Questions boards usually ask us

It depends mostly on the number of units, how many bank and investment accounts the corporation has, and how organized the year-end records are. Your proposal states one fixed fee covering the audit, statements and T2. If something unusual comes up, we talk to you before doing any extra work.

Yes, in almost every case. The Condominium Act, 1998 requires owners to appoint an auditor and requires audited financial statements to be presented at each AGM. The main exception is a corporation with fewer than 25 units where all owners consent in writing to not appoint an auditor.

Owners normally appoint the auditor at the AGM, so most switches take effect for the next year-end. If your current auditor resigns or the position is vacant, different rules apply. Tell us your situation and we will explain the options.

The usual year-end package: trial balance and general ledger, bank and investment statements, the budget, board minutes, major contracts, the reserve fund study, and a list of owner arrears. We send a dated checklist before year-end.

Fieldwork usually takes one to two weeks once the books are closed. From year-end to signed statements is typically two to four months, which leaves time for the AGM notice period.

Yes. Condo corporations generally qualify as non-profit organizations and are exempt from income tax, but they still file a T2 each year. Many must also file a T1044 information return, depending on total assets or investment income. We confirm which apply and file both.

On request, yes. We can briefly present the statements and answer owners’ questions, which takes pressure off the treasurer and the property manager.