While the Income Tax Act of Canada provides specific rules governing the manner in which a partnership is taxed, there are no rules that apply specifically to joint ventures. The terms“syndicate” and “association” are also sometimes used to describe a form of a joint venture that is not a partnership. Generally, the CRA’s position (supported by case law) is that a joint venture may be a partnership in some instances, but a joint venture may also exist as a form of business association distinct from a partnership. A joint venture is more likely to be found not to constitute a partnership if it is formed for a limited term or for a single undertaking and if the parties agree to share gross revenue and expenses rather than to share profits.
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Shared from: Bulletin for International Taxation
