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Tax Bulletin- Update: MPAC Information Request

by DMA Staff | Aug 18, 2017
Tax Bulletin
In June, MPAC started its annual collection of information. This has been an MPAC initiative that dates back some time and usually corresponds with the valuation or a reference date for an upcoming assessment cycle. They request this information under Section 11 of the Assessment Act and this year’s campaign represents the 9th annual collection.

BUT THIS NEXT RE-ASSESSMENT IS IN 2020
The data collected is used for MPAC to establish an accurate assessment for your commercial, industrial, or multi-residential property for a re-assessment. 

Since 2017 is not a re-assessment reference year, MPAC uses this information to analyze market trends for income and operating expenses of the various types of properties for all Ontario markets. Therefore, keep expecting the request for information well into the future.

CHANGES
There is a major change for 2017. The “Tenant Information Program” (TIP) has now been enhanced by what MPAC calls a “Property Income and Expense Return” (PIER) and is accessible on-line. In the past, MPAC accepted hard copy submissions but that is no longer the case.

The PIER online form is only accessible through AboutMyProperty (AMP) and is intended to simplify how owners and managers submit the requested rental, income, and expense information.

HOW DOES IT WORK
  1. Log-In
    • Go to aboutmyproperty.ca to log-in;
    • Log-in information (ID & password) can be found on your 2017 notice of assessment;
  2. My Return page
    • Three tabs: My MPACResources; and My Returns
    • My MPAC is general information on assessments and MPAC;
    • Resources is you will find terms and definitions;
    • My Returns his is where you can access the required forms;
  3. Data Entry
    • Prior year’s submission will appear;
    • Review and update the information on tenants, lease details, etc…
    • You can add or delete tenants, units number, unit size or any factual data;
    • All mandatory fields are indicated by an asterisk (*);
    • Mortgage and interest are not considered operating expenses;
    • Save and exit;
  4. If Owner-occupied
    • Click “yes” and no other form needs to be completed;
In addition, MPAC has made it easier by allowing an upload of the required information if you manage your properties’ financial information with an industry recognized software like Spectra or Yardi. For example, Yardi's platform is designed as an open system so you may seamlessly exchange important information between you and third-party applications like MPAC. It is called Standard Interface Partnership Program (SIPP) and it allows nearly every major data element available for automated import and export.

SUMMARY
It is important to provide the information requested. It should help minimize wild valuation swings that cannot be explained by hot or cold market trends. 

Always provide copy of your submissions to your tax representative.

Transparency is important, however, if you have any concerns about sensitive information and are unsure whether to send along, have a conversation with your DMA professional. It can alleviate many of those concerns.

Need more information? DMA Canada’s Commodity Tax team is ready to help! Contact Zahir Badsha for more information:

Zahir Badsha
Operations Manager
zbadsha@dmainc.com
800-309-2100 ext. 1527