RLB Blog

As accountants who specialize in condominium audits, we are asked to present audited financial statements at hundreds of Annual General Meetings each year.  Before the pandemic, these AGM were typically held in person. With restrictions on gatherings, the industry was required to find a new way to have AGM meetings… the solution was virtual!  We have found these virtual meetings to be quite successful as they have resulted in higher attendance, and unit owners can attend the meeting from the comfort of their own homes.

Over the last several weeks, the Federal government has made several announcements regarding financial assistance programs that have been made available to corporations and individuals. You are probably wondering whether your condominium corporation is eligible for any of these. The answer is – maybe.

The COVID-19 pandemic is something no one could have predicted or budgeted for, and we are all struggling in one way or another.  Information and our country’s understanding of the impact of this virus on the economy changes daily, and the government is regularly enacting new legislation to support Canadians during this time of uncertainty.  It is unknown if the Condominium Act will change as a result of the pandemic, but until then, the existing Condominium Act still needs to be followed.