MemberDecember 22, 2022 at 11:57 am
That is a good question for your financial auditor. But I’ll try my best to answer!
Condos are non-profits and so do not collect GST for contributions (condo fees or special assessments) or income that is incidental to the operations of the corporation such as guest suite rentals or fob sales.
There is a form that condo corporations have to submit to the CRA each year, but I cannot remember what it is called right now… perhaps someone else has that info handy. But usually the financial auditor will submit the form for you so you don’t have to.
<font color=”rgba(0, 0, 0, 0)” face=”inherit”>When communicating costs to </font>owners<font color=”rgba(0, 0, 0, 0)” face=”inherit”>, it is ideal to communicate the full cost including GST. So it’s best to include GST in the budget that is sent to owners. </font>
<font color=”rgba(0, 0, 0, 0)” face=”inherit”>Does any of the above answer your question, or was there something else you wanted to know? </font>