What type of tasks are considered mandatory per the Act during the fiscal year?

Mandatory milestones refer to specific tasks and obligations that condominium corporations must fulfill according to the Act during their fiscal year. These tasks are legally required to ensure proper governance, financial accountability, and adherence to regulations set forth for condominium living in Ontario. Examples may include preparing financial statements, holding annual meetings, and maintaining records as prescribed under condominium laws.

On the other hand, discretionary projects, optional activities, and social events do not hold the same weight of obligation under the Act. Discretionary projects are initiatives that a board may choose to pursue but are not required by law. Optional activities are those that may enhance community engagement but are not mandated. Social events are purely voluntary and often focused on community building rather than required by regulatory compliance. Understanding this distinction is crucial for effective condominium management and ensuring that all mandatory requirements are met within the designated fiscal period.