A condominium corporation must prepare an annual report every fiscal year and distribute the report to owners and mortgagees at least 14 days before the annual general meeting (AGM).
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 depreciating property repaired or replaced during the fiscal year. Plus, the cost to repair or replace the property
- the reserve fund projected for the current fiscal year
Last updated: July 2022