Some responses are peculiar to condominiums in Alberta, Canada. Condominium corporations in Canada are required to complete a T2 corporate tax return. CCRA permits the filing of the T2 short along with financial statements for these non-profit corporations. The GIFI short can be used. Residential or commercial condominium corporations that may be considered other than non-profit may be subject to taxation.
Residential condominiums are specifically exempt under the Excise Tax Act.
No it is not. The CICA handbook requires only the totals of items on the statement of financial position. In other words, a single column format is acceptable. However, showing the reserve fund and operating fund balances in separate columns may better demonstrate the concept that there are two funds, or two self-balancing sets of accounts for each of the reserve and operating funds. The requirements for the statement of operations encourage the separate presentation, two columns, for the reserve and operating fund revenue and expense results.