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
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: What information is included on the annual return? These returns contain important information about your
Information Certificates Amendments made to the Act now require corporations to prepare three new types of Information Certificates: Periodic Information Certificates (PIC) Sent out twice per fiscal year to all owners Information Certificate Update (ICU) Sent if there are certain key changes such as changes in Directors New Owner Information Certificates (NOIC) Sent to new owners
RLB’s Condo Team had the pleasure of being one of the exhibitors at the Canadian Condominium Institute – Grand River Chapter’s very first conference and tradeshow earlier this month! The exhibitors were offered an opportunity to share a tip or trick with the audience that related to the service they offer. RLB chose to focus
Annual Information Returns Condominium corporations are now required to file annual information returns with a goal of creating a publically accessible database of information regarding condominium corporations in Ontario. The filings are broken down into two categories; one-time filings and annual filings. Corporations will also be required to file a Notice of Change when the
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