It’s that time of year again! For the many corporations with December 31st year-ends, it’s time to work on your corporation’s budget for the next fiscal year. This can be a very daunting endeavor for many board members, particularly in the current economic climate.
A breakeven budget is one where the anticipated revenue is the same amount as the expected total expenses. A good starting point is to consider the accumulated General (or Operating) fund balance. Should the condominium carry a surplus? The Condominium Act of Ontario acknowledges there could be a surplus – in subsection 84 (2) they indicate a surplus can be used for ...
Shalon Seebach discusses how to manage a Condominium's cash flow during COVID 19.
Over the last several weeks, the Federal government has made several announcements regarding financial assistance programs that have been made available to corporations and individuals. You are probably wondering whether your condominium corporation is eligible for any of these. The answer is – maybe.
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