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The condo board can fine you for not paying the fee, as long as it's spelled out in the condo bylaws and internal regulations.
The fine is usually a percentage of the overdue amount and works as a collection method, but before that the condo typically notifies the resident and gives you a deadline to settle up.
If you're unsure about what's being charged, it's a good idea to review your condo's documentation or talk directly with the management, because each building has its own specific rules.
Usually the condo bylaws are pretty clear about this, but the big problem is when the building manager starts charging fines without properly notifying you or without documenting things well - we had a situation at our place where ours tried to apply a fine for late payment but there was nothing written about how to calculate it, and we basically had to dig through old documentation to confirm whether he even had the right to do it or not.
The fine is real, but before anything else take a look at your condo's bylaws because it's not always clear how it's calculated - some building managers charge a percentage, others charge a flat fee, and sometimes people end up paying the wrong amount without questioning it.
A practical tip that actually works: if you're behind on payments, take screenshots of everything (unpaid bill, debit notice, everything) and send an email to the building manager asking to sort it out, creating a record.
This is because a lot of fines end up getting removed when the condo owner shows they tried to negotiate first, and it's documented that you weren't ignoring the charge - it makes a difference if you later need to prove you acted in good faith.
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