Ontario Not-for-Profit Corporations Act to come into force – 11 years after being enacted!
The Ontario government has announced that the Ontario Not-for-Profit Corporations Act (ONCA), which was passed in 2010, will be proclaimed and take effect on October 19, 2021.
The ONCA’s regulations have now been published.
An overview of the ONCA and the new rules for not-for-profit and charitable organizations are available at https://www.ontario.ca/page/rules-not-profit-and-charitable-corporations
Not-for-profit organizations will have until October 19, 2024 to transition to the new rules.
Ontario Business Registry
On October 19, 2021, a new Ontario Business Registry will become available,
This registry will allow not-for-profit organizations and other businesses to complete over 90 transactions online, including registrations or filings that were previously by mail or fax, including annual return filings.
You can sign up to receive more information on the Ontario Business Registry at https://www.ontario.ca/page/ontario-business-registry .
Exemption from filing Annual Returns
Until the Ontario Business Registry launches on October 19, 2021, corporations are exempt from the Ontario Corporations Information Act Annual Return requirements if their return is due between May 15, 2021 and October 19, 2021.
This exemption does not affect the filing of corporate, charity and not-for-profit returns with the Canada Revenue Agency, which are still due 6 months after the entity’s year-end.