On October 19, 2021, Ontario launched its new Business Registry aimed at making it easier, simpler, and more affordable for millions of businesses and not-for-profits to access government services.
Ontario’s new Business Registry replaces its previous, out-dated and inefficient process, giving business owners and not-for-profit operators more direct access to government services. In the old system, registrations and filings were submitted by either mail or fax and would take four to six weeks to complete. Now, the same services can be completed instantly online. Annual returns is another service that can now be completed online through this registry. This means corporations and not-for-profits are able to keep all their important filings in one, central place. Adding to the great news, Ontario’s registry is also integrated with the Canada Revenue Agency (CRA), which provides a single business bumble for businesses and not-for-profit, further streamlining the administrative process. In short, Ontario’s new Business Registry will support businesses and not-for-profits at each stage of their lifestyle by providing quick and easy online access to over 90 transactions.
In addition to this new Business Registry, Ontario’s Not-for-Profit Corporations Act, 2010 came into effect. The Act modernizes governance for Ontario’s not-for-profit organizations while also reducing operators’ administrative burden. Not-for-profits’ access to Ontario’s new online system eliminates the duplication of paperwork and other inefficiencies in the previous, out-dated system. It also aims to limit errors and reduce legal costs by providing features, such as pre-defined text, that will support these organizations’ operations.
Ontario’s new Business Registry and Not-for-Profit Corporations Act, 2010, provides a simpler, easier, more affordable approach to running a business or a not-for-profit. This will likely encourage new business and organization registrations, as the process has become simpler and more efficient. However, it is still important for business owners and not-for-profit operators to be well-informed of the relevant documents to register, the different services available to them, and their filing and governance requirements.
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