A new 5-year-old condominium building in Mississauga, ON, is due for its first major long-term planning document. As the property manager, you are tasked with initiating this process. What is the name of the document most closely associated with forecasting future repair and replacement of common elements over a 30-year period under the Ontario Condominium Act, 1998?

Question: A new 5-year-old condominium building in Mississauga, ON, is due for its first major long-term planning document. As the property manager, you are tasked with initiating this process. What is the name of the document most closely associated with forecasting future repair and replacement of common elements over a 30-year period under the Ontario Condominium Act, 1998?

Answer options: ✅ Reserve Fund Study

• Annual Operating Budget
• Performance Audit
• Building Condition Report

Correct answer: Reserve Fund Study

Explanation: In Ontario, a Reserve Fund Study is a comprehensive document required by the Condominium Act, 1998, to assess the common elements and project the costs of future major repairs and replacements over a 30-year period, ensuring adequate funding for the reserve fund.