Financial Management

common expense fees

Handling common expense fees during COVID-19

Over the course of the last few weeks, many condo corporations have been asking whether they can defer owners’ common expense fee (CEF) payments or
Postponed reassessment delays Ontario's next property tax cycle

Ontario to delay next property tax cycle

The move was announced in response to the COVID-19 outbreak, but additionally opens a window to adjust the mechanics of the assessment process itself.
COVID-19

Slowing the spread of COVID-19 in condos

Boards and property managers of condos play a significant role in protecting residents during emergencies like the recent COVID-19 outbreak.
LEED Platinum

Energy efficiency powers condo to LEED Platinum

Perched on the edge of the waterfront, south of the Distillery District near Sugar Beach, Toronto’s first LEED Platinum high-rise condo stands in the Bayside
electrical system

Manager’s guide to electrical system maintenance

To plan for electrical system maintenance, it's helpful to understand how power is delivered to and distributed around the building.
electronic voting

Electronic voting still met with resistance

Opponents of electronic voting are scared it will expose the archaic and flawed system of proxy voting for what it is: unnecessary and obsolete.
Condo board law

Preventing mismanaged finances on condo boards

Whether by corruption or incompetence, condo boards that mismanage their multi-million dollar budgets and reserve funds are a recurring problem.
Condo finances

Financial statements 101

Knowing where to look – and what to look for – makes reviewing your financial statements easier. It will also bring to light any areas that require a deeper dive to ensure the corporation stays in a favourable financial position.
money laundering

Real estate flies red flags of money laundering

Some of the signals of potential malfeasance in real estate transactions are not obvious or only appear ominous when they are part of a pattern of questionable conduct.
Reporting

Tips for effective monthly reporting

The management of a condominium corporation is a shared assignment between the property manager and the board. While some boards may be more active than
new home warranty

Manitoba sticks to optional new home warranty

After first postponing the date the legacy legislation from its predecessor would come into force, the provincial government now plans to repeal the New Home Warranty Act.
residential development land

B.C. residential development land takes tax hit

The British Columbia government expects to collect about $520 million in new annual revenue through additional residential property taxes and property transfer taxes.
minimum wage

Minimum wage hike to follow new condo fees

The minimum wage hike may sting more in condo communities than others as they face new costs associated with recent changes to Ontario’s condo laws.
condo auditors

What board directors should ask condo auditors

It’s important for board members to review the draft financial statements and know what questions to ask their condo auditor before giving their approval.
decisions about money

Condo corporation facing a special assessment?

Making tough financial decisions will never be easy, but making the right tough decisions gets easier if condo directors follow these five principles.
HST

HST misconception a sleeping giant

HST has been flying under the radar and could become a potentially significant liability for condo corporations.
maintenance fees

How climate change could affect maintenance fees

Maintenance fees are based on historic norms, stable benchmarks and logical predictions. What happens when those predictions no longer fit the weather?