Condominium Corporations are not-for-profit organizations formed to manage and govern condominium properties. They are managed by the property management company (in Ontario, these are to be licensed by CMRAO) and governed by a Board of Directors.

The Condominium Act requires to conduct certain activities annually:

• Holding an Annual General Meeting (AGM)
• Filing annual returns with CAO
• Preparing and approving financial statements
• Filing annual T2 returns with CRA
• Filing a provincial return (where applicable)

Similarly, the condominium board also must keep track of additional requirements. Some of these
include:

• Maintaining the required types of condominium insurance
• Updating the reserve study plan
• Complying with any additional requirements, including updating byelaws, etc.

As the allure of condominium living continues to rise, so does the complexity of managing condominium corporations. Behind the scenes of these vibrant communities lies a maze of financial intricacies and regulatory obligations that demand careful navigation. At Axil Alliance CPA LLP, we
understand condominium corporation’s challenges and offer tailored solutions to ensure their financial health and compliance.

Condominium corporations are unique entities operating within a framework of laws and regulations designed to protect residents and stakeholders. The responsibilities can seem overwhelming, from budgeting and financial reporting to tax compliance and reserve fund planning. That’s where our expertise comes in.

Where can we help?

• We can help and assist in accounting for corporations. These functions are typically
  embedded with the property management services
• We can act as a moderator in Annual General Meetings
• We can help you in the compilation, review and audit of the financial statements
• We can help you with filing T2 returns and federal/provincial returns as required
• We can help with HST registration and compliance in case of commercial condominiums
• We can provide advisory and consultancy services to property management companies and
  directors when required.