Our dedicated condominium team understands the nuances and unique nature of condominiums, and can provide your corporation with practical, expert advice on obligations and regulations exclusive to condominium corporations. We can help you identify potential compliance or financial issues that the board may not be aware of, explain your options and assist in a resolution that meets your needs.
Always professional, reliable and friendly. Never once had an issue.
– Waterloo North Condo Corp. No. 050
What do you and your condominium corporation get from audited financial statements? Do you really need an audit? With any large investment it is essential to have an independent opinion of financial health, and that’s exactly what an audit does for you.
If your condominium has 25 units or more, then the answer is yes, you need an audit. The Condominium Act requires that any corporation with 25 or more units must have an annual audit prepared.
If your corporation has less than 25 units you can elect not to have an audit completed. You will, however, need to have unanimous written consent from all owners to waive the audit obligation.
Whether or not your Condominium Corporation needs to have an annual audit completed, you do need to ensure you are meeting your corporate tax filing obligations.
We are able to help you identify potential compliance or financial issues that the Board may not be aware of, explain your options and assist in a resolution that meets your needs. By attending your AGM, we can touch on specifics that are of interest to unit holders. Getting to know and trust your auditors creates a comfortable environment to ask questions, and presents an opportunity for us to share valuable knowledge.
We have customized our financial statements to make them easier for you, the board and unit holders to understand. They still contain all of the information required, but are presented in a clear, less complicated format, often reducing questions for your property manager.
Are you in compliance with Ontario’s Condominium Act? The Condominium Act was introduced in 1998 but was last amended in 2019. This act outlines all the requirements that condominiums must follow with a wide range of topics, including the amount of reserve funds to be maintained, the board structure, operations, common expenses, and the daily administration of repairs and maintenance. Learn more about The Condominium Act and let the team at RLB help you navigate this process.
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Contact us for a complimentary consultation to learn more about how we can help your corporation.