Not-for-profit organizations currently registered under Part II of the Canada Corporations Act are required to continue under the new Canada Not-for-Profit Corporations Act. The new Act establishes a new set of rules for federally incorporated not-for-profit corporations in Canada that are more suited to the needs of the current not-for-profit sector.
Not-for profit organizations must make the transition by October 17, 2014. Failure to make this transition could result in dissolution or revocation of charitable status by the CRA.
The transition process involves “obtaining a Certificate of Continuance and making by-laws that comply with the new NPA (Canada Not-for-Profit Corporations Act)”. For more information, please see the Industry Canada link: http://corporationscanada.ic.gc.ca/eic/site/cd-dgc.nsf/eng/h_cs03925.html
The information presented is only of a general nature, may omit many details and special rules, is current only as of its published date, and accordingly cannot be regarded as legal or tax advice. Please contact our office for more information on this subject and how it pertains to your specific tax or financial situation.