A non-profit corporation is a legal entity separate from its members and directors formed for purposes other than generating profit to be distributed to its members, directors or officers. While, a non-profit corporation can earn a profit, the profit must be used to further the goals of the organization rather than to pay dividends to its membership. A non-profit corporation can be a church or church association, school, charity, medical provider, activity clubs, volunteer services organization, professional association, research institute, museum, or in some cases a sports association.
Estrada Tan & Partners can assist you with your reporting requirements with various funding agencies. In the Yukon, Corporate Affairs request Not-for-Profit Organizations to provide a Reviewed Financial Statements every 3 years. We can also provide you with advise and recommendations on best practices on governance, operations and processes. These includes when is the best time to register with CRA as a charity, its advantages and disadvantages. Call us today to learn more!
A non-profit organization registered in Yukon under the Societies Act is known as a society. In essence, a society is a corporation formed by a group of individuals that is created for any lawful purpose other than carrying on a trade or business. In Yukon as elsewhere, societies are created for wide range of purposes such as hobbies, social and community well-being, sports, public service, special interests, etc. To be registered as a charity, the society must apply for charitable status with the Canada Revenue Agency.