Definition : Contingency fund - Contribution to the contingency fund

Amounts of money required from the co-owners by the syndicate to build up financial reserves (contingency fund) to be used to pay for future work related to major repairs and the replacement of common portions.

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The Contingency Fund is to be used strictly for major repairs and replacements of common portions. It should not be used to fund their maintenance.
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Question: After the sale of my apartment, can I ask for the refund of the contributions I paid into the contingency fund?
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November 1st 2016 - A condominium syndicate has the obligation to report its operations using the fund basis of accounting. The article 1071 of the Civil Code of Quebec imposes indeed the creation of a contingency fund. Every condominium has to set up accounts distinguishing the general fund for common operations, sometimes called the administration funds, and the contingency funds.
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Co-ownership work is of the utmost importance. Yet, they are more often than not overlooked by the syndicates of co-owners. Work that needs to be done in common portions can be minor or major in scope. Yet one needs money to pay for them. Good financial planning is therefore advisable in the medium and long term, so that the community of co-owners can adequately protect its real estate investment. Replacing windows, the roof or rehabilitating the underground parking slabs, to name just a few examples, is usually very expensive. Three options are available to the syndicate to pay for this work:
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À partir des différents scénarios couverts par l’étude du fonds de prévoyance, le conseil d’administration établit le plan de financement qu’il privilégie. C’est en fonction de ce plan qu’il pourra fixer la contribution des copropriétaires au fonds de prévoyance.
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La contribution requise des copropriétaires au fonds de prévoyance variera selon la méthode de calcul choisie par les membres du conseil d’administration. Il en existe deux principales.
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I am a recent co-owner. The building I live in has 10 units. The contribution to contingency fund is substantial. In fact, it represents 20% of the budget of the co-ownership! That seems excessive. Question: Is there a ceiling to the amounts to be paid in the contingency fund   
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Le fonds de prévoyance est constitué en fonction d’une planification prévisionnelle limitée à certains travaux. Il ne concerne que les réparations majeures ou le remplacement des parties communes de l’immeuble. Le conseil d’administration doit donc savoir identifier clairement ce que signifient ces deux termes.
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