Treasury is reviewing the recently enacted tax law changes, including the new Marijuana Wholesale Tax. Developing clear and accurate information for tax stakeholders is our top priority. This guidance will be posted to our website in the coming weeks.
Why can't I use 23% (standard amount) of my annual rent to calculate my homestead property tax credit if I live in service fee housing?
Service fee housing is an agreement between a municipality and a rental property owner (private or public) to pay a service fee instead of property taxes.
Regardless of the amount of rent paid, the Income Tax Act provides that a renter living in service fee housing must calculate the homestead property tax credit using only 10% of rent paid.