Transitioning to Canada’s New Not For Profit Corporations Act
On October 17, 2011, the Canada Not For Profit Corporations Act came into effect. Just a reminder that all organizations created under the old federal act (Part 2 of the Canada Corporations Act) need to continue under the new act before October 17, 2014.
Ontario also introduced new legislation for NFP’s and charities in 2010 called the Ontario’s Not-for-Profit Corporations Act (ONFPCA). Originally, ONFPCA was scheduled to take effect in 2014; however, according to the website for the Ontario Ministry of Government and Consumer Services, the new act is now not expected to come into force until 2016, and existing not-for-profit corporations will have three years from that date to transition.
If you have questions with respect to these acts, please contact us and we would be happy to assist.