Consultation launched as part of the statutory review of the legislation
OTTAWA, ON, June 18, 2021 /CNW/ - Canada's not-for-profit corporations come in a range of sizes and work in a number of fields, such as health care, education, arts, sports, the environment, social services, political advocacy, culture and religion. The Government of Canada supports not-for-profit organizations so they can continue to contribute to our country's economy and well–being. The pandemic has highlighted just how critical not-for-profit organizations' work is for Canadians, which makes this review of the Act timely and crucial.
Today, the Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry, launched a consultation seeking comments from the public and organizations on the provisions of the Canada Not-for-profit Corporations Act as part of the statutory review of the legislation.
Canadians have until July 30 to submit their views on whether the Act continues to meet its objectives of ensuring strong and flexible transparency, accountability, and good governance standards. The comments received will contribute to a report the Minister will introduce in Parliament in the fall of 2021.
"It's time to review the Canada Not-for-profit Corporations Act to make sure it continues to meet the needs of the sector. I look forward to hearing from Canadians on whether and how the Act should be updated so not-for-profit organizations can flourish."
—The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry
Enacted in 2011, the Canada Not-for-profit Corporations Act was designed to promote accountability, transparency and good corporate governance throughout the sector, while being flexible enough to meet the needs of organizations both small and large.
Not-for-profit organizations are a significant contributor to the country's economy, accounting for more than 8.5% of our gross domestic product and employing more than 2 million Canadians.
In total, there are approximately 170,000 not-for-profit corporations in Canada, of which approximately 20%—over 38,000—are regulated under the Canada Not-for-Profit Corporations Act.
SOURCE Innovation, Science and Economic Development Canada
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