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About the author: Gwen Story

Condominiums and Taxes!

Condominiums and Taxes!
March 12, 2019

The basic activity of a condominium, collecting monthly common element fees, qualifies it as a not-for-profit organization. A corporate tax return is filed annually but no taxes are assessed. In addition, the corporation may have to file a Non-Profit Organization (NPO) Information Return. This return must be filed if combined interest and rental income exceed $10,000 in the current fiscal year, if the corporation owned assets valued at more than $200,000 at the end of the previous fiscal year or if the corporation has ever filed an NPO Information Return in the past. It is important to file this return within six months of the fiscal year end to avoid penalties. This return does not assess tax but can impose penalties, if filed late, of $25 per day up to a maximum of $2,500.

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Accounting Tip: Cheque Signing

Accounting Tip: Cheque Signing