It’s that time of year again! Time to start working on filing your Condo Returns with the CAO. The deadline is March 31, 2019. This year, this mandatory requirement comes with good and bad news:
- Good news: The CAO is (temporarily) reducing it’s Assessment Fees (Yay!);
- Bad News: The CAO may fine corporations who miss the filing deadline (C’mon folks! You’ve had a year to climb on board!).
What are these Returns?
As most of you know already, all condo corporations are legally required to file annual returns with the Condominium Authority of Ontario (the CAO). This filing is done online, directly with the CAO. Click here if you want to know more about the various Condo Returns.
These returns contain important information about each corporation such as:
- the corporation’s legal name; the kind of corporation and its address of service;
- information about the management firm;
- the name of directors and information about their term;
- the total number of units (and voting units);
- important dates (such as registration, end of fiscal year and last AGM);
Click here if you want to see more about what info goes in these returns.
What’s the deadline to file these Returns?
The deadline to file the annual Returns is March 31, 2019. This year, that date falls on a Sunday! Better to mark your calendars for March 29.
In addition to the annual return, the corporation must file a Notice of change within 30 days of certain changes such as changes to the address of service, to the directors of the board, to management, or following the appointment of an inspector or administrator. You can read more about what to do when your corporation’s information changes.
It is important to note that the re-election of a director at an AGM does not constitute a change. It is only if there is a “change” in the directors that a Notice of change must be filed.
How much must be paid to the CAO?
Much has been written about the requirement to pay an annual assessment fee to finance the operations of the CAO: the old “one dollar per month per voting unit”. This fee finances the CAO’s various services including:
- providing information to Ontarians;
- providing the mandatory online directors training;
- developing tools and guides;
- financing the operations of the Condo Authority Tribunal;
- maintaining a public registry of all condo corps in Ontario.
Great news! This year the CAO is implementing a temporary 25 per cent reduction to its annual fee. So, for 2019-2020, the fee will be $0.75 per month per voting unit. Not sure it’s worth adjusting your budget, but every little bit helps!
This adjustment is due to the fact that the CAO’s projected costs for delivering its services is less than initially anticipated – in part because the Condo Authority Tribunal’s jurisdiction is limited to record disputes.
The adjustment to your fees will be automatically done when you file your condo return.
Late filing fee
This year, effective April 1, 2019, the CAO will apply a $200 late filing fee to all overdue returns. I suspect this to mean that this late filing fee will apply to any late returns for this year but also to those who have missed last year’s deadline. This late filing fee may also apply to any late filing of Notices of change…
Mark your calendars and don’t miss these filing deadlines!