A condominium board is required to prepare an annual report every fiscal year. It must be made available to owners before, or at the time, the notice of the next annual general meeting is provided.
The annual report must include the following information:
- the amount of the reserve fund on the last day of the previous fiscal year;
- all payments made into and out of the reserve fund for that year;
- a list of the capital common property that was repaired or replaced during the fiscal year; and
- the cost to repair or replace the property.
Once in force, the Condominium Property Amendment Act will require the annual report to be distributed to owners at least 14 days before the annual general meeting.
Last updated: September 2015