The tax credit for home-support services for seniors allows co-owners aged 70 years are older to receive a tax credit for services received through the syndicate. The syndicates must produce the tax credit form (TPZ-1029) for every co-owners requesting it. Co-owners have until December 31st to request the form, and then, the syndicates have until February 28th to produce it.
The portal's tools can be configured to produce the form by isolating the eligible charges for a calendar year, the contribution of co-owners for that same year, and adding the data to the Revenu Québec's calculation form for you.
BEFORE WE START
- Make sure that you read Revenu Québec's instructions on the matter, which wil help you determine which expense accounts are eligible.
- Make sure that for the year of production, you have the full calendar year of accounting in the portal.
- Excel is required to read the data generated by the system.
- A PDF reader is required to fill the form electronically.
Configure the expense accounts
Note : If you are using the portail as a self-managed syndicate and you used the predefined accounts to build your chart of accounts, the majority of the eligible expense accounts are configured properle. Hoerver, if you created your own chart of accounts or added more, read the following steps to configure the eligible expense accounts.
|Eligible expenses||Non-eligible expenses|
- General custodial work (ex : carpet cleaning)
- Snow removal
- Landscaping (ex : lawn mowing, hedge maintenance)
- Windows and gutter cleaning
- Pool maintenance
- Advanced maintenance of equipments (ex : generator maintenance)
- Purchasing maintenance material (ex : cleaning products, fertilizer, flowers and plants)
- Professional maintenance (ex : tree removal)
- Services requiring a construction permit or a specialist represented by a professional organization recognisez by the Professional Code (ex : masonry work)
1) Go in your chart of accounts (Finances > Accounts)
2) Rendez-vous dans un compte de dépenses admissible au crédit d'impôt.
3) Activate the option ACCOUNT LINKED TO A TAX CREDIT, and then click SAVE.
4) Repeat for all the eligible accounts. Those accounts will be identified in the chart.
Configure the co-owners
|Requirements of eligibility|
To receive the tax credit, a co-owner must :
- Be 70 years or older.
- Own the unit. Since a tenant does not contribute to the common charges of the syndicate, they are not eligible to receive it from the syndicate.
- The unit must be his primary residency. If a co-owner does not reside in the condo or if the condo is his/her secondary residence, they are not eligible to receive the form from the syndicate.
1) Go into the residents registry (Registries > Residents).
2) Go into the co-owner's profile who wants to receive the tax credit.
3) Make sure that his address id the same as the syndicate's. Then, activate the option WANTS TO RECEIVE THE TAX CREDIT FOR HOME SUPPORT, and then SAVE.
4) Repeat for every eligible co-owners who want to receive the tax credit.
WHERE TO FIND THE FUNCTION
1) Go to the syndicate's portal.
2) In the FINANCES menu, under the SUMMARY tab.
3) In the REPORTS category, select the option HOME-SUPPORT TAX CREDIT.
Finances > Summary > Reports > Home-support tax credit
GENERATE THE INFORMATIONS
1) Select the co-owners for which you want to produce the tax credit form.
2) Under ACTIONS, select the option EXPORT DATA FOR TAX CREDIT.
3) The following information will be available in the different sections of the Excel document. Make sure that the information is valid, and then proceed to the next step.
Section 1: List of the selected eligible co-owners, their address and their contribution to the common charges for the calendar year, amount to insert on line 15 of their forms.
Section 2 : The syndicate's coordinates and its enterprise number (NEQ)
Section 3 : Summary of the eligible espenses for the selected calendar year and the total contributed by the co-owners during that same year.
4) Once the verification of the Excel sheet is complete and valid, go back to the portal, make sure you select the co-owners for which you want to produce the form, and then, under ACTIONS, select EXPORT THE COMPLETED FORMS.
5) In the new pop-up, select the year for which you want to produce the forms. If you are a management company, that you are designated as the administrator of the property of others, and the electronic signatures are configured for your company, you can additionally add your signature to the forms.
6) Make sure that the amounts indicated in line 10 and 11 of the calculation sheet correspond to the total contributed by the co-owners during the year and the total of the eligible charges, respectively.
Note : The system regroups all of the eligible charges under line 11. Since the first page is for calculation purposes only and is not required when submitting the forms toRevenu Québec, it is not necessary to separate the charges in their individual lines.
7) Make sure that the amount indicated on line 15 of the forms is the right one. The amount should correspond to the total contribution of the co-owners during the calendar year according to the annual budget(s) of the syndicate. Special budgets, which should not contain eligible charges, are excluded from the system's calculation.
8) Once the amounts are verified and approved, print the document. Two copies of each forms will be printed : one for Revenu Québec, and one for the co-owner. You may discard the calculation sheet.
PRODUCING A COMBINED FORM FOR A VERTICAL AND HORIZONTAL SYNDICATE
In certain cases, the horizontal syndicate is taking care of some eligible expenses (ex : snow removal for the parking area managed by the horizontal). In such cases, even though the contribution to the horizontal is included in the calculation of the vertical's total charges, some minor adjustments are required to include the horizontal's expenses to the calculation of the tax credit.
In order to include the horizontal's expenses to the form produced in the vertical syndicate, the data must be extracted from the horizontal syndicate, divided between the phases according to their shares in the vertical, and then add the total of the horizontal's eligible expenses to the vertical's calculation sheet.
1) Download the Excel document in the horizontal's portal.
2) In Section 3 of the Excel document, calculate the total of the eligible charges in the horizontal, and then divide divide that total between the different phases according to their shares in the horizontal.
3) In the vertical's calculation sheet, add the total to be attributed to that syndicate in one of the lines. The sum of the eligible expenses from both vertical and horizontal syndicates will then be included in one form.