Preparing T5013 and TP-600 Partnership Returns

Updated: 2023-05-16

New to preparing partnership returns in TaxCycle? Follow this step-by-step checklist to complete and file the federal T5013 return and slips, as well as Québec TP-600 and RL-15 slips.

Step 1: Complete the Info and Engagement Worksheets

  1. Start or carry forward a T5013 return.
  2. Go to the Info worksheet and complete the details of the partnership.
  3. To enable Québec TP-600 forms and RL-15 slips, answer Yes to the question TP600 required?.
  4. To automatically transfer adjusted cost base (ACB) amounts from the T5013 to the RL-15 slips, select Yes to enable the transfer.
    Info worksheet
  5. Go to the Engagement worksheet and select the Authorization type to request or record consent for the AuthRepBus worksheet. See the AuthRepBus Business Authorization/Cancellation Request help topic to learn how to EFILE this request.
  6. If applicable, select the Consent type to request or record consent for the Québec MR-69 form. See the Québec MR-69 Authorization help topic to learn how to EFILE this request.
    Screen Capture: Engagement Worksheet

Step 2: Complete the Partner and Allocation Worksheets

  1. Enter the personal information for each partner on the Partner worksheet.
    Screen Capture: Partner Worksheet
  2. Select an allocation method on the Allocation worksheet. The method you select here will apply to both T5013 and RL-15 slips.
  3. Depending on the allocation method you choose, complete the related column(s) or worksheet(s):
    • Number of partnership units at fiscal year end. This method uses the units to report percent ownership on slips and uses it to calculate the income allocated to each partner. Complete the columns for the beginning, acquired, disposed of and ending number of partnership units.
    • Accounting income allocated. This method uses the dollar amount to report the percent ownership on slips and uses it to calculate the income allocated to each partner. Complete the dollar value column.
    • Manual allocation of %. The percent entered is used to calculate the income allocated to each partner. Complete the percent column.
    • Manual allocation of amounts. Enter the partnership share and allocated amounts directly on the T5013Partner worksheet (or RL15Partner worksheet).
    Screen Capture: Allocation Worksheet
  4. These fields can also be completed or modified on each partner’s T5013Partner worksheet. Amounts actively flow between the T5013Partner and the Allocation worksheets.
    Screen Capture: % Interest in the Partnership

Step 3: Complete GIFI Schedules and Adjustments

  1. Enter or import accounting statements into the GIFI schedules 100, 125 and 140 (if applicable). See the GIFI Import and Enter GIFI Codes help topics.
  2. Complete the S141 notes checklist.
  3. Complete S1 Net Income (Loss) for Income Tax Purposes and the Québec TPF adjustments to accounting income.
  4. Allocate Net Income for General Partners at line 504 of the S1 (line 95 on the TPF).

Step 4: Complete Applicable Schedules

For the federal T5013, complete the following schedules: 

  • S2 Charitable Donations, Gifts, and Political Contributions
  • S5 Allocation of Salaries and Wages, and Gross Revenue for Multiple Jurisdictions
  • S6 Summary of Dispositions of Capital Property
  • S9 List of Partnerships
  • S12 Resource-Related Deductions
  • S52 Summary Information for Partnerships that Allocated Renounced Resource Expenses to their Members

For the Québec TP-600, complete sections 1, 2 and 3 of the TPD Member Corporation’s Shares of Paid-Up Capital. Section 4 calculates automatically from data on the RL-15 slips.

Step 5: Enter Rental Income

  1. If the partnership has rental income, complete the Rental worksheet.
  2. Complete a separate worksheet for each province and/or country for which you are reporting income.
  3. TaxCycle automatically transfers the relevant amounts to the S1WS and TPFWS allocation worksheets.

Step 6: Enter Asset Information

Go to the S8Asset worksheet and enter details of assets owned by the partnership. For more information on completing the S8Asset worksheet and capital cost allowance (CCA) schedule, read the Schedule 8 CCA and Assets help topic.

Step 7: Allocate Net Taxable Income From S1 and TPF

  1. Complete the S1WS and TPFWS allocation worksheets that calculate the net taxable income of the partnership and other amounts to be allocated to the partners.
  2. TaxCycle automatically allocates any variance for the partnership to the last slip. To manually allocate variances, disable this transfer by answering No to the related question at the top of the S1WS.
  3. The S1WS includes a Partnership income reconciliation section to help verify whether the allocations reconcile with the net taxable partnership income.
    <Screen Capture: S1 Allocation worksheet
  4. When manually allocating amounts on the T5013Partner data entry slip, the Unallocated column shows you the amounts available to allocate.
    Unallocated column

Step 8: Review Amounts Allocated to Partners

  1. Review and/or manually enter amounts allocated to the T5013Partner and RL-15 data entry slips.
  2. TaxCycle calculates the slip allocations based on the partner’s share of interest in the partnership in box 107.
  3. If you wish to report different shares of interest for reporting purposes (in box 5 on the slip), enter the reporting value.
    Screen Capture: T5013Partner

Step 9: Report Foreign Income (if applicable)

If the partnership owned foreign property at any time during the fiscal period with a total cost of more than $100,000, complete the T1135 Foreign Income Verification Statement. See the T1135 EFILE help topic to learn about filing this statement.

Step 10: Review, File and Print the Return

  1. Go to the Review sidebar and resolve any outstanding errors.
  2. Go to the Transmit sidebar to electronically file the T5013-FIN and Slip Summary with the Canada Revenue Agency (CRA) via Internet File Transfer (XML), as well as the RL-15 slips with Revenu Québec.
  3. The TP-600 must be printed and filed on paper. To file other slips and returns on paper, go to the Internet worksheet and opt for paper-filing.
  4. Go to the Print sidebar to print or PDF copies of the return. See the Print/PDF T5013 Returns and Slips help topic.