My question is: Canadian-specific
QUESTION: I am a member of a strata council of a mix-use (commercial &
residential) strata plan. The strata corporation has been earning $7,500.00
per year for 3 years from renting a common property to Microcell to install
antennas for cellular phone. I would like to ask the following questions:
1. Does the strata corporation need to file the income tax return for the
income?
2. Can the strata copration spend that income to repair and maintain the
building to avoid filing the income tax return?
3. Do any other methods the strata corporation can do to avoid filing the
income tax return?
Yours truly,
Gilbert
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david ingram replies:
1. The strata corporation MUST file a T2 Canadian Income Tax return
2. No. You must file the tax return to show any expenses incurred against
the $7,500 of income.
3. Not that I know of. Another reader may know of something and comment.
David Ingram of the CEN-TA Group
US / Canada / Mexico tax and working Visa Specialists
US / Canada Real Estate Tax Specialists
108-100 Park Royal South
West Vancouver, BC, CANADA, V7T 1A2
(604) 913-9133 - Fax 913-9123 [email protected]
www.centa.com www.david-ingram.com
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