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Tax Information – Limited Partners

The information contained on this web page is strictly for information purposes and should in no way be regarded as tax advice. We recommend that investors consult with their tax advisor to determine the optimal use of their tax deductions and applicable tax credits, as well as, the impact, if any, of any alternative minimum tax. If you are a corporation or trust and require assistance, please also consult with your tax advisor.

All investors are responsible for providing any mailing address changes to Terra to ensure that their tax statements are received in a timely manner.

Tax Deductions & Forms (Years 1 and 2)
In years one and two of a flow-through limited partnership, tax information is issued to its limited partners in the form of a T5013: Statement of Partnership Income ("T5013") and additionally for Quebec residents, a Releve 15: Montants attribués aux membres d'une société de personnes ("RL-15"). These tax forms assist unitholders of a partnership in preparing their individual tax return and in claiming the flow-through share tax deductions and applicable tax credits.

The T5013 and RL-15 tax forms are mandated to be mailed to all limited partners on or before March 31 of the following year.

For an explanation of the entries on the T5013 and RL-15 Forms from each tax authority see below.

T5013 Instructions for Recipient (English)
RL-15 Instructions for Members (English)
RL-15 Instructions pour les membres (French)

After filing your tax return, on occasion CRA will send a follow-up form letter requesting a copy of a T101 or T1229. Simply send a copy of your T5013, and indicate in the covering letter addressed to CRA that there are no T101s as these were already filed by the flow-through limited partnership. With respect to the T1229 form, the computerized tax preparation program that you or your accountant used to generate your tax return should have also generated a T1229 form. If not, you will need to fill out a T1229 manually included below.
T1229 Form

Additional Tax Deductions
(Years 3 to 6)
For tax deductions in the years after a limited partnership has dissolved (i.e. years 3 through 6), investors will receive a separate notice (mailed with their final T5013/RL-15) detailing the remaining deductions they are entitled to claim. Because the limited partnership can not issue a T5013 or RL-15 tax form after it has been dissolved, the notice provides a schedule of the remaining deductions available to the limited partners in each particular year. For a copy of a notice detailing the remaining deductions for a particular limited partnership, please see Undeducted Issue Costs.
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