ACo and BCo are equal partners in a partnership. ACo has made a functional currency election under s. 261(3). The partnership books and records are kept in both Canadian dollars and the functional currency. what are the reporting obligations of the partnership? CRA responded:
As required by subsection 229(1) of the Regulations, if a foreign currency election is made pursuant to subsection 261(3) of the Act by a corporate partner, the partnership must file a T5013…and related summary and slips in the elected functional currency with the Canada Revenue Agency. … Separate T5013 slips in Canadian dollars must be prepared by the partnership and provided to the non-electing partner(s) but these slips are not to be filed with the Canada Revenue Agency.