Partnerships

An advantage of a partnership is its ability to raise substantial amounts of funds, which may be invested in a diversified portfolio of FTSs.

Subsection 96(1) has special rules that apply when a partnership has incurred exploration and development expenses. A deduction for resource expenditures is not available in the computation of income or loss from a partnership. However, Canadian exploration expense (CEE) or Canadian development expense (CDE) incurred by a partnership in a particular fiscal year may be allocated to persons who were partners of that partnership at the end of that fiscal period. Amounts so allocated will be added to the CEE or CDE of the partner (subject to the application of section 66.8 in the case of a limited partner).

See our Partnership Web site for more information on required forms.