Reserve Fund
Can Condos Reimburse Budgetary Surpluses to Owners?
Condo corporations are not-for-profit organizations. Technically, they are not supposed to make a profit. Having said that, they are not charitable organizations either. When faced with a deficit, condo corporations must collect more from owners to get ends to meet. But what are they to do with a surplus? This is what this post will […]
The First Year in the Life of a Condominium Corporation
The first year of a condominium corporation is a big one. In addition to dealing with ongoing construction work, construction deficiencies and perhaps budgetary issues, the board of directors has to take important decisions in terms of management of the building and has to set the tone with the owners and residents. Depending on how the developer/declarant […]
The ‘New Condo’ Act Moving Through Second Reading
You will certainly recall that Bill 106 (the Act to amend our 1998 Condominium Act and to enact other condo-related legislation) was introduced to the Legislative Assembly of Ontario for first reading on May 27, 2015. After the dog days of summer, Queen’s Park has resumed its work this week and the ‘new Condo Act’ is high […]