Where to find it on your insurance document: Not on the insurance document. Your unit entitlement is on the strata plan or from your strata manager. The repair quote is in the engineer’s report or the council’s minutes, and the reserve fund balance is on the strata’s financial statements.
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
- Look at your bylaws first. They and the Strata Property Act say how a special levy or a loan is approved, and how large the vote has to be.
- A larger cushion for overruns, and engineering and permit costs, are easy to forget. Building repairs often cost more than the first quote.
- Borrowing spreads the cost but adds interest and fees. Compare it with each owner paying at once, and with owners borrowing on their own.
- Ask your strata manager for the unit entitlement of each lot. Do not guess, because the shares depend on it.
- A review of the strata’s financial statements by an independent CPA can give owners confidence before a large levy. See our strata financial review page.
Strata help in BC
Links open other websites. Programs change, so check each one is current.
- Strata financial reviews – an independent CPA review of the strata’s financial statements
- Strata Property Act (BC Laws) – the rules for stratas in BC
- Budgeting and strata fees (Province of BC) – budgets, strata fees and special levies
- Types of strata voting (Province of BC) – how votes work
- BC Financial Services Authority – the regulator for strata managers and strata insurance
- 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.