Strata that seeks profit might have to pay income tax

Dear Tony: Do strata corporations pay income tax? Our strata negotiated an agreement with a communications provider to lease our rooftop for $50k a year, plus 25 per cent of any sub-lease agreements they negotiate. We are in year three of a 10-year agreement, and just received a notice of assessment from the Canada Revenue Agency. Our strata corporation also has a public parking area rented out to the public daily, weekly and monthly. We were under the impression that we were tax exempt as a non-profit association and could not be taxed. If that is correct how could we be taxed for this revenue? Has this occurred to other strata corporations?    Read the Q&A…………..


Related Articles

Condo Smarts: Rental bylaws may deter property speculators

Dear Tony: Our strata is considering a rental bylaw that limits the number of rentals to 10 out of 100

Condo Culture: Director suffering from memory loss will have to leave position on board

Q. Over the last year one of our fellow directors has been having significant memory problems. This person cannot remember

B.C. court sides with teen pianist in noise complaint

A B.C. Supreme Court judge has dismissed the complaint of a retired Vancouver couple who claim their neighbour’s teenaged son