- Federal NFP Corporations Act: What’s Next?
- November 21, 2014 | Author: Timothy Fitzsimmons
- Law Firm: Dentons Canada LLP - Toronto Office
Companies incorporated under the Canada Corporations Act (Part II) were required to be continued under the new Canada Not-For-Profit Corporations Act on or before October 17, 2014.
Industry Canada has published a Q&A on the next steps for those entities that have not yet continued under the new Act.
A company that has not yet completed its continuance may do so after the deadline, provided that Corporations Canada has not dissolved the company.
Corporations Canada will be sending a “Pending Dissolution Notice” to a company that has failed to continue to inform the company that it has 120 days to transition. Companies that do not complete the transition before the end of the 120-day notice period will be assumed to be inactive and will be dissolved.
Registered charities that are required to be continued under the new Act should consider the steps required to advise the Canada Revenue Agency of the continuance and any changes to the charity’s constating documents.
Any company that intends to be continued under the new Act should consult a professional advisor about completing the continuance as soon as possible.