Land Title Practice Manual

3.1 Amounts Payable To Strata Corporation

In This Volume

3.1 (1) For the purposes of section 14(5) of the Act, the owner developer must pay to the strata corporation an additional amount calculated as follows:

(a) if the accrued expenses are at least 10% greater but less than 20% greater than the estimated operating expenses, the additional amount is the amount payable under section 14(4) of the Act multiplied by 2;
(b) if the accrued expenses are at least 20% greater than the estimated operating expenses, the additional amount is the amount payable under section 14(4) of the Act multiplied by 3.

(2) For the purposes of section 17(b) of the Act, the owner developer must pay to the strata corporation.

(a) $1,000 if the first annual general meeting is delayed for a period of up to 30 days after the date required under section 16 of the Act, and
(b) $1,000 for each additional delay of 7 days.