Financials & Accounting

The Condominium Authority of Ontario's September 2024 report highlights concerns over the financial health of condo reserve funds. It emphasizes the need for better planning, collaboration, and owner education to ensure long-term viability of condominiums.

BC will require depreciation reports every five years for strata corporations. This change aligns with Ontario's practice of mandatory reserve fund studies every three years, aiming to prevent budget shortfalls and unexpected costs.

The Canadian Institute of Actuaries recently analyzed the reserve fund situation across Canada and made several recommendations for improvements.