T5013 slip

Definition

A T5013 slip is an official tax document used in Canada to report income and expenses related to partnerships.

What is a T5013 slip?

Issued annually to each partner by the partnership’s administrator, the T5013 slip provides detailed information about the partner’s share of the partnership’s income, losses, and deductions for tax purposes.

Partnerships that meet certain criteria, such as generating business income or professional income in Canada, are required to file a T5013 with the Canada Revenue Agency (CRA). This return includes financial details about the partnership’s operations, which are summarised and reported to each partner on their respective T5013 slips.

The T5013 slip typically includes essential information such as the partner’s name and address, as well as the partnership’s name and Business Number (BN). It also details the partner’s share of income, losses, and other financial items like capital gains or losses, rental income, and various deductions.

Partnerships issue T5013 slips to partners by the end of March following the tax year to make sure partners have the necessary information to accurately report their income on their personal tax returns. Partners use the information from the T5013 slip to report their share of partnership income and expenses, which helps ensure compliance with Canadian tax laws and the accurate assessment of taxes owed or refunds due.