I have an inquiry from an acquaintance who has moved into a Strata community and found they have not filed a T2 for 15 years.
Are these required? If so would we file for just the last 10 years?
Our experience in BC is yes, they do need to file a tax return since they are a corporation. The corporation is formed under the BC Strata Property Act. But what get reported on the T2 is limited. Since the Strata Corporation doesn’t really own anything (common property is owned by the strata owners individually), what gets reported on the T2 is limited. Normally we just report any interest income and bank charges.
Technically all of the returns should be filed, but when we have been in this situation we usually file the most recent and see if CRA asks for more.
I am treasurer for a condo Corp that I used to live in. I am from MB. Same situation. I filed a T2 short for 3 years and no issues. Nothing owing and no penalties.
There is also an T1044 NPO information return that MAY need to be filed. For a strata Corp, it is required if assets are more than 200k. Reserve fund might tip you over.
If the NPO is late then it will attract daily penalties.