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From Ministry of Justice
The Business Corporations Act, 2021 and The Non-profit Corporations Act, 2022 will come into force on Sunday, March 12, 2023. New Business Corporations Regulations, 2022 and Non-profit Corporations Regulations, 2022 will also come into force at the same time.
The Business Corporations Act, 2021 and its regulations will implement various changes, including:
The Non-profit Corporations Act, 2022 will implement many of the same changes noted above. Additionally, the new Act will remove the ability for the Registrar to appoint a non-accountant to conduct an audit or review. To partially offset this change, the new regulations will prescribe revised threshold revenues at which a charitable corporation can resolve to dispense with an audit or review. The threshold at which a charitable corporation is required to conduct an audit will be increased from $250,000 to $500,000, and the threshold at which a charitable corporation is required to conduct a review will be increased from $25,000 to $100,000.
The new Act will also extend the reporting period for financial statements from four months before an annual meeting to six months before an annual meeting, granting non-profit corporations more time to complete these statements.
For further information, please consult the following links: