It has just been announced that the Provincial Government has agreed to allow Condominium Corporations which came into existence before May 5, 2001 an additional 5 years to bring the Reserve Funds up to the required amount.
In other words, the Condominium Act, 1998 which came into effect on May 5, 2001 had required existing Condominium Corporations to top-up their Reserve Funds no later than May 5, 2011; those Corporations will now have an additional 5 years to complete the top-up required, in other words until May 2016.
This change will come into effect on July 1, 2010. The purpose of the extension is to help to reduce the impact that the HST will have, upon its coming into force on July 1, 2010.
Provided courtesy of Martin K.I. Rumack, Barrister & Solicitor
Martin K. I. Rumack is a Toronto based Barrister and Solicitor and is a regular contributor to the Muddy York Blog. Contact Information: 202 – 2 St. Clair Avenue East, Toronto, Ontario, M4T 2T5, Tel: (416) 961-3441 (Ext. 26). Mr. Rumack can be mailed directly at martin@martinrumack.com.
