Strata Corporation Finances (22:VIII): Difference between revisions
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Strata Corporation Finances (22:VIII) (view source)
Revision as of 18:01, 1 August 2023
, 1 August 2023→2. Unit Entitlement
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There are, however, exceptions in which common expenses are allocated using a different formula than the formula in s 99 (s 100(1)). For example, certain common expenses that relate to and benefit only limited common property can be allocated to only those strata lot owners entitled to the use of that limited common property. If different “types” of strata laws are distinguished by the bylaws, common expenses that relate to and benefit a particular type of strata lot can be allocated to only the strata lots of that type. | There are, however, exceptions in which common expenses are allocated using a different formula than the formula in s 99 (s 100(1)). For example, certain common expenses that relate to and benefit only limited common property can be allocated to only those strata lot owners entitled to the use of that limited common property. If different “types” of strata laws are distinguished by the bylaws, common expenses that relate to and benefit a particular type of strata lot can be allocated to only the strata lots of that type. | ||
== 2. Unit Entitlement == | === 2. Unit Entitlement === | ||
=== a) Relating to Owners ==== | ==== a) Relating to Owners ===== | ||
“Unit Entitlement” is the number used in calculations to determine the strata lot’s share of common property, common assets, common expenses, and common liabilities of the strata corporation (s 1(1)). The SPA and the SPR require the calculation of contributions to the operating fund, the contingency reserve fund, and a special levy to be based on unit entitlement. Otherwise, if a strata corporation has failed to calculate contributions to the operating fund in accordance with unit entitlement, the owner may be able to obtain an order from the CRT requiring the corporation to determine the correct strata fee calculations. | “Unit Entitlement” is the number used in calculations to determine the strata lot’s share of common property, common assets, common expenses, and common liabilities of the strata corporation (s 1(1)). The SPA and the SPR require the calculation of contributions to the operating fund, the contingency reserve fund, and a special levy to be based on unit entitlement. Otherwise, if a strata corporation has failed to calculate contributions to the operating fund in accordance with unit entitlement, the owner may be able to obtain an order from the CRT requiring the corporation to determine the correct strata fee calculations. | ||
=== b) Relating to Limited Common Property === | ==== b) Relating to Limited Common Property ==== | ||
23-49 | 23-49 | ||
Provided there is no alternate formula adopted by way of a s 100 resolution, the SPR allows for the formula in s 99 to be amended for operating fund expenses that relate to and benefit only limited common property as follows: | Provided there is no alternate formula adopted by way of a s 100 resolution, the SPR allows for the formula in s 99 to be amended for operating fund expenses that relate to and benefit only limited common property as follows: | ||
