“What is the Contingency Reserve Fund for a Strata Corporation?”
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Answer:
Strata corporations must have a contingency reserve fund (also known as “CRF”) to pay for common strata expenses that:
- Usually occur less often than once a year, or
- Do usually not occur
The contributions from the strata owners to the CRF should be included in every budget approved at the annual general meeting.
Source: Strata Property Act & Roland Kym’s Industry Experience