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Statement of the financial performance of the syndicate of co-owners, for a given period, showing revenues and expenses. If income exceeds expenses, this gives rise to a profit or surplus. Otherwise, there may be a loss or a deficit. The income statement is not a cash flow statement. Revenue and expenses shall be recorded on an accrual basis.
23/07/2024
With respect to the Annual General Meeting, the article 1087 of the Civil Code of Québec provides that certain documents must be attached to the notice of meeting.These documents are to be sent to co-owners so that they can ascertain the exact nature of the questions and issues to be…...
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…...
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05/01/2017
The statement of earnings is essential for performance assessment and informed decision-making. This statement is expressly required by the article 1087 of the Civil Code of Québec. It states that the income statement, in addition to the balance sheet, the budget and the statement of debts and claims, must accompany the…...
09/08/2022
Question: We would like to know if the law requires having our syndicate’s financial statements audited by an accountant....