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In Alberta, the "capital replacement reserve fund" is for major capital replacements and repairs.
In British Columbia, the "contingency reserve" is for expenses that do not occur annually.
The purpose of the funds in each province is a bit different.
In Alberta, a reserve study must be made, detailing the expected future expenses from the reserve fund. No study is required in BC.
In Alberta, this study must be made within 2 years of incorporaiton, and every five years thereafter.