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Inside Internal Controls

News and discussion on implementing risk management

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not-for-profit corporations

New Societies Act now in effect

Effective November 28, 2016, the Societies Act [SBC 2015] Chapter 18 comes into force and governs how societies are formed and operate in British Columbia.

 

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Does being an Ontario not-for-profit corporation mandate audited financial statements?

Given that many (although certainly not all) not-for-profit corporations (“NFPs”), both charitable and non-charitable, have a December year end and are preparing for their year end financial reporting, we thought it timely to provide a reminder about the financial disclosure requirements contained in their governing corporate legislation.

 

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Ontario Not-for-Profit Corporations Act update

So, the Ontario government is taking another step toward implementing the Ontario Not-for-Profit Corporations Act. It has introduced, Bill 85, An Act to amend various companies statutes and to amend other statutes consequential to the Not-for-Profit Corporations Act, 2010, which would make amendments to several existing laws that are necessary before the Not-for-Profit Corporations Act can come into force…

 

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Voluntary disclosure and non-profit organizations

If you operate an incorporated not-for-profit organization, you must file a tax return every year, unless your org is a registered charity. If you fail to file a return, you could be on the hook for a big past tax judgment.

 

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Ontario Not-for-Profit Corporations Act

Ontario’s legislature wasted no time following the passage of the Canada Not-for-profit Corporations Act to enact its own Act to revise the law in respect of not-for-profit corporations (Bill 65). The Bill received royal assent on October 25, but the government hasn’t set a date for it to come into force yet.

 

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