Spitfires Incorporation Information
Incorporation number 1868395
Business number 81895 0503
Maintaining The Nepean Spitfires Inc.
- Keep the Incorporation papers (currently with Scott Pegrum)
- Read the Ontario Not-for profit Incorporator's handbook. Note that Spitfires is a "Non-Public Benefit Corporation (NPBC)". You'll have to Google to find the handbook. The government changes its websites too often for a link to be provided here.
- Pay attention to the record keeping obligations:
- proper books of account and accounting records
- minutes of meetings of members and directors
- maintain copies of Letters Patent, Supplementary Letters Patent, By-Laws and Special Resolutions
- a register of its members and directors
- Warn the executive if the budget forecasts a total revenue of over $50K.
If that limit is breached, we will be required to file corporate and HST tax
returns which involves also collecting the HST -- in perpetuity.
- File a "Notice of Change" within 15 days after a change in the board of
directors. Go to the Ontario website and search for "Notice of Change". In Jan 2013 the search was under "services", "services for business". In Mar 2012, it had moved to "Business and Economy" then "ONe Source for Business". Obviously YMMV.
- File a Schedule 546, Corporations Information Act Annual Return for
Ontario Corporations, together with a "T2 Short" income tax return. These must be
filed with the Canada Revenue Agency (CRA) within 6 months of the end of the
fiscal year. Spitfires' fiscal year ends Jan 31 so we have to be sure the CRA
has our return before July 31. A corporation can be fined up
to $25,000 if it does not submit both files together on time.
You must be registered with the CRA to be able to file a return. The
previous filer will have to get you added to the business number with the CRA.
- Keep on top of changes to the corporation rules. The Ontario's Not-for-Profit Corporations Act, 2010 is supposed to come into effect sometime after January 2014. When it does get enacted, there will be a 3-year transition period to implement any changes.
- One place to look for info on not-for-profit corporations is The Canadian Society of Association Executives which provides resources to "develop excellence in not-for-profit leadership".
- If, at any time, the rules become too onerous, it is possible to fold the corporation.