October 19, 2021 will bring changes for both not-for-profit and for-profit entities in Ontario. First, the Ministry of Government and Consumer Services will launch the OBR on October 19, 2021. Second, on October 19, 2021, and after more than 10 years, the ONCA comes into force. During that long wait, other Canadian jurisdictions have modernized their not-for-profit statutes. For instance, federally, the Canada Not-for-profit Corporations Act came into force in 2011, and British Columbia’s Societies Act came into force in 2016.
Not for Profit
In the 2021 Federal Budget, it was announced that the Department of Finance will be doing a consultation on the disbursement quota and whether it should be raised. Interesting that the title used by Finance is “Consultation: Boosting charitable spending in our communities”.
Many Canadian registered charities have March 31 year ends. Mostly these are aligned with government funders who have a similar year-end. These March 31 registered charities need to ensure that they can accurately file their T3010 by September 30.