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13th Month Condo Fee

Author: 
Toronto Condo News
Publication date:
May 26, 2018
Article Summary: 

A 13th month fee is an additional month of condo fees that some condo corporations use to increase the Reserve Fund. It is an assessment that amounts to 8% of the current condo fees. However, it is not a part of condo governance documents and should be treated like a special assessment. It is better to address a Reserve Fund shortfall directly by increasing condo fees by 8% rather than masking it as a 13th month fee.

Keywords: 

13th month fee, condo fees, Reserve Fund, special assessment, governance documents, shortfall.



Source Citation: 
Toronto Condo News
13th Month Condo Fee
May 26, 2018
https://tocondonews.com/archives/13th-month-condo-fee/
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