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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?
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.