Blog Posts with the #CondoFinances tag

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October 14, 2021 - Educational
Tag(s): #Audit #CondoFinances #CondoLifeIsGrand #Educational

Who’s responsible for preparing your condominium's financial statements?

Most condominium corporations in Ontario have an audit completed annually and the resulting financial statements are provided to owners. But what about those condos that have less than 25 units and have waived the audit - do they still have to provide financial statements to the owners? The answer is...

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September 2, 2021 - Educational
Tag(s): #CondoFinances #CondoLifeIsGrand #Educational

Pesky Questions about Pests from the Auditor

Oops… I forgot to tell the auditor that we had a killer bee invasion at the condominium corporation in 2020 which drove up our pest control costs. Luckily, there were no lawsuits or injuries from the attack of the killer bees and the situation was dealt with quickly.

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July 22, 2021 - Educational
Tag(s): #CondoFinances #CondoLifeIsGrand #Educational #Legal

Condominium Warranty Coverage: Uncovered

Understanding Performance Audit Common Element Warranty - No building is perfect, and construction is definitely not perfect. You are protected by a warranty when you move into a new condominium. Understand the process to protect your real estate asset.

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June 3, 2021 - Educational
Tag(s): #CondoFinances #CondoLifeIsGrand #Educational #Legal #Maintenance

Building Materials Price Increases – Can a Condo Loan Help?

This blog intends to give as much information as possible on the current issue of building materials price increases, which materials are being affected, and how this may impact condo boards when deciding when or if to do repairs to the condo.

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May 27, 2021 - Educational
Tag(s): #CondoFinances #CondoLifeIsGrand #Educational #Maintenance

The War on Grass (Not “That” Grass) – Sod vs. Seed

It’s spring and the warm weather is upon us. The snow and ice have melted, the ground is starting to warm, and you look forward to seeing that lush, green lawn.

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February 4, 2021 - Educational
Tag(s): #CondoFinances #Educational #Q&A

Does Our Condo Budget Have To Be “Breakeven”?

We want to carry some surplus in our operating fund – is that ok, and if so, can we plan for it?

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January 28, 2021 - Educational
Tag(s): #Audit #BoardofDirectors #CondoFinances #Educational

Why Do You Still Use Cheques?

Why are you still using cheques? It cannot be because they are expensive, or a hassle to get two board members to sign. It cannot be because your vendors enjoy chasing you down and maybe even intercepting you before it hits the postal box.

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December 17, 2020 - Educational
Tag(s): #BoardofDirectors #CondoFinances

Financial Statements - What Are Our Options?

The financial statements of your condominium corporation are an important tool. While most condominium corporations are required to have an audit completed, some smaller corporations can waive this requirement... are there other types of financial statements available?

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October 15, 2020 - Updates for Members
Tag(s): #CondoFinances #Educational

Fraud: Make Sure the Board Is Drinking Their Morning Coffee

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”.

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September 9, 2020 - Educational
Tag(s): #BoardofDirectors #CondoFinances #Educational

Condominiums and Taxes

Can income from interest and rentals jeopardize your condominium’s non-taxable status? This article will help you to understand which income sources may attract income tax as well as how to determine if your corporation should register for Harmonized Sales Tax.

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