The New Information Certificates
The amendments to the Condominium Act, 1998, will result in much more frequent communications to the owners with valuable information about the condominium. One new source of information is the information certificates: the periodic information certificate (PIC); the information certificate update (ICU); and the new owner information certificate (NOIC). The new certificates became a requirement as of November 1, 2017. Periodic Information Certificates (PICs) The periodic information certificate will provide owners with valuable information about the condominium, including:
- General: the directors and officers; the address for service for the condominium; and the number of leased units.
- Insurance: the policy number, deductible, and other information about the policies of insurance held by the condominium.
- Financial: if a budget surplus or deficit is likely; the reserve fund study balance, the annual contribution to the reserve fund, and the anticipated expenditures from it.
- Legal: any legal actions involving the condominium; any outstanding judgments; and any claims to Tarion for warranties.
- Disclosure: copies of the disclosure statements made by directors must be enclosed with the certificate; and the condominium must indicate if it has complied with all of its obligations for filing returns, paying assessments, and any compliance orders issued by the Registrar.
- By-laws: a condominium's by-laws may require additional information to be provided to the owners.
- change in the mailing address or the address for service of the condominium.
- change in the condominium's email address or other method of electronic communication for receiving record requests or delivering records.
- change in the directors or officers, including any vacancies, or a change in their addresses for service.
- change in the manager, management company, or other person responsible for managing the property, or a change to their address for service.
- change in the condominium's insurance deductible.
- termination of insurance.
- a loss of quorum on the board of directors.
- any other information the by-laws require.