Claiming a Tax Deduction for Issue Expenses in Future Years

Following the rollover of the Partnership, Limited Partners are still entitled to deduct the pro-rata share of the unused issue costs of the Partnership on the same manner as if the Partnership were it not dissolved. The Table below summarizes the remaining deductions available to the Limited Partners in future years. In each future year, Limited Partners should multiply the deduction per unit indicated in the table below by the number of units held in the Partnership.

Limited Partners should consult their own tax advisors for advice with respect to the deduction of the issue cost under paragraph 20(1)(e)(vi) and paragraph 6 of the Canada Revenue Agency Interpretation Bulletins IT- 341R4.