Ontario condo corporations can expect to start filing returns in 2018, according to a regulatory proposal released last week by the ministry of government and consumer services. The proposal is the latest in a series of draft rules released for public consideration as the provincial government prepares to roll out recent changes to the Condominium Act in stages.
Under the draft rules, existing corporations would have to file a one-time transitional return within 90 days of when the regulations take effect, which is expected to occur early next year. Going forward, new condo corporations would have to file returns within 90 days of registration as well as within 90 days of turnover. All condo corporations would have to file annual returns every year between Jan. 1 and March 31.
As proposed, the annual returns would contain basic information such as the condo corporation’s address (for service and municipal), name and type (e.g. standard) as well as the names of its directors and, if applicable, the name and address for service of its condo manager and management firm. The annual returns would also contain details such as the date of the corporation’s last AGM, the maximum number of votes that could be tallied at an owner’s meeting and, if applicable, information about court-appointed administrators and inspectors. Certain events, such as a change in the board of directors, would trigger a requirement to file a notice of change within 30 days.
Under the draft rules, corporations would be required to file returns with a registrar to be appointed by the recently formed Condominium Authority of Ontario and face a late filing fee for submissions made past the deadlines set out in the regulations. The registrar would be required to make the information contained in returns publicly available online, strictly for personal use. This database would also include information about any compliance orders against a corporation, director or officer concerning condo returns.
As proposed, the regulations would require the registrar to create policies for deleting outdated information from the database and take steps to safeguard the information housed in the database from misuse. While the registrar would be allowed to publish analyses and summaries of this information, as long as corporations remained anonymous and the purpose was non-commercial, the registrar would be prohibited from releasing the information in bulk. The only exemption to this would be for matters of consumer protection, in which case the information could be shared with the administrative authority designated under the Condominium Management Service Act.
The ministry said it will accept input on this regulatory proposal until Aug. 22.