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Funds used to manage the day-to-day operations of the syndicate, including the maintenance and operation of common portions, and administrative duties.
09/08/2022
Co-ownership work is of the utmost importance. Yet, they are more often than not overlooked by the syndicates of co-owners. Work that needs to be done in common portions can be minor or major in scope. Yet one needs money to pay for them. Good financial planning is therefore advisable…...
17/04/2024
The contingency fund is set up on the basis of forward planning limited to certain work namely that which the purpose is the preservation of the common portions; thus, this collective saving allows to finance the execution of work allowing the rehabilitation of the common portions as well as the common portions for restricted use. The contingency fund must…...
09/08/2022
A syndicate of co-owners has the obligation to account for its operations by funds. The Civil Code of Québec requires the creation of a general fund, a contingency fund and in April 2022, the creation of the self-insurance fund. The creation of the early self-insurance fund is recommended. The general…...
09/08/2022
At our last annual co-owner's meeting, the board of directors informed us that it was going to take $10,000 from our contingency fund to set up a self-insurance fund. To justify their decision, the directors said that this will allow to avoid putting up a special assessment. Several co-owners seemed to…...