On June 5, 2013, the Ontario Ministry of Consumer Services provided an update on the passage of the Ontario Not-for-Profit Corporations Act, 2010 (see below for the full text of the press release).
The Ontario government has introduced amendments to certain pieces of legislation. These amendments must occur before the ONCA can be proclaimed. The ONCA is targeted to come into effect six months after these amendments are passed.
Stay tuned!
News Release
Ontario Government Making it Easier for Not-for-Profits to Do Business
June 5, 2013
Amendments Pave the Way for Proclamation of Ontario Not-for-Profit Corporations Act
Ontario is one step closer to proclaiming the Ontario Not-for-Profit Corporations Act, 2010 (ONCA) - legislation that will increase accountability and transparency for not-for-profit corporations and that will make it easier for them to operate and do business in today's marketplace.
The Ontario government is introducing amendments, as part of the Companies Statute Law Amendment Act, 2013, that must be in place before ONCA can be proclaimed. Many of the amendments, if passed, would update references to the 60-year-old Corporations Act that currently governs most not-for-profit corporations in the province.
Making it easier for the province's not-for-profit organizations to do business is part of the new Ontario government's plan to strengthen the economy and build a fair society for all.
QUICK FACTS
- Over 50,000 not-for-profit corporations contribute more than $50 billion annually to Ontario's economy, and about 16 per cent of the Ontario workforce is employed in the not-for-profit sector.
- More than half of Ontarians do some form of volunteering in the not-for-profit sector.
- ONCA is targeted to come into effect six months after passage of this legislation.
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