It's a Condo Life

New Message Board

2010-02-25T01:15:00.000-05:00

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.

Enjoy!

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

2010-02-23T14:51:00.000-05:00

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!

Keeping Our Office Staff Safe

2010-02-07T10:07:00.000-05:00

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 ...

The 2009 Home Renovaton Tax Credit and Condominiums

2010-01-21T19:16:00.000-05:00

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...

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How Much Are My Condo Fees Per Square Foot?

2009-12-16T23:44:00.001-05:00

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.

Read more...

Creative Accounting

2009-12-09T23:44:00.003-05:00

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!

Smaller Condominium Corporations and Self-Management

2009-12-02T22:40:00.003-05:00

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.

It is important that all condominiums check with their local land registry office to determine their current address for service. This can be done with a title search.

It is not always feasible for some corporations to have their address for service the same as the physical location of the property, for example townhouses. In these situations, it is common for the address for service to be that of the property management firm, quite possibly a firm that no longer manages the condominium, or a previous board member who has since moved. Larger corporations who have a site office will probably have their Address for Service correctly registered.

This process does not have to be completed by a lawyer, there is a standard form available for this change, and you can find a copy of the Form 2 - Change of Address for Service at Traway Property Management. It simply requires a resolution at a duly called board meeting, completion of the form and registration at the land titles office. With many Municipalities going electronic, a clerk can register this form at a fraction of the cost of a lawyer.

For those of you looking for a clerk to perform this service, please contact Tracey McLellan (anonymously if you wish) for the name and telephone number of individuals who perform this service.

While this may seem to be a small housekeeping task, in law, a notice sent to the address for service on record is deemed delivered yet it may never reach the Board of Directors.

How Well Does Your Board Work?

2009-11-27T01:10:00.004-05:00

Evaluations work. A very effective practice for Board members is to evaluate the quality of their Board operations. Many times, Board members do not know what they do not know about their own Board. Board evaluations are mandatory in many for-profit industries. These Board members know it is critical to regularly conduct short, practical evaluations of their Board operations, and then act on the results of those evaluations during the year.

Read more ...

How to Conduct Effective Meetings

2009-11-23T12:04:00.005-05:00

I have been to many, many board meetings. For the most part, we accomplish what is on the agenda. This does not mean they were good meetings...

I stumbled upon a web-site in searching for resources for my visitors looking to improve their meetings. The Community Associations Network is an American website and although much of the information presented there does not work here in Ontario (legislative and legal differences), there is still a wealth of resources one can refer to. They have an educational video on how to hold effective board meetings. It is presented from the board’s point of view and management does not play a part. It is an excellent video that all boards should review. If there is a computer in the management office, I suggest they watch it as part of a meeting.

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To Borrow or Not To Borrow

2009-11-17T21:02:00.003-05:00

It is not a best kept secret, there are Corporations who, for various reasons, find themselves in a financial pickle. When funds are required now, boards are faced with three options:

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Harmonization of PST and GST

2009-11-16T12:32:00.004-05:00

Corporations should prepare their owners now for a minimum 5-7% increase in 2010.

The Federal Government intends to harmonize the GST and PST effective July 2010 (subject to Parliamentary approval). The governments position is that vendors and retailers will lower their current prices by an amount equal to the PST and then charge the GST. In a perfect world, this scenario would increase the cost of your purchases by approximately 5-6%.

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The Three P's of Property Management - People, People and People

2009-11-15T15:13:00.006-05:00

I was speaking with a business associate a few weeks ago. His line of business is in no way related to property management. It is an extremely stressful career choice that only a few can manage successfully. He owns a trucking brokerage firm where split second decisions can be the result of major profits or substantial losses. Yet he shakes his head in admiration of us front line property managers. Why, you may ask?

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Protection against fraud

2009-11-14T13:47:00.001-05:00

Protection of the Corporations funds should be first and foremost for both boards and management. On the issue of protection against fraud one should also consider protection for the management company. The management company is responsible for the maintenance, reconciliation and reporting of transactions in and out of the Corporations bank accounts. They should also have the ability to control who can and cannot draw funds against the account.

There are corporations who require 2 board members signatures on any cheques issued. A good start to monetary controls, but what protection does that offer the management company?

Proper financial controls should start with, at minimum, one signature from management and one from the Corporation.

Any additional thoughts?