I live in cooperative housing am I still eligible for renters tax credit?

[dragonfly_009]

what are the parameters/criteria to be eligible or not eligible?

[TurboTaxSusan]

What province are you in?

[dragonfly_009]

BC

[TurboTaxBrenda · Accepted solution]

Yes, a co-op housing qualifies if you pay rent for the unit. 

A rental unit in the following types of accommodations may be considered an eligible rental unit if the unit is rented and rent was paid for that rental unit: 

• Co-operative housing
• During the year:
  • You occupied an eligible rental unit in B.C. under a tenancy agreement, licence, sublease agreement or similar arrangement
  • You occupied an eligible rental unit in B.C. for at least 6 one-month periods. You may occupy different eligible rental units during the year, for a total of at least 6 one-month periods. Any occupancy period of less than one month does not count as a one-month period
  • Rent was paid for that rental unit
• On December 31 of the tax year, you were a resident of B.C. and you were:
  • 19 years of age or older, or
  • A parent, or
  • Cohabiting with a spouse or common-law partner

Note: Eligible tenants who rent and occupy an eligible rental unit under a rental or tenancy agreement together but are not married or in a common-law relationship with each other (roommates) may each claim their own renter's tax credit if all other criteria are met. 

You cannot claim the renter’s tax credit if you:

• Are the cohabitating spouse or common-law partner of a renter who has already claimed the credit for the tax year
• Were confined to a prison or similar institution on December 31 of the tax year and were confined for periods totalling more than 6 months during the year
• Were an employee of a foreign government or resided with a family member or a servant of the employee of a foreign government in Canada (for example, diplomats and their household members)
• Die before the end of the year

Thank you for choosing TurboTax.

[J5729]

I do not think you are IF you paid shares when you moved into the Co-op!  On the BC Govt. website is says that makes you ineligible!  I would love to hear your explanation (Turbotax) as it is right there:

• Co-operative housing

Note: Individuals are not eligible for the credit if they own the housing unit they occupy. This includes direct or indirect ownership through owning shares of the capital stock of a co-operative housing corporation, or through any other method. 

https://www2.gov.bc.ca/gov/content/taxes/income-taxes/personal/credits/renters-tax-credit

[TurboTaxGinette]

Thank you for that update @J5729. It will be important in the future to question whether @dragonfly_009 or someone owns shares or not as not all renters in co-operatives own shares. We appreciate the additional information to share with our customers.

Thank you for choosing TurboTax.

[J5729]

So if I understand your response, you are saying I am correct!  If you pay shares you are ineligible?

[J5729]

Also, it is very clearly stated on the website under the title Co-operatives.  Although in many Co-ops you pay a very small fee & it just gives you a voice in running the place.  You really are not owners, so it is kinda unfair that we are ineligible!  But, we don’t get to make the rules!

[TurboTaxGinette]

Yes, that is what the link from the British Columbia indicates yes.

Thank you for choosing TurboTax.

[TurboTaxGinette]

Unfortunately, you are correct. We do not make those decisions or rules.

Thank you for choosing TurboTax.