Ontario
Ontario reserve fund study requirements
How often an Ontario condominium corporation must update its reserve fund study, and what a stale study does to purchasers and lenders.
Duty record
What this duty is
The reserve fund study is the document that turns a building into a funding plan: a list of components, what is left of each one, what it costs to replace, and what the corporation therefore has to put aside each year.
Ontario requires it to be kept current on a cycle rather than done once, and the cycle counts from the last study rather than from the calendar, so a corporation that ran late once stays late until it catches up.
A stale study is visible from outside the building. It appears on the status certificate, purchasers' lawyers read it, and lenders treat a corporation with an out of date study as one whose contributions are unsupported.
Authority
Who is responsible, and when it is due
The rules pack puts this on the Treasurer.
Due 36 months after the last time the duty was completed.
This duty counts from something only your corporation holds, so it has no worked example from a fiscal year end alone. Inside Board Butler it is dated from your own records.
The duty in this article is Condominium Act, 1998 s.94 and O. Reg. 48/01
Evidence
What has to exist afterwards
A duty is met when there is something to show for it. The rules pack requires a document on file, and a recorded board decision.
Consequence
What happens if you miss it
The study is stale. Contributions are unsupported, purchasers see it on the status certificate, and lenders treat the corporation as unstudied.
The pack records no monetary penalty for this one, which does not make it cheap: the cost usually arrives later, through a purchaser, a lender or a tribunal.
Product record
How Board Butler handles it
Board Butler instantiates this obligation for your corporation from the same pack entry this article was built from, dates it from your own fiscal year end and your own records, puts it on the compliance calendar with the role responsible, and attaches the evidence as you produce it rather than asking you to file it afterwards.
Computed from rules pack CA-ON version 2026.3.
This page explains the rules in plain language and is not legal advice.
Get the whole year, not one duty
The statutory calendar tool computes your year from your fiscal year end, with the role responsible and the consequence beside each date.