Information Certificates are a new requirement in the Condo Act intended to improve communications. They are to be provided to owners during the year and updated using standard forms provided by the Condominium Authority of Ontario (CAO).
There are three types of information certificates:
- Periodic Information Certificate
- Information Certificate Update
- New Owner Information Certificate
Periodic Information Certificate (PIC)
The PIC includes information on finances, reserve fund, budget and insurance, and names of current board members. It must be delivered to owners twice during the corporation’s fiscal year, within 60 days of the end of the first and third fiscal quarters. The most recent PIC must be made available at the Annual General Meeting.
Information Certificate Update (ICU)
Certain events require an ICU. These include changes to the corporation’s service address, insurance coverage and director changes. Condo corporations can choose to pass a by-law requiring ICUs be sent out more frequently or upon the occurrence of additional trigger events.
New Owner Information Certificate (NOIC)
New owners are to be provided with a NOIC that includes current information concerning the corporation. This is to be delivered to a new owner within 30 days after an owner has advised the corporation of their purchase. The NOIC must include a copy of the most recent PIC and ICU that has been provided to owners.