CCI wants to know: Does the tax man cometh?

Condo corporations just can't seem to catch a break these days.  First there was HST.  Then there is proposed federal flag-flying legislation intended to restrict condos' ability to enforce their rules. Now more financial grief.

The latest from Ottawa is that Canada Revenue Agency is suggesting potentially new tax treatment of various income streams that most condos receive and the possible loss of the not-for-profit status of condos receiving such income.  If acted on, this proposal would have major repercussions on condominiums and would require greater financial reporting, additional tax returns and collection/remission of taxes when it might not be necessary or worthwhile.  This is just one more costly headache that will complicate the lives of condo directors.

Luckily, the Canadian Condominium Institute is on the case.  Their national finance committee is looking to gather and compile information to help spread the word and, presumably, to help develop a position on CRA's proposal and advocate on behalf of condos and their owners.

See below for CCI's call for information that was circulated today.   Please submit whatever useful information you can and be sure that your condo joins the local CCI chapter nearest you.

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Where did all the Condo Act forms go?

In the 10 years that the Condominium Act, 1998 has been in force, the prescribed forms needed for the extraordinary events of a condominium’s life and its day to day operations have been reliably set out in the regulations under the Act.

Until now.

Effective September 1, 2011, the two regulations under the Condo Act were significantly amended. The biggest change is that all of the prescribed forms under those regulations are revoked and users are now referred instead to “the form that the Director of Titles specifies” or “the form that the Minister responsible for the administration of that subsection specifies.”

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Microblog posts to 10/21/2011 - Decisions and News

It's been a busy few weeks, so we haven't posted a compilation of our best tweets lately.  Here's the first batch.

 

COURT AND TRIBUNAL DECISIONS

ONSC: Former unit owner lacks standing to sue condo for money allegedly spent on director compensation and perks. http://bit.ly/oFowaa

ONSC orders warring condo unit owners to bring their decade-long feud to trial and stop wasting judicial resources. http://bit.ly/qxeJ7O

HRTO won’t reconsider dismissal of owner’s complaint re condo bd remarks about urine smell http://bit.ly/nkWL57 Original: http://bit.ly/qR1lHw

HRTO applies ONCA ruling on condo “single family use” restriction but allows complaint to proceed on reprisal issue only. http://bit.ly/nAYTbx

 

 GMA IN THE NEWS

Gerry Miller quoted in Toronto Sun story on some of the pitfalls of buying pre-construction #condos. http://fb.me/NJCbuMhe

Gerry Miller quoted in recent issue of Canadian Real Estate mag on screening tenants for rental properties. http://fb.me/xtVaOXPn

GMA is assisting condo unit owners in Cobourg where a receiver was appointed over a developer's properties and assets: http://bit.ly/nukTAy

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