i was recently elected to the condo committee and am trying to find out the maximum that can be charged to owners who are late in paying their expenses - condo association dues, electricity, water, laundry etc . The condo act of 2008 section 18 specifies 12% for expenses less than 6 months old and 20% for those older than 6 months:

Section 18/1 In the case where a joint owner fails to make payments set forth under Section 18 with the prescribed time, such joint owner shall pay surcharge at the rate not exceeding twelve percents (12%) per year of the amount unpaid without compound interest charging provided, however, that this shall be in accordance with the requirements set forth under the Bylaws.

A joint owner with an amount in arrears under Section 18 from six months and upwards shall pay surcharge at the rate not exceeding twenty percents (20%) per year and may be suspended from receiving common services or using common property as set forth under the By-laws including the non-existence of the right to vote in the General Meeting.

Our condo manager tells me that this was recently changed to 15% for all late expenses but i cannot find any confirmation of that in the internet. Does anyone have any updated information on this? also would be curious what your condo association is charging for late expenses

When you say condo manager I assume you mean the building manager not the JPM.

The good JPM would never make such a statement.

The condo is allowed to treat these values as Max. fines. If your rules specify a lower value -so be it.

An amendment to the condo act is required to modify current values.

The condo where I live charges 1% per month for the first 6 after that 1.66% per month. -no compounding

If that fails then its time to see the judge

Edited May 20, 201214 yr by Delight