Calculating the Tax Credit – Condominium
If you live in a condominium of which you are the owner, a portion of your condominium fees may cover certain services eligible for the tax credit (for example, cleaning outside of the building).
The cost of these services, referred to as eligible services included in your condominium fees (common expenses), is calculated by the administrators of your condominium complex (the syndicate of co-owners). The syndicate of co-owners must inform you of the cost of these services by sending you form TPZ-1029.MD.5-V, Information Return: Tax Credit for Home-Support Services for Seniors, at the end of the year. The information in the form will help you complete your income tax return and apply for advance payments for the next year.
To calculate the cost of eligible services included in your condominium fees, the syndicate of co-owners will determine the percentage of the cost of eligible services in proportion to the condominium fees paid by all the co-owners and apply it to your condominium fees.
Certain services not included in your condominium fees may also be eligible for the tax credit. Such services (for example, laundry service) are either pay-per-use or provided under a contract and are referred to as occasional services.
The tax credit is equal to 35% of the cost of eligible services, whether they are services included in your condominium fees or occasional services. It is reduced by 3% of the portion of your family income that is over $59,385.