Ontario · Condominium Act, 1998
Reserve Fund Studies for Ontario condominium corporations
A 30-year plan for the major repairs your corporation will face — what they will cost, when they fall due, and what owners must contribute so the money is there.
- Required
- Within 1 year of registrationthen updated at least every 3 years
- Classes
- Class 1, 2 and 3Class 2 and 3 alternate
- Prepared by
- Licensed P.Engsealed, and accountable for the report
- Deliverable
- 30-year funding planplus Notice of Future Funding (Form 15)
What the funding plan looks like
The study models the fund year by year against the repairs ahead. This example shows a corporation whose current contributions run out in year 13 — the point at which a special assessment becomes the only remaining option.
Swipe the chart to see the full 30 years
When each component falls due
Each major component is inventoried, inspected and given a remaining service life. The result is a schedule the board can plan against, rather than a surprise.
Swipe the chart to see the full 30 years
Which condominiums need a study
Every condominium corporation registered in Ontario needs a reserve fund study. What differs is the scope, and two things determine it: the legal type of the corporation, which decides what the common elements are, and the use of the property, which decides how those elements wear.
High-rise towers, mid-rise blocks and townhouse complexes. Common elements include the site and the building — envelope, roof, balconies, corridors, garage, and the shared mechanical and electrical systems.
ResidentialCommercialIndustrialThe homes are freehold, tied to the corporation as Parcels of Tied Land (POTLs). The corporation owns only the common elements — private roads, walkways, lighting, retaining walls and site services. No building envelope in the study.
ResidentialThe units are parcels of vacant land at registration; each owner builds the house on their own unit. The corporation is responsible for the roads, services and site works — so the study covers infrastructure rather than buildings, and the timing of registration matters because units may still be undeveloped.
ResidentialRegistered in phases as construction proceeds, with units and common elements added over time. The study has to account for a corporation whose asset base is still growing, and for components of different ages within one property.
ResidentialCommercialThe corporation holds a leasehold interest rather than freehold title, often on institutional or public land. The remaining lease term is a real constraint on the funding plan: replacing a component with a 30-year life on a lease with 18 years left is a different decision.
ResidentialCommercialCo-ops are not required to complete a reserve fund study, though many do — usually called a Capital Replacement Plan. Common elements often include unit interiors, which adds substantially to the work.
ResidentialAnd the use matters too
The same legal type behaves differently depending on what happens inside it.
Your corporation's name tells you the type
Ontario corporations are named for the land registry division they sit in and the type they were registered as — so the name on your status certificate identifies both.
Toronto Standard Condominium Corporation No. 2417
| Prefix | Stands for | What it tells you |
|---|---|---|
| TSCC | Toronto Standard Condominium Corporation | Standard type, Toronto division, registered 2001 or later |
| MTCC | Metropolitan Toronto Condominium Corporation | Pre-2001 registration — often a 1970s to 1990s building |
| TCECC | Toronto Common Elements Condominium Corporation | Common elements only; units are freehold POTLs |
| YRSCC | York Region Standard Condominium Corporation | Standard type in Vaughan, Markham, Richmond Hill and area |
| PSCC / PCC | Peel Standard / Peel Condominium Corporation | Mississauga and Brampton; PCC indicates a pre-2001 registration |
| DSCC | Durham Standard Condominium Corporation | Oshawa, Whitby, Ajax, Pickering |
| OCSCC / CCC | Ottawa-Carleton Standard / Carleton Condominium Corporation | Ottawa and eastern Ontario |
| SCC | Simcoe Condominium Corporation | Barrie, Midland, Orillia and Simcoe County |
| WSCC | Waterloo Standard Condominium Corporation | Kitchener, Waterloo and Cambridge |
| HSCC / WCC | Halton Standard / Wentworth Condominium Corporation | Halton municipalities and Hamilton respectively |
If you are unsure which type your corporation is, send us the name and we will tell you what the study needs to cover. Working in British Columbia instead? The equivalent document there is a depreciation report.
The three-year cycle
Ontario requires a comprehensive study in the first year, then updates at least every three years, alternating between a study with a site visit and one without.
Swipe the chart to see the full 30 years
What each class includes
The class determines the scope. All three end in a funding plan and a Notice of Future Funding. For a fuller explanation see classes of reserve fund studies, or what your corporation's prefix means.
| Included in the study | Class 1 | Class 2 | Class 3 |
|---|---|---|---|
| Site visit | Yes | Yes | No |
| Condition assessment (visual inspection) | Yes | Yes | No |
| Component inventory | Yes | No | No |
| Remaining life expectancy of components | Yes | Yes | No |
| Evaluation of fund status | Yes | Yes | Yes |
| Reserve funding plan | Yes | Yes | Yes |
| Notice of Future Funding (Form 15) | Yes | Yes | Yes |
How we do it
Typically four to eight weeks, depending on the size of the property and how quickly documents come together.
Components we assess
Scope depends on your declaration — what the corporation is responsible for, not what it happens to own.
Related Insights
Reserve fund requirements have changed more than once since 2001. Our Insights timeline records the regulatory and standards changes affecting this work, in order.
Reserve fund studies by area
We work throughout Ontario, generally within 500 km of the GTA. Each region and city has its own page, with local detail and the corporation prefixes you will see there.
Regions
Cities
- Ajax
- Barrie
- Bowmanville
- Brampton
- Burlington
- Cambridge
- Cobourg
- Cornwall
- Guelph
- Hamilton
- Kitchener
- London
- Markham
- Midland
- Milton
- Mississauga
- Newcastle
- Newmarket
- Niagara Falls
- Oakville
- Orangeville
- Orillia
- Oshawa
- Ottawa
- Parry Sound
- Peterborough
- Pickering
- Port Hope
- Richmond Hill
- St. Catharines
- Thornhill
- Toronto
- Vaughan
- Waterloo
- Welland
- Whitby
- Windsor
- Woodstock
Common questions
Reserve Fund Study Questions
Is a reserve fund study mandatory in Ontario?
Yes. Under the Condominium Act, 1998, every condominium corporation in Ontario must complete a comprehensive reserve fund study within one year of registration and update it at least every three years.
How often must a reserve fund study be updated?
At least every three years. Updates alternate between a Class 2 study, which includes a site visit, and a Class 3 study, which updates the financial projection without one.
What is the difference between Class 1, Class 2 and Class 3?
Class 1 is the comprehensive study, including a full component inventory and site visit. Class 2 is an update with a site visit and revised condition assessment. Class 3 is an update without a site visit. All three produce a funding plan and a Notice of Future Funding.
Who can prepare a reserve fund study in Ontario?
A qualified person as defined in the regulation, most commonly a licensed Professional Engineer or an architect. Every study we prepare is sealed by a licensed Professional Engineer.
How long does a reserve fund study take?
Typically four to eight weeks, depending on the size and complexity of the property and how quickly the corporation's documents are available. Larger properties with multiple buildings take longer.
What is the Notice of Future Funding, or Form 15?
It is the notice the board must send owners and the auditor after receiving the study. The board has 120 days to propose a funding plan, then 15 days to send the notice summarising the study, the plan, and any differences between them.
Do industrial and commercial condominiums need a reserve fund study?
Yes. The requirement applies to every condominium corporation registered in Ontario regardless of use. What differs is the scope, because the common elements differ between residential, commercial and industrial properties.
What is a special assessment and how does a study help avoid one?
A special assessment is a one-time charge levied on owners when the reserve fund cannot cover a necessary repair. A current study identifies future costs early enough for contributions to be adjusted gradually instead.
Due for a Reserve Fund Study?
Send us the corporation name and the property address — we'll confirm which class is due and reply with a fixed quote, usually within one business day.