Condominium corporations required to register and pay assessment fees

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Condominium corporations required to register and pay assessment fees

 

Attention all condominium corporations!

It’s been one month since the CAO launched its website to the public with a goal to help improve condominium living by providing services and resources for condo owners.

As part of the changes to the Condominium Act, 1998, that came into effect on September 1, 2017, all condominium corporations in Ontario are required to pay annual assessment fees to the CAO. The initial assessment covers the period from September 1, 2017, to March 31, 2018.

Corporations must register through the CAO’s website and pay their initial assessments no later than December 31, 2017.

The CAO is currently reaching out to all condominium corporations in Ontario via mail and email, and through their condo management firms and/or condo managers.  If your condominium corporation or manager has not received a letter from the CAO, condo boards and managers are encouraged to designate one individual to contact the CAO at info@condoauthorityontario.ca to receive an invitation code and register the condominium.

Note:  For condominium managers or management firms that manage more than one corporation, the CAO can provide multiple invitation codes on request.  Managers can register all condominium corporations that they manage using a single account through the CAO site.

Calculation of Fees

The fees assessed to each condominium corporation have been calculated based on the equivalent of $1 per voting unit, per month. According to the Condominium Act, 1998, the total assessment fee for each condominium corporation is to be added to the common expenses. Individual condo owners are to be charged based on the percentage that they contribute to the common expenses, as set out in the condominium corporation declaration.

For more information visit the CAO website at www.condoauthorityontario.ca

— Submitted by Condominium Authority of Ontario