Strata Talk

Now that tax season for most of us has passed - I am getting asked "Does our Strata Corporation need to file a tax return with Revenue Canada?"  the simple answer is "YES".

Simply put your Residential Strata Corporation is a "Not for profit Residential Strata Corporation", created by the Strata Property Act of B.C. and registered in the Land Titles office of B.C.  This occurs when the Strata plan is accepted for registration by the Land Titles Office when deposited by the original developer.

In most cases your Strata Council or Auditor/Accountant will file the return after the year end of your Strata, usually with a zero or nil return (unless you have commercial money making ventures within your Strata complex). Most Residential Strata Corporations must provide a copy of their annual financial statements with their tax returns, this is usually provided by your Auditor/Accountant or your Strata Management Company/Agent. If your Strata has not filed you need to seek advice from your Auditor/Accountant.

For more information please check with Canada Revenue Agency.


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