September 3, 2019 - Many syndicates believe entrusting the management of a co-ownership to a volunteer co-owner is the ideal scenario. He is unpaid and lives in the building, which will make it easier for him to solve problems. But in reality, those who take the time to evaluate the pros and cons of the services of a condo manager often discover that his presence could allow a competent administration and generate savings.
The condo manager is a one-man or one-woman orchestra but is also the unfailing ally of the syndicate of co-owners. Directors who do not have the expertise to properly manage their building should, perhaps, consider using his services. This will prevent the risk of potentially costly errors. Sound building management is essential to avoid slippages that can cause considerable damage to a collectivity of co-owners.
Whereas the federal government is preparing the legalization of marijuana for recreational purposes, several syndicates of co-ownership are concerned of the impact this decision will have on their immovable. Therefore, it would be advisable that they ban growing and smoking cannabis. Even more so that presently many people consider, for various reasons, that this substance must be prohibited and that they should seize the opportunity to do so now. After the adoption of Bill C-45, such an exercise may be more difficult.
Every January or February, the manager, the accountant or the administrator of the co-ownership syndicate must complete, at the request of the co-owners concerned, the form TPZ-1029.MD.5-V for the tax credit for home support services for seniors. Completing this form requires an analysis of the accounting books to use only eligible expenses. This work can take a lot of time, depending on the volume of transactions of the condominium. It is tempting to charge the co-owner requesting this form a fair amount of professional fees for the production of the said document. Especially that in condominiums, the trend is according to the user-pays principle. Can we do it?
The statement of financial position, also known as the balance sheet, lists the assets, liabilities and net assets of the co-ownership syndicate at a specific time. It is a picture of the financial situation at a given date compared to other statements that usually cover a full fiscal year.
The statement of financial position shows assets on one hand and liabilities and net assets on the other. Assets are always equal to liabilities plus net assets. Everyone knows the famous quote "nothing is lost, nothing is created, everything is transformed". This principle is reflected in accounting. The statement of financial position is always balanced since the asset is financed either by the creditors (liabilities) or by the co-owners (the net assets).
September 29, 2017 – Proxies, coveted by many when a decisive co-ownership vote is foreseen, are a formidable tool during general meetings. Their validity of is often challenged, along with many attempts to render them ineffective. What should you know?
April 18, 2017 - To answer the question of whether you are a victim of intimidation or not, you need to know what constitutes intimidation. Indeed, in co-ownerships and throughout our interactions with others in society, we can experience conflictual situations that are not necessarily intimidation.
Day-to-day co-ownership life, in particular, can lead to many conflictual situations: disagreements between co-owners and directors about a board decision or on work to be carried out; on budgets; on the interpretation of a provision of the declaration of co-ownership or of a by-law; on the obligation of one or another to act when confronted to a problematic situation, etc.
February 27, 2017 - Noise is a common nuisance in co-ownership. It is an extremely sensitive issue, to the extent that many declarations of co-ownership provide stringent by-laws in this area, particularly within multi-floor buildings.
Managing noise issues is a necessity for any Board of Directors and co-owner. This task is however difficult, since what constitutes a nuisance is both objective and subjective. With this in mind, to eradicate harmful noise, the first step is to find its source. We have identified three major causes.
February 16, 2017- It is sometimes difficult for co-owners to figure out, at the organizational stage of their syndicate, their rights and obligations .The function of director is often complex, but it is even more so when the first directors replace the provisional director of the syndicate, in essence the representative of the developer.
February 11, 2017 - On November 11, 2016, Honorable Pierre-A. Gagnon, c.q j., rendered an interesting decision on insurance matters. Although his decision is not strictly related to co-ownership, it could be an eye opening example for several co-owners or syndicates. Here is the situation.
The owners of a home purchased home insurance under a “standard” "multi-risk" policy. The policy took effect on November 30, 2007 for a period of two years. It was renewed four times.