Audit Services
Condominium Corporations
We provide services to various property management companies in the Greater Toronto Area. We meet with board members and attend annual general meetings of the unit owners.
The annual audit along with the Corporation tax return and non-profit-information return (T1044) are filed yearly if certain criteria is met.
The annual audit of Condominium Corporations is necessary unless certain conditions are met.
If there is more than $50,000 in other income aside from common element assessments received from unit owners, HST number must be obtained, HST to be charged to clients and HST returns are to be filed.
Under the Condominium Management Services Act, 2015 (CMSA), individuals or businesses in Ontario must hold a licence issued by the Condominium Management Regulatory Authority of Ontario (CMRAO). Therefore having a licensed and registered condominium manager (R.C.M) to manage the daily operations is necessary.
Please provide us with the most recent audited financial statements and budget for a quote.
OTHER services
2. Changing of directors’ name with the Canada Revenue Agency and updating authorized representative. (Many condominium corporations face this issue with out of date directors’ names or in fact the names from Day one.)
3. Filing delinquent corporation taxes. (There are many condominium corporations out there that were registered decades ago and may not even have a business number and hence no corporation taxes were filed. During this period there were various property management company changes and financial records are sparse.)
5. Updating HST filing period from quarterly to annual
6. Corresponding with the Canada Revenue Agency
7. Missing records for financial audit?
10. Other matters not addressed above
Please reach out in order for us to understand the extend of the scope as each condominium corporation has a situation that may require a different kind of solution.
other resources
Annual Condominium Requirements Guide from the Condominium Authority of Ontario – Annual-Condominium-Requirements-Guide-June-1-1
Condo Audits – Accounting, auditing and Tax Guidelines for Ontario Condominium Corporations
Report on Reserve Fund Survey Findings – Report
Providing Condo Management Services – Interpreting Providing Condo Management Services
Value for Money Audit Condo Oversight – https://www.auditor.on.ca/en/content/annualreports/arreports/en20/20VFM_10condominium.pdf
CAO Best Practices Guide: Finance – https://www.condoauthorityontario.ca/wp-content/uploads/2023/05/Finance-Best-Practices-Guide.pdf
Condominium Management Services Act, 2015 – https://www.ontario.ca/laws/statute/15c28
Condominium Act, 1998 – https://www.ontario.ca/laws/statute/98c1