- Periodic information certificate (PIC) – Sent out twice per fiscal year to all owners (within 60 days of the end of the first quarter and 60 days of the end of the third quarter). Includes key information about the corporation’s board, finances, insurance, reserve fund, legal proceedings, and other matters.
- Information certificate update (ICU) – Sent to owners if there are certain key changes before the next scheduled PIC (like changes in the directors or officers of the condo corporation). To be distributed within 30 days of the change.
- New owner information certificate (NOIC) – Sent to new owners within 30 days after the new owner provides written notice stating their name and the unit that they own in the corporation. A NOIC covers the most recent PIC and any subsequent ICUs.
Condo corporations may pass by-laws to include additional information in all three types of certificates, and increase the frequency of PICs and ICUs.
Some condo corporations are exempt from these requirements if:
- they’ve held a turnover meeting under section 43 of the Condominium Act; and
- the owners of at least 80% of the units consent in writing to dispense with the requirements.
With that in place, the exemption applies to information certificates required to be sent for the remainder of the particular fiscal year.
Corporations must use the mandatory forms on the Condominium Authority of Ontario website, which walk through how to compile the information in the certificates. Much of the contents in the certificates should be readily available, i.e. information that’s already included in status certificates that corporations typically prepare for unit purchasers.
To reduce the amount of material they must print for distribution to owners, corporations can make use of a notice of online posting. Or they can enter into agreements with owners for electronic delivery of the certificates.
Other provisions of the Condominium Act, 1998 (the Act) will further improve openness about the corporation, including new rules for notices of meeting and for access to records.