The Ontario Not-for-Profit Corporations Act, 2010 (ONCA) will be proclaimed into force on October 19, 2021. This welcome news comes a decade after ONCA was first passed in 2010. The province’s stated goals through ONCA are to improve the efficiency of the incorporation process for new NFP corporations, clarify a number of guidelines and rules on the operation of NFP corporations, and simplify access to financial records, among other specifics.
It is important to note that existing NFP corporations will have a three-year transition period to bring their corporate records into compliance with ONCA.
Should I do anything before ONCA comes into force?
In the interim, before October 19th, it is prudent to gather your corporation’s governing documents including Letters Patent, Supplementary Letters Patent (if any), and By-laws as they will need to be reviewed and likely amended to ensure compliance with ONCA. You can read the province’s guide to ONCA here and learn more about the new Ontario Business Registry here. More information will follow from Mills & Mills LLP – please keep apprised through our blog.