The following is from a news release posted to the CRA website yesterday:
Starting in 2011, the requirement related to the number of partners in a partnership will be replaced with a new requirement based on financial activity. Also, the requirement to file based on the types of partners will be revised. The new requirements apply to all partnerships for fiscal periods ending in 2011 and later. These changes will allow the CRA to focus on the complexity and magnitude of partnership activities. Partnerships that have simple structures and modest financial activity will no longer be required to file a partnership return.
Stay tuned to this page on the CRA website for further announcements.
