The Condominium Authority of Ontario (CAO) will continue its 25% reduction to the annual assessments for condominiums into the 2020-2021 year.
As many of our readers know, this is a continuation of the temporary reduction that was first offered for the 2019-2020 year. The CAO is in a position to offer the reduction again because its costs to deliver its services are projected to be less than its annual budget. This is again primarily due to the Condominium Authority Tribunal’s limited jurisdiction to address only records related disputes.
The CAO will automatically apply the 25% reduction to each condominium’s annual assessment, which will be shown on the assessment invoice.
This is good news for Ontario’s condominiums and owners as the CAO evidently remains committed to delivering cost effective services and making a difference in Ontario’s condominium industry.
This is also a good time to remind condominium Board’s and managers that annual returns can be filled as of January 2, 2020 for the 2020-2021 filing year, with the deadline being April 1, 2020.
Stay tuned to Condo Law News to keep up to date on the latest developments in condominium law!