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The complete set of financial reports, prepared at the end of each financial exercise, which shows the financial and accounting situation of the co-ownership. They include a balance sheet, the income statement for the preceding financial period, the statement of debts and claims. There are three types of accounting engagements to which the financial statements of a syndicate may be subjected, being an audit, a review, or a compilation (notice to reader). These documents are part of the register of co-ownership and shall be made available to any co-owner upon request.
23/07/2025
The contingency fund is at the heart of a co-ownership’s financial viability. However, according to Me Yves Joli-Coeur, Emeritus Lawyer and President of the RGCQ, half of Quebec’s co-ownerships do not have the necessary funds to carry out future major repairs. A concerning situation, especially as new co-ownership regulations are…...
10/06/2025
Managing a property entails distinct responsibilities depending on its ownership. While an individual owner enjoys complete autonomy regarding the maintenance of their property, co-ownership imposes a governance framework that oversees the preservation of collective assets. This distinction is central to management and asset management issues. An owner who enjoys exclusive rights…...
06/05/2025
The transitional meeting is a key step in the life of a divided co-ownership, marking the transfer of management power from the developer to the co-owners. It usually follows the publication of the declaration of co-ownership and the early stages of building occupancy. It takes place when enough units are…...
04/03/2025
Our co-ownership syndicate produces its financial statements annually and sends them to the co-owners at the annual meeting, in accordance with the law. However, we are wondering about the obligation to have them audited by a chartered professional accountant. Some co-owners request a formal audit, while others believe that it…...
17/09/2024
When you buy a unit in divided co-ownership, you do not only acquire an apartment. You also join a group of co-owners responsible for the accounts to be paid to maintain and preserve the building. It is therefore important to be careful and to check, upstream, the financial statements and…...
29/02/2024
Preparing a forecast annual budget is an unavoidable task in a co-ownership (condominium); its preparation, preliminary examination and adoption will ensure the proper functioning of the syndicate of co-owners. It is up to the board of directors to define the terms of the forecast annual budget based on the expenses that will have to…...
01/03/2022
In theory, your co-ownership doesn't necessarily need a Chartered Professional Accountant to present its financial information, whether it's financial statements, financial forecasts or financing applications. Competent administrators or a manager could do the work and present the required financial information well. However, the need may arise if the co-owners have doubts about…...
09/08/2022
January 27th, 2016. Among the various obligations imposed upon each and every Syndicate of co-ownership, there is a particular one worthy of note. It is the obligation to keep the list of the Syndicate’s co-owners and the books and registers necessary for the proper functioning of the Syndicate. This is…...