A large part of the practice of Colin Gray CPA CA Professional Corporation is condominium accounting and auditing throughout the year. We are leaders in both residential and commercial condominium audits. Condominiums are required to file tax returns with the Canada Revenue Agency (CRA) and we prepare the Corporation Income Tax Return, T2, and Non-Profit Information Return, T1044 for our condominiums.

In addition, the auditor must:

• Ensure that the board is complying with the reserve fund study
• Verify that the level of reserve funds follows the general outline of the board’s implementation of the recommendations contained in the study
• Provide a written auditor’s report before each annual meeting so that this report is included in the AGMs package of documents that owners receive before the meeting
• Report findings and conclusions to the board and owners at the annual general meeting, if requested
• Report on deficiencies of internal control systems
• Report on violations of condo act as discovered as part of our audit work
• As auditor we give an opinion on whether the financial statements are free of material misstatement using a variety of procedures in accordance with Canadian Auditing Standards.