with which the fiscal period ended coincidentally.

(6) Where a partnership discontinues its business or activity, the return required under this section shall be filed, in respect of any fiscal period or portion thereof prior to the discontinuance of the business or activity for which a return has not previously been filed under this section, on or before the earlier of

• (a) the day that is 90 days after the discontinuance of the business or activity, and

• (b) the day the return is required to be filed under subsection (5).