Guide
Reserve fund study requirements by province
Eleven of Canada's 13 provinces and territories require condominium corporations to get a reserve fund study, but the rules differ. Most require one every 5 years, Ontario every 3, and New Brunswick and Newfoundland and Labrador every 10. Most require a projection of 25 to 30 years. Prince Edward Island and Nunavut have no requirement.
The rules side by side
Swipe the table sideways to see every column.
| Province | What it's called | How often | First study | Minimum projection | Worth knowing |
|---|---|---|---|---|---|
| Where Reserve Plus prepares studies | |||||
| Alberta | Reserve fund study | 5 years | Within 2 years of plan registration | 30 years | Board adopts a reserve fund plan after each study. Corporations of 12 units or fewer may prepare their own study by special resolution. |
| British Columbia | Depreciation report | 5 years | Within 2 years of having 5 or more lots (stratas formed after Dec 14, 2011) | 30 years | Mandatory for 5+ lots; no deferral vote. Deadlines July 1, 2026 (Metro Vancouver, Fraser Valley, CRD) and July 1, 2027 elsewhere. At least three funding models. |
| Saskatchewan | Reserve fund study | 5 years (12+ units) | Within 3 years of the first AGM | At least 25 years (most providers model 30) | Corporations under 12 units are not required to have one. The preparer must carry $1,000,000 in liability insurance. |
| Manitoba | Reserve fund study | 5 years | Within 3 years of registration | 30 years | No minimum balance, but buyers must be told both the actual and the recommended balance. Board reviews the study each year. |
| Ontario | Reserve fund study (Class 1, 2 or 3) | 3 years | Class 1 within 1 year of registration | 30 years | Class 1, then Class 3 (no site visit), then Class 2 (site visit), alternating. Notice of Future Funding within 120 days. |
| Northwest Territories | Capital reserve study | 5 years | In time for the second AGM | 25 years | Each AGM reviews the capital reserve fund plan and approves contributions. Plans under 7 units can opt out by special resolution; plans under 13 units can do their own study by special resolution (R-098-2008, ss. 9 and 10). Developer contributes at least 10% of operating expenses until owners take control. |
| Other provinces and territories (Reserve Plus does not currently prepare studies here) | |||||
| Quebec | Contingency fund study | 5 years | Existing syndicates: within about 3 years of August 14, 2025. New buildings: from the developer at handover | 25 years | Every syndicate, whatever its size. A maintenance logbook is also required. The board must set contributions to match the study. |
| Nova Scotia | Reserve-fund study | 5 years (10 or more units) | Filed by the declarant before the declaration is registered | 20 years | Every 5 years since May 2023 (it was 10). Under 10 units: no study, but contributions must reach 100% of annual common expenses within 5 years. |
| New Brunswick | Reserve fund study | 10 years, updated every 3 (more than 10 units) | Before the project is approved | 30 years | Studies and updates are filed with the Director within 30 days. 10 units or fewer: a reserve fund equal to the annual operating budget instead. |
| Prince Edward Island | Not required | Not required | Not required | Not set | The Act has no reserve fund or reserve fund study requirement. A study is still how a board plans for major repairs. |
| Newfoundland and Labrador | Reserve fund study | 10 years (10 or more units) | Before the first unit is sold | 30 years | Under 10 units: the reserve must reach 100% of the annual operating budget within 5 years. The preparer must carry professional liability insurance. |
| Yukon | Reserve fund study | 5 years (3 or more units) | New condominiums: before the first AGM. Existing condominiums: by October 1, 2027 | Set by regulation | Condominiums 10 or more years old on October 1, 2022 may waive the study by special resolution, a year at a time. 2 or fewer units are exempt. |
| Nunavut | Not required | Not required | Not required | Not set | Nunavut kept the older Northwest Territories Act and has no reserve fund study requirement. |
The law, and who can prepare the study
Alberta
Law: Condominium Property Act and Condominium Property Regulation (Alta. Reg. 168/2000).
Who can prepare it: Engineers, architects, AACI appraisers, certified reserve planners, quantity surveyors, ASET technologists; independent of the corporation.
British Columbia
Law: Strata Property Act, s.94, and Strata Property Regulation 6.2.
Who can prepare it: Designated professionals: engineers, architects, AACI appraisers, certified reserve planners, applied science technologists and others; independent of the strata.
Saskatchewan
Law: The Condominium Property Act, 1993 and Regulations, 2001.
Who can prepare it: Engineers, architects, applied science technologists, AACI appraisers, certified reserve planners.
Manitoba
Law: Condominium Act (S.M. 2011, c. 30, Sch. A) and Condominium Regulation, M.R. 164/2014.
Who can prepare it: Engineers, architects, certified technologists (CAST or C.E.T.), AACI appraisers, certified reserve planners; independent of the corporation.
Ontario
Law: Condominium Act, 1998, s.94, and O. Reg. 48/01.
Who can prepare it: A person of a prescribed class under s.32 of O. Reg. 48/01, such as an engineer, architect or technologist; independent of the corporation.
Northwest Territories
Law: Condominium Act, R.S.N.W.T. 1988, c. C-15, ss. 19.10 to 19.13, and Condominium Regulations (R-098-2008).
Who can prepare it: Engineers registered with NAPEG, certified reserve planners, AACI appraisers; independent of the corporation.
Other provinces and territories
Quebec
Law: Civil Code of Québec, art. 1071, and the Regulation establishing various rules concerning divided co-ownership (in force August 14, 2025).
Who can prepare it: Members of the Quebec orders of engineers, architects, chartered appraisers and professional technologists whose work is mainly in building management, construction, renovation, assessment or inspection; a CPA may also prepare the study; independent of the syndicate, its board and its manager.
Nova Scotia
Law: Condominium Act, R.S.N.S. 1989, c. 85, s. 31, and Condominium Regulations, ss. 77 to 81.
Who can prepare it: Professional engineers licensed in Nova Scotia with experience in costing and building construction or restoration; independent of the corporation and the declarant.
New Brunswick
Law: Condominium Property Act, S.N.B. 2009, c. C-16.05, s. 40, and General Regulation 2009-169.
Who can prepare it: AACI appraisers, architects, engineers, certified engineering technologists and certified reserve planners; independent of the corporation.
Prince Edward Island
Law: Condominium Act, R.S.P.E.I. 1988, c. C-16.
Who can prepare it: No statutory list.
Newfoundland and Labrador
Law: Condominium Act, 2009, SNL 2009, c. C-29.1, s. 49, and Condominium Regulations, 2011.
Who can prepare it: AACI appraisers, architects, engineers, certified reserve planners and professional quantity surveyors; independent of the corporation unless every owner consents in writing.
Yukon
Law: Condominium Act, 2015 (in force October 1, 2022) and Condominium Reserve Fund Regulation.
Who can prepare it: Qualified persons such as CPAs, architects and professional engineers, at arm’s length from the corporation and the developer.
Nunavut
Law: Condominium Act (Nunavut), R.S.N.W.T. 1988, c. C-15.
Who can prepare it: No statutory list.
What every province has in common
Whatever it is called, the study does the same job everywhere: it inventories the common property, assesses its condition, estimates when each component will need repair or replacement and what it will cost, and recommends contributions so the money is there when the work is due. Every jurisdiction with a requirement also requires the person preparing it to be independent of the corporation, its board and its manager, though Newfoundland and Labrador lets every owner waive that in writing.
What changes is the cadence, the horizon, who may sign, and what the board has to do afterwards. Those details decide whether a study complies, so check them against the province page before you hire anyone. For more detail, see Ontario's study classes, BC's deadlines and our cost guide.
Common questions
How often is a reserve fund study required in Canada?
It depends on the province or territory. Every 5 years in Alberta, British Columbia, Saskatchewan (12 or more units), Manitoba, the Northwest Territories, Quebec, Nova Scotia (10 or more units) and Yukon; every 3 years in Ontario; and every 10 years in New Brunswick (with an update every 3) and Newfoundland and Labrador. Prince Edward Island and Nunavut do not require one.
Is a depreciation report the same as a reserve fund study?
Yes, in substance. British Columbia calls it a depreciation report, the Northwest Territories a capital reserve study, and the other provinces a reserve fund study. Each is an inventory of common property, a condition assessment and a long-term funding plan.
How many years must a reserve fund study project?
At least 30 years in Alberta, British Columbia, Manitoba, Ontario, New Brunswick and Newfoundland and Labrador; at least 25 years in Saskatchewan, the Northwest Territories and Quebec; and at least 20 years in Nova Scotia. Most providers model 30.
When is the first reserve fund study due for a new condo?
Within 1 year of registration in Ontario (Class 1), within 2 years in Alberta, within 3 years of registration in Manitoba, within 3 years of the first AGM in Saskatchewan, and in time for the second AGM in the Northwest Territories. In BC, a strata formed after December 14, 2011 needs its first report within 2 years of having 5 or more lots.
Who can prepare a reserve fund study?
Every province lists qualified professions, typically engineers, architects, accredited appraisers (AACI), certified reserve planners and certified technologists, and every province requires the preparer to be independent of the corporation. The exact list differs by province.
Can condo board members be held responsible for not getting a reserve fund study?
The study is the corporation’s legal duty, and the board is responsible for carrying it out. In Alberta, British Columbia, Manitoba and Ontario, the statute requires directors or council members to act honestly and in good faith, with the care, diligence and skill of a reasonably prudent person, and owners can take the corporation and its board to court or a tribunal for not complying with the Act. Ontario’s Act also protects directors who rely in good faith on a report from an engineer or other professional. A skipped study, or one whose recommendations were ignored, is often what owners point to after a large special assessment. This is general information, not legal advice; a condominium lawyer can say how it applies to your board.
What documents should the board gather before the study?
The registered condominium or strata plan and bylaws; the previous reserve fund study or depreciation report; the last two years of financial statements, the current budget and the current reserve fund balance; a list of major repairs and replacements since the last study, with dates and costs; maintenance contracts and service reports for elevators, roofing, mechanical, fire safety and other systems; building drawings and specifications if you have them; warranty documents for newer buildings; and a note of known problems and planned projects. Missing documents do not stop a study, but each one makes the estimates sharper.
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