Strata Property Act Updates – Increased CRF Contributions and Form Bs
- A recent order-in-council brought new changes to the Strata Property Act which will become effective later in 2023:
- Effective April 1, 2023, strata corporations and sections will have to provide a summary of their insurance coverage on the Form B: Information Certificate.
- Effective November 1, 2023, when approving budgets at the annual general meeting, strata corporations and sections will be legally required to contribute a minimum of 10% of the annual operating fund to the contingency reserve fund (CRF). The amount that owner developers must contribute to the contingency reserve fund for new strata developments has also increased.