Please note that the following document, although believed to be correct at the time of issue, may not represent the current position of the CRA.
Prenez note que ce document, bien qu'exact au moment émis, peut ne pas représenter la position actuelle de l'ARC.
Please note that the following document, although believed to be correct at the time of issue, may not represent the current position of the Department.
Prenez note que ce document, bien qu'exact au moment émis, peut ne pas représenter la position actuelle du ministère.
September 1, 1998
Ministerial Correspondence HEADQUARTERS
GST\HST Rulings and Interpretations J. Gibbons
Directorate (613)957-8953
Attention: Alanna Ulicki
7-982217
Minister’s Mail #98-05055M
This is in response to your fax of August 26, 1998, in which you asked us for an insert for the above-mentioned file. Our suggestion is below:
For income tax purposes, expenditures incurred to repair a building are ordinarily deductible in computing taxable income from property or business, as would be the interest on any money borrowed to pay for such repairs. When a taxpayer receives government assistance for such repairs, it reduces the cost of the repairs made, and any excess is included in business or property income. However, since most housing co-operatives corporations qualify as non-profit organizations under the Income Tax Act, no Part I tax is payable on any income that they may earn.
We trust that these comments will be of assistance.
J.F. Oulton, CA
for Director
Business and Publications Division
Income Tax Rulings and
Interpretations Directorate
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© Her Majesty the Queen in Right of Canada, 1998
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© Sa Majesté la Reine du Chef du Canada, 1998