Even a very small co-op needs a paid bookkeeper to make sure its money is properly accounted for. Beyond that, a property manager knows the annual and seasonal routines that will keep the property secure and well cared for. When the essential tasks are looked after, volunteers will have the time to
We’ve learnt from your feedback that many co-ops are not sharing their Plain-Language Financials with their members. Because the Agency introduced this service to help members get a better grasp of their co-op’s statements, we asked why. The answers varied. Some boards just haven’t thought of it
S95 co-ops are well aware that their Subsidy Surplus Reserve is not allowed to grow beyond $500 per unit plus interest. Anything more than that must be paid back to Canada Mortgage and Housing Corporation (CMHC). Our clients are busy and some find the refund process something of a nuisance. This is
The money in a co-op’s Subsidy Surplus Reserve is not allowed to grow beyond $500 per unit plus interest. Anything more is paid back to CMHC every year. This process has not always gone smoothly for some of the Agency’s clients. We knew there was a better way, so we proposed a change, which CMHC has
The Co-operative Housing Federation of Canada (CHF Canada)’s new bulletin helps federal co-ops determine future eligibility and access to GST/HST Rebates after operating agreements end.
On behalf of Canada Mortgage and Housing Corporation (CMHC), the Agency for Co‑operative Housing manages the federal government’s co-operative housing programs in British Columbia, Alberta, Ontario and Prince Edward Island.
Our approach is risk-based, data-driven and client-focused. Using data our
Being under-insured puts a co-op at risk. Insurance protects against a misfortune that strikes without warning. In a housing co-op anything can happen, from a fire - several major fires have occurred over the past few years - to a staff person or president gone missing, along with the entire capital
Under new federal rules introduced in August 2016, landlords have little recourse if a tenant is growing licenced medical marijuana in their unit. There’s a risk, though, that insurance policies will not cover damages from any activities deemed ‘high risk’, and, in most cases, the operation of a
By this time, all Agency clients know that we encourage you to invest in—or update—a building condition assessment (BCA). If you are refinancing, your co-op will also need environmental testing and an appraisal from a firm acceptable to the lender you are approaching. What you may not know is that
Comparing 2007 and 2020, we saw the median annual contributions per unit almost triple ($1,026 per unit to $3,052).