We've received many questions related to the recently provided tax forms. In order to help clarify things, we've compiled an FAQ of the most common tax-related questions that we've received from investors.
What is a T5013?
A T5013 is a tax form used in Canada for reporting partnership income. It is similar to the T4 slip for employees or the T5 slip for investment income, but it is specifically designed for partnerships. The form reports various types of income or deductions and other relevant information related to your investment in the partnership. Each partner in the partnership receives a T5013 slip from the partnership, which they use to report their share of the partnership's income or loss on their annual tax return.
What do I do with this information?
When completing your tax return, you should add a T5013 slip to your tax return, similar to how you would add a T4 or T5 slip to your tax return. Add the T5013 slip to your tax return and input the figures from the slip into your tax software.
Under what circumstances do I receive a T5?
When you receive dividends stemming from Business Income or Rental Income, a T5 will be issued by the Corporate entity you are an owner in by the end of February.
Under what circumstances do I receive a T5013?
When you receive dividends stemming from Business Income or Rental Income, a T5013 will be issued by the Partnership entity you are an owner in by the end of March.
What properties received 2023 tax slips?
The below properties have been issued tax slips for 2023:
T5s:
1729 8 Avenue NE, Calgary, AB
163 Reunion Loop, Airdrie, AB
1623 48th Avenue SW, Calgary, AB
T5013:
45604 Airport Rd, Chilliwack, BC
909 5th Avenue SW, Calgary, AB
223 Street, Maple Ridge, BC
What does the information on the T5013 mean?
The information of each box is summarized on the second and third page of the tax slip provided to you. Enter the amount from the corresponding box on the form in your tax return.
My name or address is wrong, what should I do?
If your name or address is incorrect, please email us to update it. More details here. You can continue to use the same tax slip provided for your return.
My SIN is missing or is 000-000-000, what should I do?
If your SIN is missing or marked as 000-000-000, it means you did not choose to submit it to addy. You can update it by emailing support@addyinvest.com, more details here. You can continue to use the same tax slip provided for your return.
What should I do if I’ve already filed my tax returns?
You should consider preparing an Amended Return to include the T5 / T5013 data in your tax return. You will need to prepare an amended tax return using the appropriate form for your tax jurisdiction. In Canada, this form is usually called a T1 Adjustment Request form. On the amended return, make sure to include the information from the T5 or T5013 slip in the appropriate sections.
How are my distributions taxed?
Please see this article for a breakdown.
For a full list of all tax-related articles please see this link.