Condo Clear Services | Strata Tip of the Week

One surprising issue, that we continue to encounter time and time again, is strata fees being calculated incorrectly. Yes, you heard it right. Strata corporations or management companies are not always calculating the strata fees correctly.

Just because the Form B lists the monthly strata fee for the unit, doesn’t mean that the amount noted is always correct. The good news is that it’s easy to verify the correct monthly strata fees, if you have the right information.

So here’s what you need and how you can check:

1. The info you’ll need:

• The total annual contributions for the current fiscal year.

  (found in the budget, which must be provided with the Form B)

• The Form V - Schedule of Unit Entitlement.

  (filed with the Land Title Office, or if the strata was built pre-2000, this will be part of the Strata Plan)

  2. The formula you’ll need: