Condo Owners Association COA

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FINANCIAL STRUCTURE OF A CONDOMINIUM

What determines your Maintenance Fee?

The Condominium Financials includes the operating budget, surplus of funds, contingency funds and the reserve funds of the Corporation.  The maintenance fee for each unit is assessed in relation to the square footage of the unit, parking and locker (if included).  The Budget will include all of the expenditures based on a fiscal year of operations.

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LEARN SOMETHING ABOUT CONDOS

Don't through your "hard earned" money away





Canada's Investigative Consumer Show

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Why

Condo Law

Must Change





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Warnings - Watch Dog needed for:

LIVE-WORK CONDO UNITS

ARE THEY OPERATING A BUSINESS?

ARE THEY LIVING IN THE UNIT?

DO THEY HAVE FULL TIME STAFF?


Many Condo Owners are operating in non-compliance of the Declaration and Avoiding Commercial Taxes by using live-work residential units to run their business.

If your Condo Building has a live-work unit make sure your Board of Director is adhering to their Condo Declaration.  In most cases main floor condo units have a door with direct street access and a common element door.

The Condo Declarations states:
Live-Work Unit Owners - Must Live in - to Work in Live-Work Units

The City and Municipal Property Assessment Corporation are watching for "Unscrupulous Condo Owners who use Live-work units to operate a full scale commercial business yet pay Residential Taxes when they should be paying Commercial Taxes which are 5 X's the amount for residential.    Unfortunately to make matters worst, some are on the Board of Directors yet their units are in non compliance to their Condo Declaration.  It is a potential fire hazzard and the Condo building insurance policies may be at risk considering these Owners are not acting on the best interest of the Corporation.


Building of Live Work Units
These units were not constructed as a commercial unit and the added utility costs of a 9:00 am - 5:00 pm  full scale business could be increasing your common element utility cost therfore increasing your maintenance fees. Your Condo Corporation may be at risk on your insurance policies because the units are not in compliance to the buildlng, zoning and fire codes.

If the Owner is a Director, the situation is worst because it is his/hers fiduciary duty to act in the best interest of the Corporation.


Do you know Someone operating a Live-Work Unit as a Commercial Store or Business -  Please call COA asap.
COA is working with Government to impliment stronger requirements and a tracking system to preven misuse and abuse of Live-work Units. to protect all Condo Owners.

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