If you are a federally incorporated non-profit organization, incorporated under the Canada Corporations Act, there is new legislation that will affect you. The new Canada Not-for-Profit Corporations Act replaces the old legislation for federally incorporated non-profit entities. Every existing federally incorporated non-profit organization must transition to the new Act by October 17, 2014 to remain in good standing with the Canada Revenue Agency (“CRA”).
What you should know is that there is a difference between a soliciting and a non-soliciting corporation which will affect how many directors it must have. And remember, all federally incorporated non-profit organizations must make their financial statements available to their members and others with some stipulations.