Amendments Pave the Way for Proclamation of Ontario Not-for-Profit Corporations Act.
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.
- 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.