Honey, I need the basement back Alberta laws changed in 2020 to set out specific time frames for how long various condo documents need to be kept
Author of the article: Roberto Noce
Publishing date: Jun 04, 2021 • 5 hours ago • 2 minute read • There is a legal need to keep condo board documents but fortunately, there is a time limit on many. Photo by Getty Images/iStockphoto
Reviews and recommendations are unbiased and products are independently selected. Postmedia may earn an affiliate commission from purchases made through links on this page.
Article content
Question: Our condominium corporation is more than 25 years old, and we are self-managed. I have been on the board for at least 20 years. I have boxes of minutes, financial reports, invoices and other documents of the corporation in my basement. My wife has now demanded that I get rid of the documents so that we can have our basement back. No one from the board wants the boxes. How long do
Article content
Question: In the past three years, our monthly condo fees have jumped from $450 per month (in 2019) to $530 per month (in 2020) to a whopping $650 per month (in 2021). As well, the board has told us that our reserve fund is too low. Some of the money from our monthly condo fees will be used to play catch-up for our reserve fund. Are these increases legal, and what is the required amount for our reserve fund? Please help!
Answer: Yes, the increases are legal. There is nothing in the Condominium Property Act that provides any direction with respect to increases for condo fees or the required size of a capital reserve fund. The amount in the reserve fund will vary from condominium building to condominium building. The amount is generally determined by a reserve fund study provider (eg. engineer) who conducts a reserve fund study and provides that information to the board.
Condo fees are a case of 'pay me now or pay me later' calgaryherald.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from calgaryherald.com Daily Mail and Mail on Sunday newspapers.