Ontario Limited Partnership
Corporate Tax

British Columbia
Canada Federal
New Brunswick
Nova Scotia
Ontario

Ontario LP
Corporate Taxation

Limited Partnership is not considered as a taxable entity. Therefore, LP is not required to file corporate tax returns and pay income taxes.

All profit received by Limited Partnership passes through the company to its partners. Partners, who are not Canadian residents, do not have tax liabilities in Canada. If a partner is a Canadian resident, he is required to include his part of profit received through his Limited Partnership into his personal tax return and pay personal income tax.

There is no withholding tax on the profit passed to partners, who are non-Canadian residents.

There are no audit requirements for Limited Partnerships.

Canada LP
Filing of Financial Statements

Every Canadian L.P. must keep appropriate accounting records, and prepare a Financial Statement annually.  Corporate Taxation Canada L.P. companies with non-resident partners which have no business activities in Canada; do not derive any income from Canada sources, and are managed and controlled outside of Canada, are exempt from Canada Federal and Provincial corporation taxes.

Canada Tax Treaties

Canada L.P. companies are not regarded as resident for tax purposes in Canada, and therefore are not entitled to take advantage of Double Tax treaties concluded by Canada with other countries.