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An account opened by a financial institution in the syndicate’s name to deposit the co-owners contributions to the contingency fund . This distinct account should be set up to avoid intermingling the amounts deposited to the general operation fund (for day-to-day operations) with those deposited into the contingency fund and into the self-insurance fund.
08/07/2024
I've recently become a co-owner. The building I live in, which is over 30 years old, has 10 units. The contribution to the reserve fund is substantial. In fact, it consumes 20% of the condominium's budget! This seems excessive to me. The other co-owners share this concern and question if…...
19/06/2024
With the entry into effect of the Civil Code of Québec in 1994, the legislator introduced the obligation for every syndicate of co-owners to have a contingency fund in order to anticipate and to finance the future expenses to repair and to replace the common portions; this fund is strictly reserved…...
16/06/2024
In the case of contingency funds, a syndicate of co-owners must have guidelines for the investment of the sums accumulated in the fund. It must clearly define the return and risk objectives for a given period while taking into account constraints such as liquidity needs, the legal context and exceptional…...
16/06/2024
The contingency fund constitutes first and foremost a prevention tool. The desire to incite co-owners to anticipate the completion of important work is not news. Prior to the entry into effect of the Civil Code of Québec in 1994, it was a frequent occurrence for a co-ownership (condominium) to have…...
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…...