Reserve Fund Study Requirements in Saskatchewan

Introduction

A reserve fund study is a professional assessment of a condominium corporation’s major common property components — their current condition, expected remaining lifespan, and the cost to repair or replace them.

Why it’s Required

Saskatchewan’s Condominium Property Act requires condominium corporations to fund their reserve at a level adequate to meet future repair and replacement costs. Without a reserve fund study, there’s no reliable basis for that calculation.

Who Can Conduct One

Reserve fund studies must be conducted by a qualified professional — typically an engineer or certified reserve fund planner with experience in condominium property assessment.

What it Covers

• Roofing systems
• Exterior cladding and windows
• Parking structures and paving
• Mechanical systems including HVAC and elevators
• Common area finishes and fixtures

Each component gets a condition rating, an estimated replacement cost, and a projected timeline.

How Often it Needs Updating

A full update every 3–5 years is generally considered best practice. An interim update is warranted if major work is completed ahead of schedule or if conditions change significantly.

What Happens if You Don’t Have One

Without a current reserve fund study, your board is setting contributions based on guesswork. The most common outcome is underfunding — contributions that feel adequate year to year but leave the reserve short when a major expense arrives.

Connecting the Study to Your Accounting

The reserve fund study produces a funding schedule. Your accounting system should make it easy to track actual contributions against that schedule.

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Disclaimer: For general informational purposes only. Not legal, financial, accounting, or tax advice.