Can a strata corporation charge interest on special levies?

Yes. Section 108(4.1) of the Strata Property Act, SBC 1998, c.43 permits a strata corporation to charge interest on late payment of a special levy. The rate of interest must be set out in a bylaw or in the resolution approving the levy.
The rate of interest cannot exceed that permitted by the regulations, being 10% per annum, compounded annually. 1

 

 

 

Notes:

  1. Strata Property Regulation, B.C. Reg. 43/2000, s.6.8(2)