Don’t update your nonprofit’s documents
Existing nonprofits are not required to pass new bylaws when the Ontario’s Not-for-Profit Corporations Act (ONCA) begins to apply to them, but it is a good idea.
For the first 3 years after the ONCA comes into effect, nonprofits who don’t make any changes aren’t affected.
At that time, any bylaws that weren’t updated to comply with the ONCA become invalid. And those bylaws will be automatically replaced by what ONCA says.
If you don’t update your nonprofit’s bylaws by the end of the three-year period, your challenge will be figuring out which of your bylaws are valid and which no longer apply.
If you are a charity and you don’t file updated bylaws with the Canada Revenue Agency, it could impact your charitable status.