May 12, 2010 3:30 PM
Ontario is taking action to make it easier for not-for-profit corporations to operate and do business in today's marketplace while strengthening the economy and creating jobs.
Ontario's not-for-profit sector employs about 16 per cent of all employed Ontarians and generates nearly $50 billion in annual revenues. The province's proposed Not-for-Profit Corporations Act would, if passed, provide Ontario's 46,000 not-for-profit corporations with a modern, legal framework to:
The proposed changes are based on extensive consultations across the province. This includes three consultation papers, a web advisory panel and regional workshops in Ottawa, London, Toronto and Thunder Bay attended by more than 200 organizations.
Supporting Ontario's non-profit organizations is an important part of the government's Open Ontario plan to grow key sectors of the economy and create a climate where business can thrive.
"Not-for-profit corporations make remarkable contributions to our society and help build a stronger Ontario. This legislation would modernize and strengthen the growing not-for-profit sector while enhancing accountability and transparency."
– Sophia Aggelonitis
Minister of Consumer Services
"The changes in the proposed Not-for-Profit Corporations Act recognize the economic and social significance of the not-for-profit sector. These proposed changes are an important part of our government's commitment to strengthening these organizations."
– Dr. Eric Hoskins
Minister of Citizenship and Immigration
"Ontario's non-profit and charity lawyers are very pleased to see this long-awaited Act. This legislation will bring corporate law and governance into the modern era and will meet the sophisticated needs of thousands of charitable and non-profit corporations in Ontario, helping them to operate more efficiently and effectively."
– Clifford S. Goldfarb, Chair, Charities and Not-for-Profit Section
Ontario Bar Association