forming a partnership

[dfarms11]

What is involved in forming a partnership? Do you have to do some paperwork and send to revenue canada? When do you have to have it done by, anytime througout the year or before the start of a new tax year? Various factors here the obvious of income splitting, but also, my wife is not getting much cpp as myself. Future tax implications down the road as well.

Thanks, Dwayne

[farmers_son]

There is a good discussion of farm partnerships at:

http://www.omafra.gov.on.ca/english/busdev/facts/02-047.htm

I take it you are looking to form a farm partnership with your wife for tax purposes. You can simply pay your wife a wage and split income that way.

You really should talk with an accountant about this. Probably should talk to two accountants about this as not all accountants give equally good advice.

I presume you and your wife are on good terms marriage wise. Maybe a visit now to a divorce lawyer before you form a more formal partnership with your spouse would be worth the fee. In general, before forming a partnership with anyone give some thought to how will the partnership be ended at some point down the road.

[Hopperbin]

Ya visit a divorce lawyer, accountant should be able to tell you what is at stake but not neccessarily. If you live common law or married your spouse is entitled to half of the gain. If she is a full equal partner I would think she just took half your total assets. May be better to pay a few taxes or put assets in kids names instead. Not fun to worth more dead than alive. Sorry about you women here but as far as business partners when you change your mind every 10 minutes, not good really.

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