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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