Once you purchase a unit in Ontario you are bound by the Condominium Act which was put in place in 1998 to protect both you and the other owners in the building. The Act enforces the Rules and Regulations of the Corporation and payment of common expenses by charging a penalty when there has been a violation.
Reserve fund studies are done periodically to determine whether or not the fund is able to cover the cost of maintenance and repairs. The board of directors then notifies all owners of the results and establishes a plan to ensure that the reserve fund is adequate. Remember too that the board of directors is made up of your neighbours so they have the same goal that you do; to create a comfortable home that will continually gain equity.
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Condominium Act 1998