ONCA

Urgent Reminder: Time is Running Out for Ontario Non-Profits to Comply with ONCA Attention, Ontario non-profits! The clock is ticking, and we have only eight months left to navigate the changes brought by the Ontario Not-for-Profit Corporations Act (ONCA). If you haven’t taken action, now is the time to act.

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Quick recap: What is ONCA?
The Ontario Not-for-Profit Corporations Act (ONCA) is a contemporary legal framework tailored to address the requirements of today’s not-for-profit sector. It delineates the processes for creating, governing, and dissolving not-for-profit corporations. Since October 19, 2021, the Ontario Not-for-Profit Corporations Act (ONCA) has been in force and generally applies automatically to all Ontario non-profit organizations.

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Transition Period
Non-profit corporations previously governed under the Corporations Act (Ontario) have a3-year transition period to bring their constating documents (such as letters patent and by-laws) into conformity with ONCA. This transition period will end on October 18,2024.

Urgency Matters

With only about eight months remaining, taking action now is crucial. Here’s what you need to do:

Assess Your Documents: Examine your organization’s foundational documents. If your non-profit still adheres to outdated regulations, identify the essential modifications required to bring them inline with the Ontario Not-for-Profit Corporations Act (ONCA).

Compliance: Make  the required amendments to your incorporating documents to align with ONCA.

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Why Act Now?

Mitigate the Risk of Penalties: Take proactive steps to avoid penalties by ensuring compliance with the Ontario Not-for-Profit Corporations Act (ONCA).

Smooth Transition: Use the remaining time wisely to ensure a smooth transition.

Stay Active: Non-compliance may jeopardize your non-profit’s ability to operate effectively.

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Resources

Ontario Business Registry: Efficiently use the new registry system for streamlined interactions with governmental processes.

Seek Legal or Expert Advice: Consult with a lawyer or an appropriate advisor to obtain specific guidance regarding the Ontario Not-for-Profit Corporations Act (ONCA) and related matters.

Remember, October 18, 2024, is the deadline. Let’s work together to ensure your non-profit is ONCA-ready. 

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