{"id":32418,"date":"2021-08-19T17:58:38","date_gmt":"2021-08-19T21:58:38","guid":{"rendered":"https:\/\/www.cccc.org\/news_blogs\/?p=32418"},"modified":"2022-05-06T16:06:35","modified_gmt":"2022-05-06T20:06:35","slug":"finally-ontario-not-for-profit-corporations-act-comes-into-force-october-19","status":"publish","type":"post","link":"https:\/\/www.cccc.org\/news_blogs\/legal\/2021\/08\/19\/finally-ontario-not-for-profit-corporations-act-comes-into-force-october-19\/","title":{"rendered":"FINALLY! Ontario Not-for-Profit Corporations Act comes into force October 19"},"content":{"rendered":"\n

After more than 11 years, the Ontario Not-for-Profit Corporations Act<\/em> (\u201cONCA<\/em>\u201d) will finally come into force on October 19, 2021!<\/p>\n\n\n\n

ONCA COMES INTO FORCE<\/h2>\n\n\n\n

As noted in Ontario\u2019s news release<\/a>, ONCA will “provide a modern legislative framework for Ontario\u2019s not-for-profit corporations. The legislation will significantly reduce the bureaucratic burden on not-for-profit corporations, moving from paper-based filings to digital services and providing them with enhanced flexibility.” <\/p>\n\n\n\n

This is great \u2013 and long anticipated – news for Ontario charities.<\/p>\n\n\n\n

It coincides with the launch of Ontario\u2019s new Business Registry. The Registry will facilitate 90+ different transactions, including registering new corporations and dissolving existing ones. The new Registry system means that<\/a> “for the first time ever, Ontario not-for-profit corporations will be able to access on online government system for registrations and filings saving time and reducing duplicate paperwork.”<\/p>\n\n\n\n

For example, starting October 19, the annual Corporations Information Act <\/em>filing<\/a> will be processed through the Registry. From May 15 until the Registry launches, corporations are exempt from that filing requirement, if the return is due during that period.<\/p>\n\n\n\n

You can sign up with Service Ontario<\/a> to receive email updates with information about how to access the registry.<\/p>\n\n\n\n

A FEW KEY COMPONENTS<\/h2>\n\n\n\n

While there\u2019s more in ONCA than the list below, there are some key components you should know about.<\/p>\n\n\n\n

Terminology: <\/strong>all Ontario corporations that are registered charities are called public benefit corporations<\/p>\n\n\n\n

Directors:<\/strong> there is a minimum of 3 and charities can have either a fixed number or a range<\/p>\n\n\n\n

Members: <\/strong>membership classes must be in the articles; membership conditions must be in the bylaws; greater member access to financial records<\/p>\n\n\n\n

Audits:<\/strong> there is a lowered threshold for requiring audited financial statements; can substitute a review engagement with an extraordinary resolution with annual revenues of less than $500,000<\/p>\n\n\n\n

Directors:<\/strong> sets out a statutory duty of care and a due diligence and good faith reliance defence; specific requirements to report a conflict of interest<\/p>\n\n\n\n

Transition:<\/strong> You\u2019ll still have three years to transition to the new ONCA rules, so there is still lots of time to make any necessary changes.<\/p>\n\n\n\n

We\u2019ll keep you updated as more information becomes available. In the meantime, we\u2019ve got a list of resources below if you want to learn more.<\/p>\n\n\n\n

DID YOU KNOW?<\/h2>\n\n\n\n

CCCC Accreditation<\/a> is possible for small to mid-size charities.<\/p>\n\n\n\n

Under ONCA, Ontario charities with annual revenues less than $500,000 can opt for a review engagement instead of an audit. If that\u2019s your charity, you can now be eligible for CCCC Accreditation with a review engagement! This is great news for charities that haven’t pursued Accreditation because of the audit requirement.<\/p>\n\n\n\n

You can find out more in our CCCC Accreditation brochure<\/a>. <\/p>\n\n\n\n

WANT TO KNOW MORE?<\/h2>\n\n\n\n

You can check out these resources if you want to know more about ONCA.<\/p>\n\n\n\n

Ontario Government<\/strong><\/p>\n\n\n\n

Rules For Not-For-Profit & Charitable Corporations<\/a><\/p>\n\n\n\n

Sample Organizational Bylaw<\/a><\/p>\n\n\n\n

Plain Language Guide To ONCA<\/a><\/p>\n\n\n\n

Transition Considerations<\/a><\/p>\n\n\n\n

ONCA Legislation<\/a><\/p>\n\n\n\n

ONCA Regulations<\/a><\/p>\n\n\n\n


CCCC<\/strong><\/p>\n\n\n\n

January 2020: Beyond Early 2020<\/a><\/p>\n\n\n\n

January 2018: ONCA Targeted for 2020<\/a><\/p>\n\n\n\n

November 2017: Ontario’s Corporations Act Receives Refresh as Interim Measures Before ONCA<\/a><\/p>\n\n\n\n

October 2015: ONCA Proclamation Delayed Again<\/a><\/p>\n\n\n\n

September 2013: Getting Ready for ONCA<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

After more than 11 years, the Ontario Not-for-Profit Corporations Act (\u201cONCA\u201d) will finally come into force on October 19, 2021! ONCA COMES INTO FORCE As noted in Ontario\u2019s news release, ONCA will “provide a modern legislative framework for Ontario\u2019s not-for-profit corporations. The legislation will significantly reduce the bureaucratic burden on… More<\/a><\/p>\n","protected":false},"author":10,"featured_media":32419,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ts_fic_featured_image_caption":"","footnotes":""},"categories":[169],"tags":[240,284,207,283,429],"series":[],"class_list":["post-32418","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-legislation","tag-charities","tag-legislation","tag-ontario","tag-ontario-not-for-profit-corporations-act","tag-regulation"],"_links":{"self":[{"href":"https:\/\/www.cccc.org\/news_blogs\/wp-json\/wp\/v2\/posts\/32418","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cccc.org\/news_blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cccc.org\/news_blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cccc.org\/news_blogs\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cccc.org\/news_blogs\/wp-json\/wp\/v2\/comments?post=32418"}],"version-history":[{"count":0,"href":"https:\/\/www.cccc.org\/news_blogs\/wp-json\/wp\/v2\/posts\/32418\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.cccc.org\/news_blogs\/wp-json\/wp\/v2\/media\/32419"}],"wp:attachment":[{"href":"https:\/\/www.cccc.org\/news_blogs\/wp-json\/wp\/v2\/media?parent=32418"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cccc.org\/news_blogs\/wp-json\/wp\/v2\/categories?post=32418"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cccc.org\/news_blogs\/wp-json\/wp\/v2\/tags?post=32418"},{"taxonomy":"series","embeddable":true,"href":"https:\/\/www.cccc.org\/news_blogs\/wp-json\/wp\/v2\/series?post=32418"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}