Beginning January 7, all condominium corporations can file their 2019-2020 annual returns with the Condominium Authority of Ontario (CAO). The CAO will also be implementing a temporary 25 per cent adjustment in its annual assessments to condominium corporations for the 2019-2020 year. This temporary reduction demonstrates the CAO’s commitment to operating efficiently, to providing good value for money and to assessing corporations only for the funds needed to provide our services.
All condo corporations are legally required to pay assessments annually to the CAO. The CAO set its fees at $1 per voting unit per month (i.e. $12 per voting unit per year) after undertaking a comprehensive fee consultation in the summer of 2017.
Under the Condominium Act, 1998, the CAO has the authority to assess condominium corporations to fund its services. The temporary adjustment of 25 per cent against the total assessment amount for the year ahead is being applied because the CAO’s projected costs for delivering its services will be less than the annual budget, owing in part to the limited jurisdiction of the Condominium Authority Tribunal to receive only records disputes at this time.
As the CAO continues to grow and enhance its services to meet the needs of condo communities, we are committed to delivering value and making a difference to Ontario’s condo sector. The CAO continues to work hard to deliver on its mandate while being fiscally responsible in order to stay within the base fee amount of $1 per voting unit per month going forward.
This temporary reduction will automatically be applied against the total assessment amount owing for each corporation and will appear on each corporation’s annual invoice.