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

On line 122, report your limited partner's share of the net business income or loss from a limited partnership if you were either:

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

If a child who was born in 1993 or later is reporting certain limited or non-active partnership income, see line 424 - Federal tax on split income for information on split income of a child under 18.

If your limited partnership income is from 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 and T5013A, Statement of Partnership Income for Tax Shelters and Renounced Resource Expenses information slips to your tax return. If you did not receive an information slip, attach a copy of the partnership's financial statement.

Note
If the limited partnership has a loss, the amount you can claim could be limited. For details, call 1-800-959-5525.

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

In Part III, enter your limited partnership income (loss) from box 22 of your T5013 or T5013A information slip.

Completing your tax return

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

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

On line 126, enter your net rental income (loss) from a limited partnership (box 23 on your T5013 or T5013A information slip).

On line 141, enter your net farming income (loss) from a limited partnership (box 20 on your T5013 or T5013A information slip) and see Business.

On line 143, enter your net fishing income (loss) from a limited partnership (box 21 on your T5013 or T5013A information slip) and see Business.

If you are not a limited partner, 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

• Rental income, Line 126 - Net
• Self-employment income, Lines 135 to 143 - Net
• Line 222 - Deduction for CPP or QPP contributions on self-employment and other earnings
• Line 251 - Limited partnership losses of other years

Need assistance?

If you are unable to find the information you were looking for about this specific topic, please select the Contact us button.