Where to find it on your insurance document: Not on the insurance document. The budget is in your strata’s annual general meeting package, and your unit entitlement is on the strata plan or from your strata manager. The insurance premium is on your insurance summary or invoice.
How to use it: type your numbers in the boxes (the examples are only there to show how it works) and the results update right away. Nothing is sent to us. Use Save my numbers to keep a copy on your own computer.
What this tool does and does not include
- The starting numbers are examples only. Replace them with your own.
- Simplified estimates for a BC strata corporation. They leave out many real-life details such as your bylaws, the exact policy wording, lender conditions and GST.
- Rates and rules change. Confirm them with the firm or the government before you act.
- Information only. This is not tax, accounting, legal or financial advice.
Good to know
- Strata fees are mostly your share of the annual budget: operating costs, insurance and the contribution to the contingency reserve fund.
- Insurance can be one of the biggest lines. A large premium change at renewal can move your monthly fee noticeably.
- Ask your strata manager for the budget in the annual general meeting package and for your unit entitlement.
Strata help in BC
Links open other websites. Programs change, so check each one is current.
- Strata Insurance Lines Explained – every line of a strata insurance summary in plain and technical language
- Strata Special Levy Calculator – each unit’s share of a levy by unit entitlement
- Strata financial reviews – an independent CPA review of the strata’s financial statements
- Strata finances and insurance (Province of BC) – official guidance
- Strata Property Act (BC Laws) – the rules for stratas in BC
- Talk to the firm – book an initial consultation
More strata tools
Want advice for your own situation?
This free tool is a courtesy of HJ Wu & Company Inc. (CPA), a Vancouver CPA firm offering accounting, tax, financial reporting and review assurance. Feedback on the calculators is welcome.