Author: Stephen Chesney

Uptick in fraud a wake-up call for condos

What property managers, boards and financial advisors should do about it In these economically trying times, as one would expect, fraud has been rearing its ugly head. Unfortunately, condominium corporations have increasingly become an easy target. The reason condos have a metaphorical bullseye on them is likely due to the widespread knowledge of legislation that […]

Condo finances feel the COVID effect

Will monthly owners’ fees take a hit? As one would imagine, the pandemic is affecting condo finances and causing corporations to spend a lot more money than they were expecting in various areas. First and foremost, condominiums had to buy personal protective equipment for their common areas such as lobbies and security desks. Many condos […]

A condo tax refresher

Filing information returns an often forgotten requirement Although condominium corporations in Canada are non-profit corporations, there are still tax implications and annual filings that are quite often being overlooked. This can become a costly omission on behalf of the condominium corporation or those responsible for preparing and/or filing the required returns. There can be late […]

HST misconception a sleeping giant

Not all condo fees exempt from harmonized sales tax Income tax considerations have received a lot of attention lately in Canadian condominium corporations. Meanwhile, it looks like another type of tax has been flying under the radar and could become a potentially significant liability for condominium corporations, boards of directors and management companies who may […]

Condo Dollars and Sense

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https://www.yalepgc.ca/wp-content/uploads/2021/06/Condo-Dollars-and-Sense-Reserve-Fund-Study-Stephen-Chesney-Yale-PGC-LLP.pdf