A new Canada Not-For-Profit Corporations Act came into force on October 17, 2011. Any Corporation that existed under the previous Canada Corporations Act was required to continue under that Act or another Act by October 17, 2014, failing which it would be dissolved. Industry Canada, which administers that Act, offers the option of continuing under the new Act, but this must be done immediately before the grace period is terminated.
Ontario has passed similar legislation, but has delayed proclaiming it into force until at least 2016. As currently drafted, it permits a transition period of three years for most corporations and five years for some. There are several steps that should be taken before the end of the transition period.
Please contact us if either of the above situations apply to you.