Line 122 – Net partnership income: limited or non-active partners only

Partnership income includes taxable capital gains less allowable capital losses from the disposition of partnership property and the amount of any income or loss of the partnership from any other source.

On line 122, report your share of the net income or loss from a partnership if the partnership did not include a rental or farming operation and you were either:

• a limited partner;
  or
• not actively involved in the partnership and not otherwise involved in a business or profession similar to that carried on by the partnership.

If a child who was born in 1987 or later is reporting certain limited or non-active partnership income, see Split income of a child under 18.

If you have a tax shelter, see Tax shelters.

You may have to make Canada Pension Plan contributions on your net partnership income. See line 222 – Deduction for CPP or QPP contributions on self-employment and other earnings.

Attach your T5013, Statement of Partnership Income slip to your tax return. If you did not receive a slip, attach a copy of the partnership’s financial statement.

Note
If the partnership has a loss, the amount you can claim could be limited. For details, contact us.

Completing your Schedule 4 (only if you received a General Income Tax and Benefit Package)

In Part III, enter your limited partnership income or loss (other than rental or farming).

Completing your tax return

On line 122, enter the total from Part III (Net partnership income (loss)) of your Schedule 4.

If you did not receive a General Income Tax and Benefit Package, enter the net partnership income (loss) for a limited or non-active partner on line 122.

On line 126, enter your net rental income or loss from a partnership.

On line 141, enter your net farming income or loss from a partnership and see Business.

If you are not a limited partnership, enter your partnership income from self-employment on line 135 – 143, and see Business.

Forms and publications

• General Income Tax and Benefit Guide
• Schedule 4, Statement of Investment Income
• IT510, Transfers and loans of property made after May 22, 1985 to a related minor
• IT511, Interspousal and certain other transfers and loans of property

Related topics

• Line 126 – Rental income
• Line 141 – Farming income
• Lines 135 – 143 – Self-employment income
• Line 222 – Deduction for CPP or QPP contributions on self-employment and other earnings
• Line 251 – Limited partnership losses
• Business