This course highlights the manner in which partnerships and their partners are taxed, with reference to the relevant statutory provisions, case law and CRA administrative positions. The course provides participants an overview of the “what” and “why” issues in preparing returns and prepares participants to better advise clients with or considering partnership structures.

Partnerships are commonly used business vehicles/structures; however, the taxation of partnerships and their partners is quite different from that of corporations and their shareholders. Accountants who regularly advise business owners should be aware of how these taxation rules differ from their clients in corporate structures in order to advise clients with or considering partnership structures.

Topics Include:

• Creating legally effective partnerships
• Tax treatment of income and losses
• Calculation of ACB of partnership interests
• Transferring property to partnerships
• Dissolving partnerships
• At-risk rules and their impact on income, losses and ACB
• GST and partnerships

NOTE: This course description has been revised and reflects updates for 2024. If you have any questions, please contact pdevents@cpaontario.ca.

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