Rental Pool
Co-Owners Commitee / Condominium Board
The Co-Owners Committee (COC) is elected annually by owners at the Annual General Meeting (AGM). This volunteer group, made up of owners with diverse business backgrounds, provides oversight, guidance, and support to Summit Resort MPM Inc., which manages and maintains all rental pool units while working to maximize hotel profitability.
The Condominium Board is also elected annually at the Condo AGM, typically held the same day. Its role is to oversee and support the property manager, Peka Professional Property Management Ltd., which handles the building’s common elements, condo fees, and capital reserve fund.
Together, the Condo Board, The Building Management Company, the Co-Owners Committee, and Summit Resort MPM collaborate to maintain the property to high standards while carefully managing expenses to maximize owner value.
Rental Pool Owner Communication
By the last business day of each month, owners receive an email with property updates, the previous month’s financial results, and the current month’s forecast. Updates may also include refurbishment projects, Co-Owners Committee news, and community information.
The email includes a statement of each unit’s monthly income and expenses, owner usage details, and any applicable distributions, along with the expected deposit date. Distributions are calculated monthly and, if applicable, deposited to a Canadian bank account before the last business day of the following month (e.g., February distributions are paid by the end of March).
Condominium Fees
Owners are responsible for submitting their monthly condominium fees directly to the Professional Property Management company. Please contact them directly with any questions regarding the condominium corporation directly.
Insurance
The Rental pool maintains a comprehensive insurance policy that includes but is not limited to coverage for the contents of the suites, liability, and business interruption coverage. Owners in the rental pool typically do not require additional insurance for their units unless they wish to insure the contents of their owner locker(s). It's important to note that the owner locker within the parkade is not covered by the condo / hotel's insurance policy. If you store valuable items in your owner locker, we strongly recommend that you consider purchasing additional insurance or updating your residential policy. Please be aware that the Hotel cannot be held responsible for any lost or stolen items from the locker. If needed, a copy of the current insurance certificate is available upon request.
Property Tax
Owners are individually responsible for submitting their property tax payments to the town. Summit Resort MPM Inc. does not provide taxation advice and strongly advises owners to seek guidance from a certified professional accountant or tax professional for any tax-related inquiries.
Income Tax
Summit Resort MPM Inc. does not offer recommendations or guidance to owners, whether Canadian or Non-Resident, regarding income tax filing. We strongly advise owners to seek professional assistance from a certified professional accountant or tax professional for their annual tax filings. It's essential to note that because the rental pool operates as a joint venture, income generated from Falcon Crest Lodge' rental pool should be categorized as business income for income tax filing purposes.
GST
Summit Resort MPM Inc. takes responsibility for reporting and remitting all GST related to the rental pool and hotel operation to the Canada Revenue Agency (CRA) on behalf of the owners. To comply with these tax obligations, owners are required to sign a GST election form, which is included with the Rental Pool agreements. These forms are maintained by Summit Resort MPM in the event of an audit. It's important to note that owners do not need to obtain a GST number specifically for purposes related to the rental pool joint venture.