Condominium Management Fiscal Year End

  • Please read the instructions below and complete all of the necessary forms in full (all forms posted below are in PDF format).
  • Incomplete forms will be returned to the brokerage and may be considered not to have been received.
  • Administrative penalties may be issued if the forms are not received by the required date.
  • If you or your accountant choose to prepare the forms below in any other format, ensure that there are no changes to the wording.

Fiscal Year End Reports must be filed with RECA within 90 days of your brokerage’s Fiscal Year End (as documented in myRECA*). You can find the forms and basic information for filing these reports below. Need a little more guidance on how to file? Choose the guide applicable to you for step-by-step instructions:

*If the date of your brokerage’s fiscal year end will be changing, you must complete the Change of Fiscal Year End Request form and submit it to RECA.

If you require additional time to complete and submit the brokerage’s fiscal year end forms, please complete and submit the Fiscal Reporting Extension Request Form as early as possible.

Brokerages that received or held money in trust during the reported period:

If your brokerage has received or held money in trust during the period being reported on, you must complete, sign, and submit to RECA the brokerage-relavent Forms 1, 2, and 3.

Form 1: Engagement Letter Between Accountant and Condominium Management Brokerage (Client)
Form 2: Condominium Management Brokerage’s Representations to RECA
Form 3: Condominium Management Brokerage Accountant’s Report

Brokerages that DID NOT receive or hold money in trust during the report period:

If your brokerage has not received or held money in trust during the period being reported on, you are required to file Form 4—Declaration of Absence of Trust Transactions.

Instructions for filing Form 4 online:

  • login to myRECA using your RECA ID number then go to “My Brokerage”
    • your brokerage’s details will appear on the next screen
  • from the drop-down “Action” menu, select “File Accounting Reports”
  • on the next screen, click “Start”
  • select “Form 4—Declaration of Absence of Trust Transactions” from the list of forms available to be filed online
  • complete Form 4 online, answering all applicable questions
    • adding new trust accounts, as necessary, by clicking on “Add NEW Trust Account” near the middle of Form 4 and following the instructions onscreen
  • check the box beside the statement “I make this declaration conscientiously believing it to be true and knowing that it is of the same force and effect as if made under oath”
  • click “Submit Application”
  • at the top of the next screen, in red, it should say “Report Successfully Filed”
    • if the next screen does not say that, logout of myRECA and then log back in before retrying the above steps
    • if a second attempt at filing Form 4 online does not work, please contact RECA
  • once Form 4 has been successfully submitted, you may view your completed Form 4 at any time by going to ”Action” and clicking ”View”

If your brokerage had previously operated condominium management services under a real estate licence and have now added a condominium management licence you are required to complete a fiscal year end report for each licence. However, if you traditionally completed a “form 4 – Declaration Respecting Absence of Trust Transactions” and have not handled trust funds in the past fiscal year you are not affected by this decision. Please email audit@reca.ca and we will open the ability to file Form 4 on myRECA.

For brokerages who have handled trust monies, to assist with the transition to operating under two brokerage licences, RECA has made available combined forms 2 & 3 that can be used to report on fiscal year end between Dec 1, 2021 and Nov 29, 2022. See

After this period, brokerages will be required to complete a separate fiscal year end report for any license that has had trust activity.

Unsure? Complete this questionnaire to determine whether or not you need to complete the combined forms.

Fiscal Year End Instructions

Form 1: Engagement Letter Between Accountant and Client (Real Estate plus Condo)
Form 2: Brokerage Representation (Real Estate plus Condo)
Form 3: Accountant’s Report (Real Estate plus Condo)

If you have not received or held money on the account of others during the period being reported on, you are required to file the F4 declaration of absence of trust transactions. If you have been requested to file this form online then please refer to the instructions below and file online ( if you submit an original, scanned or faxed copy to our office it will be returned with a request to file online and will not be considered to have been filed until this is done online) – otherwise complete, sign, and return to the Real Estate Council of Alberta the following forms:

Instructions for filing Form 4 online:

  • login to myRECA using your RECA ID number then go to “My Brokerage”
    • your brokerage’s details will appear on the next screen
  • from the drop-down “Action” menu, select “File Accounting Reports”
  • on the next screen, click “Start”
  • select “Form 4—Declaration of Absence of Trust Transactions” from the list of forms available to be filed online
  • complete Form 4 online, answering all applicable questions
    • adding new trust accounts, as necessary, by clicking on “Add NEW Trust Account” near the middle of Form 4 and following the instructions onscreen
  • check the box beside the statement “I make this declaration conscientiously believing it to be true and knowing that it is of the same force and effect as if made under oath”
  • click “Submit Application”
  • at the top of the next screen, in red, it should say “Report Successfully Filed”
    • if the next screen does not say that, logout of myRECA and then log back in before retrying the above steps
    • if a second attempt at filing Form 4 online does not work, please contact RECA
  • once Form 4 has been successfully submitted, you may view your completed Form 4 at any time by going to ”Action” and clicking ”View”

Q

A

Will I have to fill two reports for my current fiscal period (2022-2023)?

Yes, you will be required to complete a fiscal yearend report for each license that has handled trust funds. This is notice of this requirement and we believe it gives you sufficient time to plan

Q

A

If I can complete a combined fiscal yearend report this year will I be able to do this in the future?

No. This was an extraordinary year for real estate brokerages adding or converting to condominium manager brokerages on December 1st, 2021. We have observed some overlap in existing brokerages opening new accounts and closing old accounts and agree, in this transition year, you may exercise some flexibility in the manner in which you provide fiscal yearend reporting. Going forward, should you continue to operate both a real estate brokerage and a condominium manager brokerage, the trust accounts for each brokerage must be reported on separately.

Q

A

I no longer have trust activity on my real estate license. Do I still need to complete a FYE report for my real estate license?

Yes, as you had activity under the real estate licence in the period from the beginning of your fiscal year until December 1, 2021, you are required to complete the report. If you continue to operate the real estate licence without trust activity you will be able to complete a form 4 for your next fiscal year. This does not require a accountants review therefore there should be no increased cost to your brokerage



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