Can I see the condo corporation's budget through the status certificate in Ontario?
The status certificate itself discloses the current monthly common expense contribution for the specific unit. It also must disclose any increases to common expenses that have been approved by the board but not yet in effect, any special assessments that have been approved, and whether the corporation's most recently approved budget anticipates any increase in common expenses.
The most recent audited financial statements for the corporation are often attached to or obtainable with the status certificate. These statements give a broader picture of the operating budget: where money is being spent, whether the corporation is running a surplus or deficit, and the reserve fund balance and contribution levels.
Reviewing the budget and financial statements — not just the common expense disclosure on the face of the certificate — gives you a complete picture of the corporation's financial health. A real estate lawyer experienced in condo transactions will review these materials as part of the 10-day status certificate review.
Key takeaways
- The certificate discloses the current common expense amount and any approved increases.
- Audited financial statements provide the full budget picture.
- Look for approved-but-not-yet-in-effect fee increases that would take effect after closing.
- Your lawyer should review financial statements as part of the 10-day review.