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B-1.1, r. 8 - Regulation respecting the guarantee plan for new residential buildings
Section 85
Disposition versions
85. Such an undertaking shall
(1) hold security of a minimum value of $55,000 or $70,000 if the undertaking holds subclass licence 1.1.2 in the form of
(a) personal security;
(b) a letter of guarantee;
(c) a hypothecary guarantee; or
(d) security of a third person; and
(2) meet the following financial criteria:
(a) working capital ratio: 1.15;
(b) debt/equity ratio: 80%;
(c) net worth (10% of sales): 10%;
(d) gross earnings: 18%;
(e) net earnings: 5%.
All the above financial criteria shall be calculated using the average obtained over the last 3 years.
Where an undertaking possesses affiliates or related companies, the manager may require a consolidated balance sheet or financial statements from each of those companies.
85. Such an undertaking shall
(1) hold security of a minimum value of $40,000 in the form of
(a) personal security;
(b) a letter of guarantee;
(c) a hypothecary guarantee; or
(d) security of a third person; and
(2) meet the following financial criteria:
(a) working capital ratio: 1.15;
(b) debt/equity ratio: 80%;
(c) net worth (10% of sales): 10%;
(d) gross earnings: 18%;
(e) net earnings: 5%.
All the above financial criteria shall be calculated using the average obtained over the last 3 years.
Where an undertaking possesses affiliates or related companies, the manager may require a consolidated balance sheet or financial statements from each of those companies.
