Restrictions on Condominium Bank Accounts? Here’s Our Take

This blog discusses the restrictions placed on condominium investments under the Condominium Act, which require investments to be government-issued or guaranteed or insured by CDIC/DICO. However, the author argues that these restrictions do not apply to the corporation's regular operating and reserve fund bank accounts. The requirements for these bank accounts are outlined in Section 115(3) of the Condominium Act, which specifies that the accounts must be located in Ontario at an authorized financial institution. The author believes that this exemption makes sense as condominium corporations may need to hold more than $100,000 in their bank accounts to transact business.