FAQs on HRTC
The Toronto Chapter of the Canadian Condominium Institute has posted a special info bulletin on how condominium unit owners can claim the Home Renovation Tax Credit (HRTC).
From the bulletin:
On behalf of CCI Toronto & Area Members, and in conjunction with ACMO, a lawyer specializing in tax law was retained to coordinate a meeting with CRA representatives in order to address many questions submitted by our members regarding the legal interpretation of the HRTC rules and how they affect the practical management of Condominium Corporations. This meeting with CRA representatives was also attended by an Auditor specializing in condominium accounting and taxation.
16 questions and answers are then provided.
See the bulletin (in pdf) here.
Kudos to CCI-T and ACMO for gathering and presenting this useful information.
Pass it on!
Thanks very much for printing this. I have been informing owners in my condo not to file their taxes until they receive an information slip from our management company. We had $150,000 in expenses that should qualify. Divide that between 50 owners and the tax credit will be appreciable.
The reason I have been informing owners is because the board wasn't doing so and neither was the property manager.
You would think this is something a board would want to communicate but our board doesn't even post its minutes.