Condominium
Gone are the days when you would fight traffic and rush to make it to an in-person AGM, only to find that quorum hasn’t been met and your whole evening has been wasted.
Continue ReadingThe Underused Housing Tax Act (the “UHTA”) came into effect from January 1, 2022. The rules for UHTA were enacted June 9, 2022, for residential properties owned on December 31 each year starting December 31, 2022. The Underused Housing Tax (“UHT”) rules require residential property owners to file an annual return, unless certain exemptions apply, even if no tax is due.
Continue ReadingWhat is a Disaster Recovery Plan (DRP)? A Disaster Recovery Plan (DRP) is a documented, structured tactic that describes how an organization can quickly go back to work and operations after an unforeseen incident occurs. Having a DRP can be the difference between closing your doors for a week versus forever. Instances when an organization might need a DRP could include:
Continue ReadingWhat is a Board of Directors? A Board of Directors is an elected group of individuals that represent the shareholders of an organization or members of a not-for-profit organization. They are to provide strategic direction to the organization and oversight of senior management’s activities. In a not-for-profit, the Board is responsible for governing the organization. The tips to follow can be the difference between a Board being able to effectively operate an organization versus inspiring and driving its success.
Continue ReadingMost condominium corporations in Ontario have an audit completed annually and the resulting financial statements are provided to owners, typically, in the Notice of Annual General Meeting.
Continue ReadingFinally done! I filled out that year-end checklist, and the auditor should have everything they need. Ugh, there is another email from them.
Continue ReadingAs 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.
Continue ReadingJane woke up early on a Sunday morning and decided she was going to get as many errands done as possible to prepare for the upcoming vacation. She decides to look for the forms to renew her passport. She starts her coffee brewing and sleepily googles “passport renewal” and clicks on the first link. It looks like a government website (It has the mini Canadian flag in the corner and appears professional) and it indicates that she can apply online. She types her personal information into the form. It asks for banking information so they can charge her directly from the website. Submit.
Continue ReadingOver 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.
Continue ReadingThe 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.
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