Tax Tip:  Federal not-for-profit Corporations Act

Industry Canada published a list of Frequently Asked Questions to assist corporations incorporated under Part II of the Canada Corporations Act who were required to continue under the new Act (Canada Not-For-Profit Corporations Act) but have not yet done so. Continuation under the new Act was to be done by October 17, 2014.

The website noted that a corporation can still transition after the deadline as long as the corporation has not been dissolved. A Transition Guide is available on the website.

Action Item: Federally incorporated NPOs should ensure, if appropriate, that they correctly continued under the new Act.