Section 26.3 of the Condominium Act ,1998 (the Act) sets out the timing and the content for information certificates. These certificates help to ensure that owners receive ongoing information about their condo corporation throughout the year. There are three types:
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:
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.