ONCA

There are two categories of Public Benefit Corporation:

1. Charitable Corporation: These corporations are automatically considered public benefit corporations as they are committed to philanthropic activities.

2. Non-Charitable Corporation: This category applies to corporations that receive over $10,000 through external donations, gifts, or grants in a financial year. This shows a significant contribution to the well-being of society, thereby qualifying them as public benefit corporations.

Regarding recognition, the timelines are as follows:

1. Non-Charitable Corporation: Recognition as a public benefit corporation is obtained the following financial year after surpassing the specified amount. This acknowledges the corporation's continued dedication to public benefit activities.

2. Upon Dissolution: A non-profit assumes public benefit corporation status if it meets the criteria outlined by the Ontario Not-for-Profit Corporations Act (ONCA) during the year of Dissolution or in any of the preceding three years. This recognition endorses the organization's lasting impact and commitment.

It's essential for you to understand the status of your non-profit. Check the financials, review the criteria, and ensure your organization meets the regulations.

For more information, refer to section 1 and section 167 of ONCA or seek legal advice for assistance.