What legislation mandates licensing for condominium managers in Ontario?

The legislation that mandates licensing for condominium managers in Ontario is the Condominium Management Services Act (CMSA). This act outlines the requirements for individuals who wish to operate as licensed condominium managers, establishing a framework for regulation and compliance to ensure that managers possess the necessary knowledge and skills to manage condominium properties effectively.

In contrast, the CMRAO (Condominium Management Regulatory Authority of Ontario) is the regulatory body that implements the CMSA and oversees the licensing process, enforcing the regulations and standards set out in the act.

Accounting principles and the annual budgeting process are important components of financial management within condominiums but do not pertain to licensing requirements for condominium managers. They guide the financial practices and procedures that managers must follow but do not form the legal foundation for managerial licensing.