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Periodic Information Certificates (PICs) are semi-annual condominium reports required by Ontario’s Condo Act. Here we look at what your condo board needs to know about PICs to ensure you remain compliant with certificate regulations.
What is a Periodic Information Certificate?
Since 2018, the Condo Act has required condo corporations to prepare and distribute Periodic Information Certificates or PICs. Due within 60 days of the first and third quarter of your condo corporation’s fiscal year, PICs are designed to improve corporation/owner communication.
Specific forms must be completed and are available through the Condominium Authority of Ontario (CAO).
Why Does the Condo Act Require PICs?
PICs keep owners updated on financial, legal, and related condo information to maintain transparency of the corporation’s governance and financial health.
Understanding the Types of PICs & Timing
There are three types of PICS required by the Condo Act:
- Periodic Information Certificate: This certificate is sent out twice a year, covering news about your board, financial/reserve fund health, insurance, any legal proceedings, and condo bylaw updates.
- Information Certificate Update: Any of the following changes that occur before the next PIC is scheduled, must be shared via an ICU within 30 days:
- Board changes
- Corporation address change
- Changes to property management
- New contact information to request records
- New communication methods between the condo corporation and owners
- Insurance deductible changes or termination of corporation insurance
- Loss of quorum related to a board vacancy
- New owner Information Certificate: NOICs are due within 30 days of a new owner request and include the most recent PIC and ICUs.
What Happens if PICs are Not Distributed on Time?
Failure to comply with PIC regulations can lead to Condominium Authority Tribunal (CAT) penalties.
What Documents Do PICs Include?
PIC forms guide the information required and are submitted with the following documents:
- Your annual budget
- The certificate(s) of insurance
- Any compliance order
- Director disclosure forms
- Any additional documents provided for by your condo corporation’s by-laws
What is Director Disclosure?
According to Section 11.1(1)(i) of the General Regulation, the director disclosure forms share the following information:
- Are directors owners and do they live in their unit
- If directors are over 60 days in arrears
- Any legal actions a director or a “related person” are involved with
- Convictions under the Condominium Act in the past 10 years
- Direct or indirect material interest in a contract or transaction of the corporation
What “Additional” Information Should Be Included?
Additional information or documents your board should include would relate to new bylaws introduced by your corporation. However, each community is different and could have unexpected information required based on specific circumstances.
How is a PIC Distributed?
Regulations require that all owners can view, store, retrieve and print the PIC. Tenants are not included in PIC distribution, and delivery must be based on the owner’s preferred notification method, including:
- Delivering directly to the owner personally
- Via prepaid mail
- Fax
- Delivering to the owner’s unit or unit’s mailbox
- An updated PIC posted on the condo corporation’s website for at least 30 days in addition to notice using one of the above methods with the owner’s permission
To ensure compliance with certificate regulations, the preparation of PICs and any related ICUs and NOICs should include legal review. The assistance of a property management company can streamline the process, ensure all required forms are completed and that the necessary documents are attached.
The condo experts at CPO Management Inc, a full-service property management company in Toronto and the GTA, has the experience you need to complete PIC preparation and distribution to ensure you remain compliant. Reach out to us today to learn more about our condo services.
