top of page
White Columns
< Back

1507451 Ontario Ltd. v York Region Standard Condominium Corporation No. 1302 - 2019 ONCAT 23 - 2019-07-25

Corporation:

1OLYRSCC 1302

Date:

2019-08-01

Under:

CAT Decisions - Decision
Access to Records
Compliance with Settlement Agreement
Fees, Costs, Penalties

Summary:

1507451 Ontario Ltd. sought enforcement of a settlement agreement with the York Region Standard Condominium Corporation No. 1302 that required the respondent to provide access to certain records. The respondent did not comply with the settlement agreement, with some records remaining outstanding and some financial statements failing to meet requirements. As a result, the Condominium Authority Tribunal imposed a penalty of $750.00 and an award of costs of $5,597.00 against the respondent. The Tribunal also confirmed that a condominium corporation must provide audited financial statements that meet generally accepted accounting principles and comply with statutory obligations under the Condominium Act.

Verdict:

the quick verdict from the case of 1507451 Ontario Ltd v York Region Standard Condominium Corporation No. 1302 is that the respondent did not comply with the settlement agreement, resulting in a penalty of $750.00 and costs of $5,597.00 being awarded against them. The case highlights the importance of fulfilling settlement agreements and providing accurate and audited financial statements in accordance with the Condominium Act.

Takeaways:

Non-compliance with Settlement Agreement: The respondent in this case did not comply with the terms of a settlement agreement that required them to provide certain records to the applicant. The applicant argued that not all requested records were provided and that the financial statements provided were not audited and did not meet the prescribed standards.

Penalties and Costs: As a result of the non-compliance, the Condominium Authority Tribunal imposed a penalty of $750.00 against the respondent and awarded costs of $5,597.00 to the applicant. The penalty and costs were determined based on the respondent's failure to fulfill the settlement agreement.

Importance of Proper Financial Statements: The case highlighted the significance of providing audited financial statements that comply with generally accepted accounting principles. The applicant contended that the financial statements provided by the respondent were informal and did not meet the required standards set by the Condominium Act.

Recommendations: 

Compliance with Settlement Agreements: It is important for parties involved in a settlement agreement to fulfill their obligations as stated in the agreement. In this case, the respondent did not comply with the terms of the settlement agreement, leading to penalties and costs. To avoid such situations, parties should ensure they fully understand and commit to the terms of any settlement agreement.

Accuracy and Compliance of Financial Statements: The case highlighted the need for accurate and audited financial statements that adhere to the required standards set by the Condominium Act. Condominium corporations should ensure that their financial statements are prepared in accordance with generally accepted accounting principles and fulfill the requirements outlined in the Act.

Timely and Complete Disclosure of Records: The applicant in this case requested various records from the respondent, including by-laws, financial statements, board meeting details, maintenance contracts, and more. It is recommended for condominium corporations to promptly and fully disclose all requested records to the requesting parties in accordance with the Condominium Act. Failure to do so may result in penalties and legal consequences.

bottom of page