The 2009 tax forms are outside and instructions on claiming the credit for the new home renovation tax credit can be found on page 38 of the 2009 general income tax and benefit guide. To start, you record your expenses on schedule. For condominium owners, this could consist of amounts spent by the corporation, along with your personal expenditures. One of the qualifying conditions for condominium owners is if the Condominium has advised you in writing of your share of the expenses. This puts the onus on the Corporation to compute and report to the owners their share of qualified expenses.
My recommendation to my condominium boards would be to calculate the qualified expenses, copy all the required invoices, then to notify each homeowner of the shared based on precisely the exact same proportionate percentages used to calculate their common element fees, and include copies of their invoices. There has been some pondering over how to distribute the qualified costs for those Boulevard 88 condominium units which have changed ownership during the year. In my view, this can be accomplished by the following procedure. The eligible period for expenditures is after January 27, 2009 and earlier February 1, 2010; this is a total of 369 days. If you divide the total expenses by the amount of qualified days, then multiply that amount by the times at owner was in possession of the device that ought to be the amount they’re eligible to claim. For example, to get a condominium spent $9,000 on repairs and an owner whose proportionate share is 3.687% of their total expenses bought and shut their apparatus on November 1, 2009; the calculation might be as follows.
In the absence of clear direction from the Canada Revenue Agency on how to take care of the dilemma of unit sales, his solution is clear and, in my estimation, is the fairest way of distributing the charge. You also have to maintain the condo maintenance fees in your mind. Only for the First year of operation following the unit owners take responsibility for the complex are they guaranteed. Developers tend to compute a first budget based on the lower end to be able to create the condominiums appeal to more buyers overall.