Frequently Asked Questions
The following are answers to some of the most frequently asked questions about the Property Income and Expense Return.
If your question is not answered here, please contact us.
The Property Income and Expense Return is a new online tool, available through aboutmyproperty.ca, where owners of commercial, industrial and multi-residential properties can submit their property rental, income and expense information directly to MPAC. This new online submission process replaces MPAC’s paper-based Tenant Information Program, providing property owners a more convenient, efficient and accurate way to submit their data.
No. There are no changes to the information submission process for the following property types in 2016:
- Commercial Airports
- Golf Courses
- Large Resort
- Long-term Care Facility
- Mobile Home Park and Land Lease Properties
- Retirement Homes
These property types will receive an information request letter from MPAC in spring 2016.
Through independent research and ongoing work with industry associations, MPAC understands property owners want a more efficient and streamlined data submission process. A 2014 survey indicated 75 percent of commercial, industrial and multi-residential property owners would likely use a web-based tool for data submission.
Property owners play a key role in helping MPAC deliver accurate values by providing complete and accurate data. Edit checks and field validations are built into the tool to reduce discrepancies and errors. This will improve the accuracy of commercial, industrial and multi-residential property assessments for the 2016 Assessment Update.
The new online process will make it faster and easier for property owners to submit information, while ensuring MPAC captures the key data required to deliver accurate and consistent property assessments.
- A secure online data exchange environment.
- Access to pre-populated, fillable forms.
- A more convenient, efficient and accurate method than the current paper-based process.
Complete and accurate information will also enable MPAC to provide more comprehensive Property Details Reports (i.e., Level 3 Disclosure) to property owners for the 2016 Assessment Update. This supports MPAC’s commitment to transparency and sharing information with property owners to enable them to better understand their property assessment.
Yes. MPAC will be requesting more information about parking and lease step-ups.
MPAC must ensure that any income attributable to billboards is excluded from the assessment of properties valued using the income approach, since billboards must be valued solely on their cost, without considering any income received by the property owner in respect of the sign or its placement.
March 31, 2016 for property owners who are responding to MPAC’s January 2016 request letter.
Yes, your agent may submit information on your behalf through AboutMyProperty ™ provided that you expressly authorize them to do so and you receive your agent's prior written agreement to comply with the AboutMyProperty™ Terms and Conditions of Use. Since MPAC does not issue login credentials to agents, they will have to use the login credentials that you received from MPAC.
IMPORTANT: Please be aware that providing your login credentials to your agent allows them access to all information about your property, your lease/tenancy details and all AboutMyProperty™ functions. This includes but is not limited to various financial, property and other reports, filing a Request for Reconsideration, and updating information for your property. MPAC strongly suggests that you change your AboutMyProperty™ password immediately after your agent has submitted your Property Income and Expense Return.
For more information, contact MPAC.
The Property Income and Expense Return is best viewed using one of these browsers: Internet Explorer 11+, Chrome 43+, Firefox 12+ or Safari 5.1+.
The latest versions of these web browsers can be downloaded at the following locations:
Yes. You can print a record of your submission after it has been submitted online.
To print a record of your submission, go to the My Returns page and click on the printer image in the Status column.
Yes. You can continue to submit your information through a recognized software provider. Please contact your service provider for information on associated service fees and data transfer instructions.
With the transition to our new online system, MPAC will no longer mail forms with our information requests to owners of commercial, industrial and multi-residential properties. If you need assistance submitting your information, please contact us.
In order to provide an accurate assessment for your commercial, industrial or multi-residential property, MPAC is required to analyze the income and cost trends for your property over a four-year period. We ask for your assistance in collecting this information each year, since the costs and income for a property can change from year to year.