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Fraud: Make sure the board is drinking their morning coffee

Fraud: Make sure the board is drinking their morning coffee
September 18, 2020

Jane 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.

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Condos and COVID-19 – Government Assistance Programs

Condos and COVID-19 – Government Assistance Programs
April 28, 2020

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.

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Condo Finances and COVID-19

Condo Finances and COVID-19
April 15, 2020

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.

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Condominiums and Taxes!

Condominiums and Taxes!
March 12, 2019

The basic activity of a condominium, collecting monthly common element fees, qualifies it as a not-for-profit organization. A corporate tax return is filed annually but no taxes are assessed. In addition, the corporation may have to file a Non-Profit Organization (NPO) Information Return. This return must be filed if combined interest and rental income exceed $10,000 in the current fiscal year, if the corporation owned assets valued at more than $200,000 at the end of the previous fiscal year or if the corporation has ever filed an NPO Information Return in the past. It is important to file this return within six months of the fiscal year end to avoid penalties. This return does not assess tax but can impose penalties, if filed late, of $25 per day up to a maximum of $2,500.

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It’s time to file your annual CAO return!

It’s time to file your annual CAO return!
February 26, 2019

All condo corporations in Ontario are legally required to file annual returns with the Condominium Authority of Ontario (CAO). Make sure you are prepared to file your return. Read our blog post about frequently asked questions regarding CAO returns:

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What are the Changes to the Condominium Act? (Part 3)

What are the Changes to the Condominium Act? (Part 3)
May 18, 2018

Accounting Tip: Cheque Signing

Accounting Tip: Cheque Signing

What are the Changes to the Condominium Act? (Part 2)

What are the Changes to the Condominium Act? (Part 2)
March 12, 2018

Annual Information Returns

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What are the Changes to the Condominium Act? (Part 1)

What are the Changes to the Condominium Act? (Part 1)
February 15, 2018

Bill 106 is an act to amend the Condominium Act of Ontario, 1998, to enact other Acts with respect to Condominiums (i.e. New Home Warranties Plan Act) and the Condominium Management Services Act, 2015. Along with Bill 106, the Ontario Government created two new administrative authorities called the Condominium Authority of Ontario (CAO) and the Condominium Management Regulatory Authority of Ontario (CMRAO).

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