Did you know that as a condo owner, you are entitled to claim a portion of improvements made to your building between jan 27 2009 and Feb 1 2010?
Because you pay a monthly fee to a condo corporation, renovations completed to the common elements (for example, a new lobby or new windows) should count towards the HRTC. The condo corporation is simply paying for these goods on your behalf.
So when filing your taxes this year, you’ll be able to claim the credit for renovations to your own unit, as well as your share of upgrades to common areas. This credit can be worth up to $1,350 per family, so it’s worth investigating.
Canada Revenue Agency guidelines for condo owners indicate that improvements made to common areas will qualify if:
– You own your unit.
- The expenses fall within the regular rules of the program – things like new furniture don’t count
– Your condo corporation has notified you of your share of the expenses.
How to make a claim:
In order to claim your portion of building renovations you need documentation from your condo corporation. According to Canada Revenue Agency, the documentation “must clearly identify the type and quantity of goods purchased or services provided” and also include the following:
– The cost of the renovations
– Your portion of the expenses
– Contact information for the vendor or contractor (including GST/HST number, if applicable)
– A description of the work in question
– The date or dates the work was completed.
Your Condo Board should be able to provide you with all the information you need.
We all could use a little extra cash in our pockets – make sure you don’t leave yours behind!
