In what is very good news for many non-profits and registered charities in Canada, Corporations Canada has extended the deadline for AGMs for Canada Not-for-profit Corporations Act (“CNCA”) corporations till Dec 31, 2020.  This helps these organizations in that they don’t have to now request an extension.  Also it applies to both presenting financial statements and AGMs.  It is retroactive to March 13, 2020.

 

Here is the information from Corporations Canada:

 

 

New order extends deadlines for federal businesses, not-for-profits and cooperatives during COVID-19

The Minister of Innovation, Science and Industry has issued an order to extend the deadlines for calling the annual general meeting (AGM) and presenting financial statements for federal business and not-for-profit corporations, as well as cooperatives. The order is retroactive to March 13, 2020, and ends on December 31, 2020. Corporations automatically qualify for the extensions and do not need to apply to Corporations Canada.

Calling annual general meetings

Under normal circumstances, federal business, not-for-profit corporations and cooperatives have to call an AGM within 15 months of the previous AGM, and no more than six months after the organization’s last financial year-end. This order extends the time for calling the AGM to the shortest of the following two options:

  • 21 months after the previous AGM and no more than 12 months after the last financial year-end; or
  • December 31, 2020.

Presenting financial statements

Directors may now present financial statements to shareholders or members at the AGM no more than 12 months after the organization’s last financial year-end. This extends the usual requirement by six months.

If you have any questions, please contact us.

Order Respecting Time Limits and Other Periods under Certain Acts and Regulations for which the Minister of Industry is Responsible (COVID-19)