Responsibility for Trust Funds

As a board, your responsibility for handling condominium funds is much different than, for example, in a private company.

In Alberta, the Condominium Property Act requires that all money received must be deposited into a trust account in the name of the corporation within 2 days of being received.

These trust funds cannot be commingled. For example, they cannot be maintained in a "general account" with other money. The funds must be deposited into an account in the name of the corporation within 2 days of receipt.

In Alberta and BC, any funds not required immediately can be invested. But only in eligible investments, discussed here.