Thursday, February 25, 2010

New Message Board

We have opened up a new message board on our web-site.  Some important points to keep in mind when posting:
  • The message boards are for informational and entertainment purposes only. Information included in a message board should not replace consultations with a qualified professional.
  • These message boards are NOT monitored for content. Traway Property Management does not verify the information placed on any message board and, therefore, cannot judge the merits or lack thereof, of any offering, information, suggestions, ideas, opinions or advice.
  • Please note opinions and views voiced on these forums are not necessarily those of Traway Property Management Services.


Tuesday, February 23, 2010

Ontario's Home Renovation Tax Credit - Finally Some Straight Answers

As posted on the blog of Chris Jaglowitz from Gardiner, Miller Arnold, the Toronto chapter of the Canadian Condominium Institute has posted a series of questions and answers regarding the new Home Renovation Tax Credit.  The complete document can be found here.

Time to get those calculators out!

Sunday, February 7, 2010

Keeping Our Office Staff Safe

For those of you who live in the Greater Toronto Area, it was reported today that an incident at a rooming house in Toronto resulted in the death of it's operator. Read this City News article.

This horrific story should serve as a reminder to all managers and on-site staff of the importance of personal safety in our workplace.

Read more ...

Thursday, January 21, 2010

The 2009 Home Renovaton Tax Credit and Condominiums

The 2009 Tax forms are out and instructions on claiming the credit for the new Home Renovation Tax Credit can be found on page 38 of the 2009 General Income Tax and Benefit Guide. To begin, you list your  expenses on Schedule 12. For condominium owners, this may include amounts spent by the Corporation, in addition to your personal expenditures.

One of the qualifying conditions for condominium owners is if "the condominium has notified you in writing of your share of the expenses". This places the onus on the Corporation to calculate and report to the owners their share of eligible expenses...

Read more

Wednesday, December 16, 2009

How Much Are My Condo Fees Per Square Foot?

Attempting to compare Condominium common element fees is like comparing apples to oranges. Always was, always will be.

Let’s examine two identical properties, high rises located in the same geographical area. Both buildings have a pool, party room, security, underground parking and 5 board members.


Wednesday, December 9, 2009

Creative Accounting

We will shortly be adding a series of videos aimed at helping homeowners and board members understand their financial statements, both in-house and those presented at the AGM.

In the meantime, I thought this might provide a little comic relief to the nasty snow!

Wednesday, December 2, 2009

Smaller Condominium Corporations and Self-Management

There are many smaller condominium Corporations popping up all over Ontario. Self management for them makes perfect sense rather than hiring a management firm who will charge a minimum (if you can find one for a community that small). One item I feel is noteworthy in this situation is that it is important that financial matters are handled professionally. Very often you can get accounting services from a local bookkeeper at reasonable rates.

But that is not the point of this article.