On October 19, 2021, the Ontario Not-for-Profit Corporations Act (ONCA) will come into effect. The new legislation and accompanying regulations will:
- Introduce a new Ontario Business Registry, giving not-for-profits direct access to government services, from registration to filling annual returns, and provide open access to comprehensive data on the sector
- Simplify the incorporation process
- Make it easier for not-for-profits to operate and enhance members’ rights
- Allow some corporations to use a review engagement in place of a financial audit, removing barriers for many not-for-profits
- Give not-for-profits 3 years to transition and make any necessary changes to their governing documents
Learn more about the ONCA, how to take advantage of some of the changes before the act comes into effect, and how the regulations could affect your organization.