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…………..

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