This post is an update to my original post posted on January 5, 2021 (link). On July 5, 2021, the Lieutenant Governor of Ontario proclaimed into force the provisions of Bill 213, Better for People, Smarter for Business Act, 2020, which removes the 25% Canadian resident director requirement for corporations subject to the Business Corporations… Continue reading (Update) Bill 213 Changes to OBCA Effective July 5, 2021
Category: Corporate
Professional Corporations
The Business Corporations Act (Ontario) (“OBCA”) allows members of certain professions to incorporate a professional corporation. These professions include: [OBCA s. 3.1(2)(b)] A profession named in Schedule 1 of the Regulated Health Professions Act, 1991 Chartered Professional Accountants, governed by the Chartered Professional Accountants of Ontario Act, 2017 Lawyers and paralegals, governed by the Law… Continue reading Professional Corporations
Not-for-Profit Corporations Act (Ontario) (ONCA)
Business corporations in Ontario are generally incorporated under the Business Corporations Act (Ontario) (OBCA). Not-for-profit corporations in Ontario may be incorporated under the Corporations Act (Ontario) (OCA) (generally under Part III). The OCA specifically does not apply to corporations incorporated under the OBCA (OCA section 2). The Not-for-Profit Corporations Act (Ontario) (ONCA) was passed in… Continue reading Not-for-Profit Corporations Act (Ontario) (ONCA)
Bill 213 Changes to OBCA
(Update: The changes below have been proclaimed into force and are effective as of July 5, 2021. See update post here.) On December 8, 2020, the Ontario legislature gave royal assent to Bill 213, Better for People, Smarter for Business Act, 2020. The Bill makes important changes to the Business Corporations Act (Ontario) (OBCA). Repeal… Continue reading Bill 213 Changes to OBCA