Condominium corporations are incorporated as corporations
without share capital, whose members are those individuals that own
units in the building. Condominium corporations generally qualify
as tax exempt under the Income Tax Act (Canada)
("ITA"), provided they meet the
requirements under paragraph 149(1)(l) of the ITA. In order to
qualify as tax exempt under paragraph 149(1)(l), an organization
must be organized and operated exclusively for any purpose other
than profit and no income generated by the entity can be made
available for the personal benefit of any member.
In addition to the many duties outlined in a condominium
corporation's governing documents and relevant condominium
legislation, the condominium corporation has a duty to control,
manage and administer the common elements and assets of the
corporation.
