What entity is responsible for managing the affairs and finances of a condominium?

The Condominium Corporation is the correct answer because it is the legal entity established when a condominium is created and registered under the Condominium Act. The corporation is responsible for managing the affairs and finances of the condominium as it represents the collective interests of all unit owners. This includes enforcing the rules and regulations, maintaining common elements, and ensuring that the financial obligations of the condominium are met, such as budgeting, collecting fees from owners, and managing any debts or obligations.

While the Condominium Board and the Property Management Company may have significant roles in the management process, they operate under the authority of the Condominium Corporation. The Condominium Board is typically composed of elected unit owners who make decisions on behalf of the Corporation, while a Property Management Company may be hired to handle day-to-day operations and financial tasks, but it still acts on behalf of the Corporation. The term "Condominium Association" is not commonly used in Ontario's legal framework and may lead to confusion, as it suggests a different kind of organization that does not effectively capture the functions and responsibilities of a Condominium Corporation.