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B-1.1, r. 8 - Regulation respecting the guarantee plan for new residential buildings
Section 84
Disposition versions
84. Such an undertaking shall
(1) hold security of a minimum value of $70,000 or $100,000 if the undertaking holds subclass licence 1.1.2 provided for in Schedule I to the Regulation respecting the professional qualification of contractors and owner-builders (chapter B-1.1, r. 9) in the form of
(a) a personal security;
(b) a letter of guarantee from a bank;
(c) a hypothecary guarantee; or
(d) security of a third person; and
(2) meet the following financial criteria, where it is possible to calculate them:
(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.
In this Subdivision, the financial criteria shall have the meaning given to them in the Dictionnaire de la comptabilité et de la gestion financière by L. Ménard et al., CPA Canada, Ordre des experts comptables-France, Institut des Réviseurs d’Entreprises-Belgique, 1994.
84. Such an undertaking shall
(1) hold security of a minimum value of $70,000 or $100,000 if the undertaking holds subclass licence 1.1.2 provided for in Schedule I to the Regulation respecting the professional qualification of contractors and owner-builders (chapter B-1.1, r. 9) in the form of
(a) a personal security;
(b) a letter of guarantee from a bank;
(c) a hypothecary guarantee; or
(d) security of a third person; and
(2) meet the following financial criteria, where it is possible to calculate them:
(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.
In this Subdivision, the financial criteria shall have the meaning given to them in the Dictionnaire de la comptabilité et de la gestion financière by L. Ménard et al., Canadian Institute of Chartered Accountants, Ordre des experts comptables-France, Institut des Réviseurs d’Entreprises-Belgique, 1994.
84. Such an undertaking shall
(1) hold security of a minimum value of $35,000 in the form of
(a) a personal security;
(b) a letter of guarantee from a bank;
(c) a hypothecary guarantee; or
(d) security of a third person; and
(2) meet the following financial criteria, where it is possible to calculate them:
(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.
In this Subdivision, the financial criteria shall have the meaning given to them in the Dictionnaire de la comptabilité et de la gestion financière by L. Ménard et al., Canadian Institute of Chartered Accountants, Ordre des experts comptables-France, Institut des Réviseurs d’Entreprises-Belgique, 1994.
