As a valued unitholder of Brookfield Property Partners Lp, it’s important to understand how you will receive crucial tax information necessary for your annual tax filings. Following the close of Brookfield Property Partners’ fiscal year on December 31st, both U.S. and Canadian taxable income is calculated and allocated to unitholders. This allocated income must be reported on your respective tax returns. It’s key to note that the communication methods differ slightly for U.S. and Canadian unitholders. For U.S. tax reporting, you will receive Schedule K-1, not Form 1099, and for Canadian tax reporting, Form T5013, not Form T5, will be used.
Tax Information for U.S. Unitholders: Expect Schedule K-1
Brookfield Property Partners is committed to ensuring all U.S. resident unitholders, and those with U.S. tax obligations, receive the necessary tax documents. U.S. unitholders should anticipate receiving Schedule K-1 forms annually, typically mailed by the end of March for the preceding tax year. This form details your share of partnership income, deductions, and credits for U.S. tax purposes.
If you are a U.S. unitholder and have not received your Schedule K-1 by the expected date, or if you believe there’s an error in the K-1 you received, immediate assistance is available. Please reach out to Tax Package Support at (855) 521-8156 or visit their dedicated support website at www.taxpackagesupport.com/bpy. This service is also available if you believe you received a K-1 in error or have general inquiries regarding your form.
It’s important to remember that Schedule K-1 forms are issued to all U.S. unitholders, regardless of whether your units are held within a tax-deferred account like an IRA. While you generally do not need to report K-1 amounts if your units are in an IRA, it is crucial to retain the K-1 for your personal records.
Tax Information for Canadian Unitholders: Understanding Form T5013
For Canadian unitholders, the process for receiving tax information depends on how your units are held. Registered Canadian unitholders will receive Form T5013 directly from Brookfield Property Partners. However, the majority of Canadian unitholders who hold their units through brokers will receive their T5013 forms directly from their Canadian brokerage firm.
Brookfield Property Partners utilizes CDS Innovations to provide necessary tax information to Canadian brokers, enabling them to generate and distribute T5013 forms to their clients. Therefore, if you have questions regarding your Form T5013, your primary point of contact should be your brokerage firm.
Registered Canadian resident unitholders who do not receive their T5013 form should contact (855) 521-8156 or visit www.taxpackagesupport.com/bpy for assistance. Beneficial Canadian resident unitholders who have not received their Form T5013 should first contact the brokerage firm where their units are held to inquire about their tax documents.
