Annual Meetings
Do landlords of all life lease complexes have to hold an annual meeting?
Yes. All life lease landlords must hold annual meetings for their complex. They must have the first annual meeting within 16 months of the occupancy date of the complex. After that, they must hold a meeting every year within six months of the end of their fiscal year. The landlord must invite all the tenants to annual meetings. At the meeting, tenants can comment on any information the landlord provides and on the operation of the complex.
How will a tenant know if their comments and questions are being heard?
At least one director or an authorized representative of the owner must attend annual meetings. They must report to the board or owner any concerns raised by the tenants.
How much notice of an annual meeting does the landlord need to give the tenants?
The landlord must give the tenants at least 30 days, but not more than 50 days written notice of the meeting. When the landlord gives the tenants the notice, they may also have to give them certain reports on the finances of the complex.
What types of financial reports must the landlord give the tenants with the notice of meeting?
The landlord must give tenants the following forms:
Financial Disclosure Form (Schedule K) - If rent is based on a share of the costs of the complex, the information must show the actual income and expenses for the complex for the previous fiscal year and the estimated income and expenses (budget) for the current year.
Reserve Fund Disclosure Form (Schedule K.1) – If the landlord is non-profit, they must tell the tenants how much has been paid in and out of reserve funds during the past year, the income earned, the balance in the fund at the end of the year, and an estimate of how much the landlord intends to pay into the fund in the current year
Refund Fund Disclosure Form (Schedule L) – If the complex has a refund fund, the landlord must tell the tenants how much has been paid in and out of the fund during the past year,
the income earned, whether the amounts were paid to tenants or the landlord, the balance in the fund at the end of the year, and the amounts owing to former tenants. If the landlord has appointed a trustee, the trustee provides the report.
The Branch supplies the financial reporting forms to landlords. The landlord may use their own form as long as it has the same information as the Branch’s form. The forms are available on the Branch’s website at www.manitoba.ca/rtb or from any Branch office.
If the landlord is non-profit, the landlord is required to obtain audited annual financial statements if a majority of the tenants in occupancy ask the landlord, in writing, to do so. If the landlord is asked to provide audited statements, they must continue to do so every year until a majority of tenants in occupancy withdraws the request. Tenants are entitled to get a copy of any audited financial statement. A “majority of tenants in occupancy”, is calculated by counting one person per unit; and, not counting a tenant who has given or been given notice to end the tenancy.
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