Year-End Filings Coming Due? Things to Remember

Date
31 May 2022

Getting your year-end filings done on time is good for everyone! You’ll fulfill your co-op’s legal obligation and get your Agency performance reports that much sooner. Also, Agency staff would rather do other things than hound you for documents. 

Here are a few helpful reminders for you when your fiscal year end is closing in.   

  • Your auditor needs to web-file your Annual Information Returns (AIR) within four months of your co-op’s fiscal year-end. 
  • A complete year-end filing  includes your audited financial statements, signed board certification and one or more of the following:
    • your rent-supplement reconciliation
    • your rental-assistance reconciliation
    • (for S95 co-ops) your income-tested assistance reconciliation, or 
    • (for UN and P85 deep-subsidy co-ops) your housing-charge reconciliation.
  • No need to wait for your members to approve the audited statements before submitting them! Because the statements are signed by the directors, only board approval is required. 
  • All documents should be submitted to us electronically - via email or fax. We’d rather not get hard copies, unless absolutely necessary.  

For more information on preparing for your year-end, please check out our pre-audit AIR checklist.

Your First Deadline

If your co-op receives funding from the Rent Supplement Program or the Rental Assistance Program, you are required to file your reconciliation two months after your fiscal year end.

The Agency needs to approve your reconciliation before the auditor  can file your AIR, so to meet the four-month AIR filing deadline, it’s important to submit your reconciliation on time.  

Why File on Time?

If the Agency hasn’t received your complete filing four months after your fiscal year end, your co-op will not be in compliance with its CMHC agreement. If we still haven’t received your filing seven months after your fiscal year end, your co-op’s non-compliance is then escalated to a breach.

Non-compliance with annual filings could affect your co-op’s eligibility for funding programs, such as CMHC’s Preservation Fund. It could also make refinancing more difficult.
 

Directors in Arrears

8% of Agency clients have board members in arrears. Good work, especially in a COVID year. In 2007,  28% reported director arrears.