CAO return overdue? File it ASAP!
Most condo returns were due to be filed by March 31, 2018. Has your condo filed yet? What about any notices of change that you may have been required to file, for instance after a change in directors or managers? Have you confirmed with the person responsible for filing the return that he or she has filed it on behalf of the corporation? A quick reminder never hurt. How? The filing process is only online, but it is apparently easy to use. The CAO has a very useful table that lists the information required to complete notices of change and the returns: https://www.condoauthorityontario.ca/en-US/condo-returns/condo-corporation-filing-summary/. Once you have all of the information collected it shouldn't take more than a few minutes to complete the return or notice of change. If you need to complete more than one return (i.e. initial and turn-over) the system will remember the information you entered the first time and populate the second return for you. It sounds efficient! Also, the CAO acknowledges that the online system is a work in progress so if you have any comments about the filing system they would like to hear from you. What for? The information from the returns and notices of changes will be used to update the database the CAO has created on all of the condominiums in Ontario. The database is now available to the public on the CAO's website. You can search to see if your condo (or others) are registered. My condo is registered, thanks to our great management team! To see the database, you can visit here: https://www.condoauthorityontario.ca/en-US/public-registry/ Why? I've been at presentations where someone in the audience will ask "what if I don't file the return?" or "what if we don't pay the assessment?". Well, first of all, directors are legally required to complete those tasks so failing to do so would be a breach of their duties, which could expose them to all sorts of liabilities, including personal ones. If that isn't enough of a reason, failing to file returns when required or remit payment for the assessment is an offence under the Act. The penalty? For individuals, a fine of up to $25,000.00 can be imposed and for corporations the fine can be up to $50,000.00. Other Resources The CAO's website contains a number of useful resources, like help guides, answers to common questions, and news. The resource section includes a variety of useful links, including news from the Ministry of Government and Consumer Services. The most recent update was related to the new requirements for electric vehicle charging.