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Thread: 8. POLICY DISCUSSION - Canada Revenue Agency NFP (Not For Profit Regulations)

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    Default 8. POLICY DISCUSSION - Canada Revenue Agency NFP (Not For Profit Regulations)

    Here is the background for new Governors who are approaching this for the first time.

    More than a year ago the Executive were informed of new federal regulations coming into effect in October 2014 concerning federal recognition of Not For Profit organizations. (It should be carefully noted that NFP status is NOT the same as charitable status!)

    The new regulations can be found at (special thanks to Vlad Drkulec for providing the links)
    http://www.ic.gc.ca/eic/site/cd-dgc....h_cs04954.html

    Links to the act and transition guides are on the left.

    If you follow the links you get to the following including a pdf of the regulations:

    http://laws-lois.justice.gc.ca/PDF/SOR-2011-223.pdf

    Previous discussions on the subject can be found at:
    http://www.chesscanada.info/forum/sh...vernance-Rules

    http://www.chesscanada.info/forum/sh...mmittee-Report (Note that the link to the previous NFP Act committee is attached to the first message in this thread)

    The Governors in the January 2013 quarterly meeting decided not to support the framework proposed by the committee. Given the CFC loses its NFP status if we do not adopt constitutional changes that would comply with the new Act, we have a need to do something but what specifically?

    I have been asked by the President to put this question to the Governors for feedback. Note that this is the same information presented in the October 2013 meeting. We are in serious trouble if we fail to transition to the New Act's requirements by the deadline. As the Federal website says: "Corporations can take advantage of the benefits of the NFP Act once the transition is complete. The transition process involves obtaining a Certificate of Continuance and making by-laws that comply with the NFP Act."

    [Speaking personally not as CFC Secretary, I am not at all comfortable with some of the things Ottawa is requiring of us but the bottom line is my personal opinion isn't important - our non-profit status is in question if we fail to comply and there can be no consideration of charitable status or any other type of status without "new" Not for Profit status in place. This is the "bear in the room" and all Governors need to be aware that the deadline is coming. I would specifically urge any Governor who feels unfamiliar with the issue to read the thread http://www.chesscanada.info/forum/sh...mmittee-Report] (that's the second thread given under "previous discussions on the subject...")
    Last edited by Lyle Craver; 01-04-2014 at 01:45 PM.

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