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ARTICLE · 09 AUGUST 2022

Top 8 Deadlines For Condominium Corporations: Part 1

Miller Thomson
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Whether it's early days of a new condominium or thereafter, condominium corporations should be mindful of a number of important deadlines.

CanadaReal Estate and Construction
Jason Rivait
Jason Rivait
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Whether it's early days of a new condominium or thereafter, condominium corporations should be mindful of a number of important deadlines. We've listed our top eight deadlines for condominium corporations below:

1. First-year budget deficit

  • Section 75 of the Condominium Act, 1998 (Ontario) provides that the developer is responsible for any shortfall in the first year budget.
  • The Corporation must notify the developer, in writing, within thirty (30) days of receiving the audited financial statements of any first-year budget deficit.
  • The developer is responsible to make the Corporation whole for any deficit, but they are not responsible for a deficit as a result of change to services.

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