October 27, 1980
XXXX
P.K. Tang
(613) 593-6201XXXX
This is in reply to your letter of October 2, 1980 concerning condominium corporations.
As stated in Information Circular 79-7 the Department takes the position that a condominium corporation created under Canadian provincial legislation is a private corporation within the meaning of paragraph 89(1)(f) of the Income Tax Act, and is therefore required to file an income tax return for each taxation year. Accordingly, a condominium corporation, same as any other taxpayer, is required to keep records and books of account pursuant to section 230 of the Income Tax Act. Information Circular No. 78-12, a copy of which is attached herewith for your information, provides the general information and guidelines for this purpose.
As to the issuance of initial assessment, the Department follows the practice of sending out a notice of assessment as soon as possible after receiving the taxpayer's return, including the tax return of a condominium corporation. If any of your clients has not received a notice of assessment after a reasonable period following his filing of a tax return we suggest that you contact the local district taxation office, as soon as possible, for clarification.
We trust the above will be of assistance to you.
Yours truly,
ORIGINAL SIGNED BY ORIGINAL SIGNÉ PAR
D.B. MORPHY
for Director Corporate Rulings Division Corporate Rulings Directorate Legislation Branch PKT/mj