Question: My business is a partnership. What income tax form do I need to fill out?
Answer:
Generally, as a partner, you will report your business income on your T1 income tax return by completing Form T2125 (Statement of Business or Professional Activities).
You will basically calculate the business income for all partners, calculate the business expenses for all partners, claim any expenses the partnership did not reimburse you for and any other deductible business expenses, and complete the "Details of Other Partners" chart.
However, if your partnership has had six or more partners during the fiscal year, you will also need to complete a PIR (Partnership Information Return). In this case, you will normally have a T5013 slip (Statement of Partnership Income), and will fill out the appropriate sections of Form T2125 accordingly.
