Course content

About this course

  • $78.00
  • 2 CPD hours
  • February 16, 2023 - 11:00 AM ET

Course description

While partnerships are not subject to tax, there are tax implications associated with partnerships and their partners. With amendments to the income tax act we have seen the elimination of tax deferrals that were common with partnerships; and with the introduction of the specified partnership income rules the ability to access multiple small business deductions has been reduced. Even with these changes, partnership continue to be an attractive vehicle for carrying on business.

This course will review the types of partnerships, computation of the adjusted cost base, at-risk amounts, as well as, a run down of how to complete a partnership return and the reporting of partnership income by the partners. We will also discuss considerations for when drafting up partnership agreements.

More specifically, topics covered will include:

  • What is a Partnership
  • Types of Partnerships
  • Residency of a Partnership
  • Partnership Agreements
  • Computation of income and allocation of income
  • Computation of adjusted cost base
  • The at-risk amount; what is it and why does it matter
  • Tax filing requirements
  • Common and not so common reporting issues
  • Partnerships and the small business deduction
  • Common uses of partnerships
  • Transfers to Partnerships
  • Dissolution of Partnerships
  • Merging of Partnerships
  • Target Audience This webinar will be of most interest to accountants, tax practitioners, and financial planners.

    Instructor(s)

    Brad Berry

    Partner at Mowbrey Gil LLP

    Brad has been providing specialized tax advice to entrepreneurial-minded business owners since 1993 as a Partner of national firms. He joined Mowbrey Gil as a Partner in 2019. Brad's area of practice revolves around the integration of core tax services as it relates to estate and succession planning; business acquisitions and diversitures; asset securitization; and domestic and cross border planning. Over the years, Brad has provided a wide range of income tax and related services to a wide range of clients and has worked with clients to identify problems and find innovative and practical solutions.

    Jaspreet Sidhu

    Manager, Taxation Services at Mowbrey Gil LLP

    After working with a national accounting firm, Jaspreet joined Mowbrey Gil in April 2019. Since joining tax in 2017, Jaspreet has focused on partnership compliance, corporate and personal tax planning for owner-managed business and professional corporations including corporate re-organizations, asset securitizations, mergers and acquisitions and estate planning.