Does anyone know what box 248 is on the T5013? It’s not available for entry in Taxcycle and I can’t even find an explanation for it. This year all the Brookfield T5013s have an amount in that box.
Boxes 247 through 261 of the T5013 are used to calculate amounts for the purpose of determining the EIFEL on the T2 SCH 130 (if the partner is a corporation) and on the T3 SCH 130 (if the partner is a trust).
The EIFEL (Excessive Interest and Financing Expense Limitation) rules in Canada restrict the ability of certain corporations and trusts to deduct a portion of their interest and financing expenses for income tax purposes.
If you are preparing a tax return for an individual you can simply ignore these boxes, as individuals are not subject to the Bill C-59 EIFEL rules.
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I went looking for this yesterday lol - it is something about excess interest expenses and only applies to corporations and trusts… See here https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/t5013-inst/statement-partnership-income-instructions-recipient.html at the very bottom under Excessive interest and financing expenses limitation (EIFEL) rules
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Per the T5013 guide:
Boxes 247 to 261 – EIFEL rules
Boxes 247 to 261 are used to report amounts needed by members to calculate EIFEL under subsection 18.2(2). Boxes 247 to 256 must be completed if the partnership is required to file a T5013 SCH 130.
Boxes 258 to 261 must be completed if the partnership is required to file a T5013 SCH 12 and has a corporation or a trust as a member or deemed member under subsection 18.2(12).
Box 247 – Variable A of interest and financing expenses
Enter the amount allocated to the partner in column 4 of Part 5 of the T5013 SCH 130.
Box 248 – Variable A of interest and financing revenues
Enter the amount allocated to the partner in column 6 of Part 5 of the T5013 SCH 130.
I had to go digging for that one, too. 5013’s this year are making me dizzy…
Hello Versa,
I’ve received a T5013 slip with amounts reported in Boxes 247 and 248, but I’m unable to locate Schedule 130 in the T2 return. How have you handled this situation, and where did you record these amounts? I would appreciate your guidance. Thank you!
Sorry for the late reply. I understood from @jhd.hemeon 's post that only the partnership files the 130. I only entered the boxes that taxcycle allowed input for. I was doing a T1 however. I am not sure if there is a difference for a T2.