Are condominium corporations required to complete a corporate income tax return?
Condominium corporations in Canada are required to complete a T2 corporate tax return. In “technical news bulletin 4” issued February 20, 1995, Revenue Canada, now the Canada Customs and Revenue Agency (CCRA), concluded that most residential condominium corporations are non-profit organizations exempt from income taxes under 149(1) of the income tax act. CCRA permits the filing of the T2 short along with financial statements for these non-profit corporations. Condominiums with year-ends ending on or after January 1, 2000 will also have to complete CCRA’s General Index of Financial Information, GIFI, form. The GIFI short can be used.
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- Are condominium corporations required to complete a corporate income tax return?
