How to complete Form T5013-1

If, at any time during the fiscal period, your partnership was a SIFT partnership, use form T5013-1, Part lX.I Tax Calculation – SIFT Partnerships, to report:

Identification

Clearly identify your partnership's name, account number, and the applicable fiscal period end on the documents.

Original or amended

Tick (✓) the appropriate box.

Part l – Amount of Part IX.1 tax payable – SIFT partnerships

Section A – Federal tax payable

Enter the partnership's taxable non-portfolio earnings for the tax year on line 100 (line A). Multiply that amount by the net corporate income tax rate, expressed as a decimal fraction complete to all decimal places, on line B. Enter the result on line 150 (line C). This is the federal tax the partnership has to pay for the tax year. 

Section B – Provincial tax payable

Columns (1), (2) and (3) – Taxable non-portfolio earnings for the tax year and general corporate income tax rate in the province

For each province in which the partnership has a permanent establishment, enter the requested information on the appropriate line(s) of columns (1), (2) and (3). 

The total of the amounts reported in column (1) should equal the partnership's taxable non-portfolio earnings reported on line 100 (line A).

Note

Considering Quebec charges its own SIFT tax, there is no Quebec SIFT tax to calculate on this form. However, if your partnership has earned taxable non-portfolio earnings in Quebec, you have to report an amount on line 216, and the related amount in column (2). Visit Revenu Québec for information on how to calculate the Quebec SIFT tax. You will need this information to file Part 3 of the form.

Where the partnership has taxable non-portfolio earnings from outside any of the provinces listed in the table, enter the amount of taxable non-portfolio earnings on line 225, and do the related calculations.

Column (4) – Provincial SIFT tax rate
For each line, divide the amount in column (1) by the amount in column (2), then multiply that result by the rate entered in column (3). Enter the final result in column (4). This is the tax rate you have to use to calculate the provincial tax payable for each province for the tax year.

Line D – Total
Enter the total of all provincial SIFT tax rates included in column (4). You will need this decimal fraction to calculate the total of SIFT tax payable at Part 2.

Column (5) – Provincial tax payable
For each line, multiply the amount in column (2) by the calculated rate you entered in column (4), then enter the result in column (5). This is the provincial tax the partnership has to pay to the province for the tax year.

Part 2 – Balance due or overpayment

Line 300 – Total of SIFT tax payable

Line 300 does not include amounts on line 310.

Line 310 – Balance due or overpayment

Part 3 – Deemed dividend of a SIFT partnership

The difference between the partnership's taxable non-portfolio earnings for the tax year and the tax payable by the partnership for the tax year under Part IX.1 is deemed to be a dividend received by the partnership from a taxable Canadian corporation. This deemed dividend is allocated to the members of the partnership in the same proportion as the taxable non-portfolio earnings. 

Line 410 (line M) – Deemed amount of eligible dividend
Enter the amount of partnership income allocated to the limited partner for the fiscal period on line 410. Do not enter the partner's share of the fiscal period's net loss.

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