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How to File a Partnership Tax Return with Accountor CPA

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Need Help with a Partnership Tax Return?

Worried about your business partnership income tax return and how to minimize your tax burden? This is where Accountor CPA can help. A Business Partnership Tax Filing can make or break your fiscal year. And you need people around you who are experts at interpreting Business Partnership Tax Forms so that you can focus your energies on growing your business partnership and protecting your assets. Accountor CPA is your tax partner so that you receive every credit you deserve and never give up anything you don’t have to. That’s the Accountor difference.

Don’t Get It Wrong When You Don’t Need to

Filing an incorrect partnership income tax return can expose you to tax liability. But the right accounting firm will reduce your partnership income tax burden, will optimize your chances of receiving a healthy tax return, and will ensure you meet your partnership filing deadline. Never again fear the Internal Revenue Service and the Canada Revenue Agency. Having Accountor CPA as your accounting firm can help you in many ways, and also protect you in even more ways.

Let’s Help You with the Tough Stuff

Accountor CPA is an industry leader in both 1065 Partnership Tax Returns for the Internal Revenue Agency and T5013 Partnership Information Returns for Canada Revenue Agency. No other agency has more expertise with crafting well-vetted and carefully crafted Amended Partnership Returns or Consolidated Partnership Tax Returns. Our diligent and experienced staff are experts at e-filing your partnership return and at securing extensions for your partnership returns. TurboTax Partnership Returns have never been so easy. If you have an LLC (Limited Liability Company) Partnership, we’ll make the tax filing process cost-effective and worry-free. Likewise, we are industry leaders in Foreign Partnership Reporting and experts in filing Form 1065 Foreign Partnership returns. We will help you save time and money, and we’ll see to it that you never miss a single Partnership Filing Deadline.

We Will Help Transform Your Tax Filing Experience

Tax Filing Deadlines for Partnerships don’t have to be traumatic. Our exceptional professional staff understands every nuance of IRS and CRA tax return documents. We are acknowledged leaders in filing K1 Partnership Returns and in interpreting CRA Limited Liability Partnership Tax Returns doctrine and will do everything possible to minimize your tax burden. Our talented staff is as good as it gets at taking full advantage of TurboTax software to save you time and money. We’ll secure every expense or credit possible even if your LLC Partnership doesn’t have income for the tax year. And one other thing: if your partnership is going international, or has already gone international, we have dedicated professionals with extensive experience in crafting K-2 and K-3 filings that keep your tax liability to the bare minimum for your IRS or CRA tax filing. At Accountor Advantage, we’ll take care of the headaches for you.

Save Yourself Some Money While Getting Great Service

Accountor CPA has no hidden fees. No cancellation fees. No minimum term contracts. We will call you and work out a reasonable and fair pricing scale for the services you need. And we’ll offer pricing that is in line with your company budget and resources. Whatever you need help with, we’ll be there.

Accountor CPA’s Guarantee to You

It is our ability to help businesses, especially small and mid-sized businesses, with their Partnership Income Tax return that sets us apart from the rest. If you need help with your Partnership Tax returns in either Canada or the United States – or sometimes both at once – we are the firm you should be talking to. Never worry about the CRA or IRS again: we will get your Partnership Return and Partnership Income Tax documents done right the first time and you will never have to worry about missing a Partnership Tax Return filing deadline ever again. We are industry leaders in 1065 United States Partnership Tax Returns. Whatever the tax filing requirements or demands for your Partnership Income Tax Return, whatever the nature of your Consolidated Partnership Tax Return or Amended Partnership Return, we will make the process fast, simple, effective, and economical. Whether you want to file conventionally, or via e-filing partnership returns, Accountor CPA will make sure that your experience – whether you are filing domestically or internationally – is hassle-free. We are the North American leaders at preparing outstanding Partnership Tax Returns for those business partnerships headquartered in Canada and abroad.

Partnership Tax Return: Get a Great New Tax Partner Today

Form one of the most important business partnerships you ever will and make Accountor CPA your go-to accounting firm. We will come up with a customized tax filing plan that is right for you.

And you will never have to worry again about whether or not your taxes are being done right or if those preparing your Partnership Income Tax Return are putting your needs first. With Accountor CPA at your side, you know they will be.

*And now for Some Basic Differences between the US and Canadian Forms and Regulations for Partnership Tax Returns

United States Internal Revenue Agency (Filing a 1065 Form)

In the United States, Business Partnerships must file a form 1065 which reports their gains, losses, deductions, and credits. Schedule B-1 of Form 1065 provides information about individuals, estates or entities that own (directly or indirectly) an interest of 50% or greater in the capital, profit, or loss of the partnership. Schedule K-1 reports each partner’s share of the partnership income, deductions, credits and losses. Schedule K-2 is used to report international tax information (deductions, credits, foreign income and foreign assets) for the purposes of Business Partnership tax filings. And Schedule K-3 provides additional information on such items as Gross International Income, Interest Expense Apportionment Factors, Foreign-Derived Intangible Income, and Distributions from Foreign Corporations to the Business Partnership. As part of any electronic return, Form 8886 must be included as part of the return. The IRS website has an extensive overview of the steps which must be undertaken to properly file a Form 8886, but our skilled staff at Accountor CPA can do the heavy lifting for you to ensure your tax return is done fast and done right. The IRS Partnership Tax Return deadline for most partnerships is the 15th day of the third month following the end of the tax year. If you need an extension for your tax filing, let our staff help you complete Form 7004 and guarantee that you get the extra time you need to get your filing done right.

Canada Revenue Agency (Filing a T5013 Partnership Tax Return)

The Canadian Business Partnership Tax Return (sometimes referred to as the CA Partnership Tax Return) can be daunting for inexperienced business operators and partners. You will need a steady hand to guide you every step of the way. With the above in mind, Accountor CPA can make even the toughest tasks so much easier. But first, a few key points need to be noted.

Domestic Business Partnerships in Canada have a few things to bear in mind when filing taxes. Business partnerships in Canada are not required to pay taxes, but they are obligated to file a T5013 partnership information return with the CRA. Under Canadian law, partnerships without a corporation partner have a filing deadline of March 31 each year; however, the CRA notes that should the partnership include an incorporated business as a partner, then the deadline for filing is either March 31st or five months after the end of the partnership’s fiscal year – whichever of the two dates comes first. It is imperative to note that business partnerships subject to Specified Investment Flow-Through (SIFT) tax are required to pay tax under Part IX.1, Section 197 of the Income Tax Act.

When filing a CRA partnership tax return, each partner files an income tax return to report their personal share of the partnership’s net income or loss; the partnership itself does not pay tax on its income and does not file a tax return. A business partnership that carries on a business in Canada, or a Canadian partnership with Canadian or foreign operations or investments, must file a T5013 return if its absolute value of revenues and its absolute value of expenses exceeds two million dollars, or if its total assets are valued at more than five million dollars. Since 2011, a business partnership that carries on a business in Canada, or a Canadian partnership with Canadian or Foreign Operations or Investments, must file a return for each fiscal period if it meets the value of revenues/expenses described above, and the value of total assets as described above. Account CPA is well-versed in all of the tax forms and procedures that apply to business partnership filing and our talented professionals will take care of your filing expeditiously. We are especially skilled in interpreting and understanding the Income Tax Folios that define business partnerships and which set out the technical features of Canadian income tax law. We will take care of you every step of the way.

If it is a filing extension you need for your Business Partnership, bear in mind that these are not easy to secure and there are penalties for late Business Partnership Returns. It is in your interest, whether you are a Limited Liability Corporation (LLC) or a Limited Liability Business Partnership (LLP), to get your return done early and with skilled professionals to oversee it. Accountor CPA will make sure you have one less thing to worry about when the Partnership Filing Deadline looms. We are proficient at helping clients file LLC Partnership Taxes Online, at assisting our clients in using TurboTax to file Partnership Tax Returns Online, at aiding our clients in filing Partnership Tax Returns Online, and at meeting even the most stringent Filing Deadlines for Partnership Tax Returns. We will help you fill out a CRA T1135 form for assets and properties held outside of Canada and ensure that your CRA Form T2 Corporation Income Tax Return is done right. We will also help you file your Final Partnership Return when it comes time to bring a business partnership to an end. Our services are varied, and our staff not only talented, but highly versatile.

Something many people do not know when filing a CRA Partnership Return is that a business partnership can own depreciable property and claim Capital Cost Allowance on it when filing. You will, however, have to deduct any investment tax credit allocated to individual partners, and you will also have to reduce any capital cost by the amount of any type of government assistance. One other thing about which many people are unaware is that, as per Canada Revenue Agency, “Canadian resident partners of the non-resident partnership must provide a statement of Canadian residency, otherwise the withholding rate of 25% will apply”. There are so many reasons why you need a trusted tax return partner like Accountor CPA to steer you clear of all the problems you might otherwise encounter when filing. We will help you find the tax strategy that is right for you. We will also help you with strategies for owning eligible capital property and for deducting an annual allowance as a result. The rules and regulations of the CRA are complex, but they don’t have to be hopelessly complex. If you are self-employed, if you are party to a Business Partnership or Limited Liability Corporation, if you want to know more about the potential pitfalls of being a party to a Limited Liability Corporation in the United States (even if the US LLC is deemed a partnership for US tax purposes), and about what it means for your business if you have a Short Year Return, then our expertise will make every tax filing easier and safer. And, ultimately, we will save you money.

Save your time, money, and hard work ...

This page has been prepared by our professional team. Verified by Eric Yarosh (CEO, CPA, CA).
Copyright © Accountor CPA – Accountor Inc.







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