Dear Sirs:
Re: Non-Profit Housing Corporations
This is in reply to your letter of May 29, 1990 concerning T2 corporation income tax filing requirements for organizations described in subsection 149(1)(d) of the Income Tax Act (the "Act").
Our Comments
In accordance with paragraph 150(1)(a) of the Act corporations, other than registered charities, must file returns within 6 months from the end of their fiscal year. This information is set out in the 1989 T2 Corporation Income Tax guide on page six. There it states, "A Corporation Income Tax Return (form T2) must be filed by all corporations whether taxable or non-taxable except a corporation that was a registered charity throughout the year.
Non-profit organizations, tax-exempt and inactive corporations are not excluded from this requirement".
Whether a particular corporation is a corporation described in paragraph 149(1)(d) at a particular time is a question of fact, the determination of which can only be made form an examination of all the facts and pertinent documentation. Such determinations are generally carried out by personnel from a District Taxation Office.
From the limited information provided it does not appear to us that the corporation described in your letter is corporation described in paragraph 149(1)(d) of the Act. It may, however, be a corporation described in any of 149(1)(i), (1), or (n) of the Act.
For a more definitive response please present the relative information and documentation to your local District taxation Office.
We trust our comment will prove helpful.
Yours truly for DirectorBusiness and general Division Rulings DirectorateLegislative and Intergovernmental affairs Branch