The Ontario Condo Law Blog

The Ontario Condo Law Blog

Serving Ontario's condominium communities since 2008

Category Archives: Financial Issues

Subscribe to Financial Issues RSS Feed

Fraud Alert: Rogue management firm at large in Halton

Posted in Financial Issues, Legislation & Regulation
It is not a lawyer’s usual role to alert the public about possible crimes being perpetrated by suspected criminals at large, but we feel compelled to do so when police and government fail to take action and leave condominium corporations vulnerable to a rogue. Boards of small condominium corporations in Halton Region should check whether … Continue Reading

Policy prescription for pain-free collections

Posted in Financial Issues, Governance
Some of the most uncomfortable conversations that condo directors, managers and lawyers have with unit owners take place when owners cannot afford the monthly common expenses for their unit. While it is natural to show compassion to someone in trouble, significant problems and potential liabilities arise by delaying prompt collection action. Ontario condominium corporations have … Continue Reading

Powers of attorney essential for condo unit owners

Posted in Financial Issues, Living Together, News and Events
OBA BIG BOX3-03To encourage people to carefully consider and protect their families, assets and affairs, the Ontario Bar Association has made April its “Make a Power of Attorney Month.” A power of attorney (“POA”) is a legal document that gives someone else the right to act on a person’s behalf. These documents can be used to oversee … Continue Reading

Double Taxation Avoided

Posted in Financial Issues
Here's a special update on a ruling that should be carefully considered by condo corporations that own any common amenities in the form of units. Those condos should get legal advice about filing a Request for Reconsideration with MPAC by the deadline of March 31, … Continue Reading

“Do you want a loan with that balcony retrofit?”

Posted in Financial Issues, Maintenance & Repairs
Daily Commercial News reports on a trend emerging in response to the deteriorating physical and financial condition of older condominiums — "lender tenders." The article cites a report by GRG Building Consultants showing that condominiums built in the 1970s are in worse shape today in terms of their building envelope and structure compared to complexes … Continue Reading