Definition : Income tax return (tax)

Form on which a syndicate of co-owners declares its income to the tax authorities. This declaration must be filed within 6 months of the closing date of the fiscal year.

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The tax status of a syndicate of co-ownership As with any legal person, a syndicate of co-owners has tax obligations to respect under penalty of consequences that could have a significant impact on the financial situation of the co-ownership and the co-owners. Although governed by specific rules set out in article 1039 of the Civil Code of Quebec, a co-ownership syndicate is considered by the tax authorities of Quebec and Canada respectively as: An enterprise under the Taxation Act; A corporation with the status of a non-profit organization under the Income Tax Act  
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