Creative Co-Location Facilities Property Tax Subclass Designation
If your property meets the qualifying property criteria, please contact Lori Martin for application forms. Applications must be submitted by June 15, 2018.
Properties must be designated as a Creative Co-Location Facility by the City of Toronto to be included under the property tax subclass.
A qualifying property must have as tenants creative enterprises that produce cultural goods or provide cultural services that are charged a below average market rent.
What is a Creative Enterprise?
Entities that produce cultural goods or services as defined by the Canadian Framework for Cultural Statistics.
For specifics, please see City Council report.
Minimum Scale/Physical Space
The property must consist of a physical building (i.e. not a virtual network), with a minimum net rentable area of 10,000 square feet, or a minimum net rentable area of 5,000 square feet, where the property is owned by the City of Toronto or alternatively, houses more than 40 separate tenants that meet the definition of creative enterprises.
The property must have a minimum of five (5) distinct, full-time tenants that meet the definition of creative enterprises.
Concentration of Creative Enterprises
A minimum of 51% of the total tenants in the building must be creative enterprises. In addition, creative enterprise tenants must occupy a minimum of 51% of the property’s net rentable area.
Free programming and cultural activities
A Creative Co-location Facility must offer at least 12 cultural programs that are offered free of charge to members of the public over the course of the calendar year, with no less than 10 months of the year featuring such programs.
The property as a whole must meet the requirements of a qualifying property.
The portion of the qualifying property that is eligible for inclusion in the Creative Co-location Facility property tax subclass is assessed, once the property is deemed eligible.
If they meet all the criteria, qualifying properties are then officially re-classified into the subclass via bylaw enacted by Toronto City Council. A re-assessed tax bill is issued by MPAC.
Financial assistance from government programs may have tax implications for your business; it is recommended that advice be obtained from a qualified tax professional before applying.