By Leslie Milton, CPA, CA, LPA, Associate Partner
If you have continued under the Canada Not-for-Profit Corporations Act, you will encounter some differences that will require changes in your administrative procedures. Here is an overview of some compliance procedures that you have to address.
Annual return
This annual return (form 4022) must be filed within 60 days from the anniversary date of your continuance. This is a departure from filing based on your fiscal year. The filing fee is $20 when filing directly online with Industry Canada. If filing by mail, fax or email the fee is $40. You can find the online filing centre at here.
Directors In addition to the directors’ information filed with the annual registered charity return (form T1235), you must file form 4006, Changes Regarding Directors within 15 days of the change. Generally, this means that you should file the form within 15 days of your annual general meeting.
Financial statements As a soliciting corporation, you have to file your financial statements with Industry Canada no less than 21 days BEFORE each annual meeting of members. This can be done by mail, fax or email to Corporations Canada.
As a reminder, a corporation is considered to be soliciting when it has received more than $10,000 in public source income in a single fiscal year. Generally, public source income would include donations and government grants. If you have received less than $10,000 in public funds in each of your three prior fiscal years, you would be considered a non-soliciting corporation.
If you have not done so already, you should review and update your internal processes to ensure your organization complies with these requirements under the Act annually. If you have any questions you can visit Innovation, Science and Economic Development Canada, or contact the team at GGFL for more information.