Will I need to pay HST on condo maintenance fees?
There is no HST on condominium fees.
Do condo corporations pay HST?
So, condominium corporations don’t levy HST on their condo fees for those units. HST is collectible on condominium fees for non-residential units (as well as parking and storage units that are not associated with residential units).
Are condo fees regulated in Ontario?
Condo fees aren’t optional: they’re the law. In Quebec, they’re governed by the Civil Code of Quebec, while in Ontario, by the Ontario Condominium Act. Co-owners must contribute their share of expenses to help ensure the building is properly maintained for everyone.
Is there GST on condo fees in Alberta?
GST/HST is not applicable to condo fees charged to this unit.
What do maintenance fees cover in a condo Toronto?
This mandatory monthly fee is for utilities (such as water and garbage collection), building insurance, maintenance of common areas (such as the gym, pool, front desk, hallways, landscaping) and the building’s reserve fund.
Do condo fees include property tax Ontario?
Do condo fees include property taxes? The short answer is that condo fees cover a wide assortment of living expenses such as landscaping, maintenance, emergencies and building repair work but they do not include property taxes.
Do condominiums have to file tax returns Canada?
All Canadian condominium corporations must file a corporate income tax return each year, even if there is no tax payable. Generally, condominium corporations are considered non- profit organizations that are exempt from tax under paragraph 149 (1)(l) of the Income Tax Act (ITA).
Are condo maintenance fees tax deductible in Canada?
Are Condo Fees Tax Deductible for Rental Property in Canada? Yes; condominium fees are tax deductible in some rental situations. They can be taken as deductions when they impact what you would otherwise make in income on your rental property.
Why are Toronto condo fees so high?
Additionally, with more facilities in the building, expect the highest condo fees in Toronto. The fees cover water, heat, air conditioning, and connection for hydro. If you pay for all these utilities separately, you might face an even bigger bill. Plus, there’s upkeep of common areas to consider too.
Are condo fees worth it?
Maintenance is built into condo fees
Condos are perfect for buyers who want to downsize from a larger home or who don’t want to spend a ton of time maintaining a house. Monthly condo fees do pay for this service. However for some, the trade off in condo fee versus your time is well worth it!
Why maintenance fee is high?
It’s important to consider that monthly maintenance fees can vary greatly from one location to another. In addition to the general upkeep of a property, higher monthly fees could be the result of services such as a concierge, clubhouse, increased security, covered parking, or an underground parking garage.
What do condo fees cover in Ontario?
In Ontario, condo fees cover Condo common area utilities and sometimes water entirely. They also cover maintaining the common elements. Note: Common elements generally include hallways, lobbies, elevators, amenities and grounds around the property including parking areas and private roadways within the property.