Published January 7, 2021. This article reflects the rules and conditions at the time of writing and may not be current — always confirm against the latest provincial legislation.
The past year was filled with economic and personal challenges for many Canadians, and condo ownership was not immune. A relief program specific to condominium corporations was introduced to help boards manage funds.
As stated in the Condominium Property Act in the Province of Alberta, section 27.1 allowed boards to transfer funds currently in their reserve funds into the operating fund for the purpose of temporarily paying for the control, management and administration of the property. The requirements and eligibility included:
A declaration of emergency had been proclaimed — in these circumstances, a state of public health emergency under the Public Health Act.
The corporation had received lower revenues from contributions compared to expected revenue.
As a result, a shortfall existed between revenue received and expenditures to be paid.
To look further into the requirements and steps to transfer reserve funds, refer to the Condominium Property Act.