Financial Reporting Requirements

In order to be eligible organizations now have to comply with the audit requirements under the Corporations Act of Ontario or the Canada Corporations Act, depending on their incorporation jurisdiction.

Not-for-profit organizations incorporated under the Corporations Act of Ontario:

  • Applicants with annual revenues over $100,000 must provide audited financial statements as part of their application in order to be eligible to the Program;
  • Applicants with annual revenues under $100,000 will not have to provide an audit if the members of their corporation passed an extraordinary resolution waiving the requirement in accordance with the Act. The resolution will have to be submitted along with the application in order to be eligible to the Program;

For more information please refer to the Ministry of Consumer Services Website.

Not-for-profit organizations incorporated under the Canada Corporations Act:

  • Applicants with annual revenues over $250,000 must provide audited financial statements as part of their application in order to be eligible to the Program;
  • Applicants with annual revenues over $50,000 and up to $250,000 will not have to provide an audit if the members of their corporation pass an extraordinary resolution to require a review engagement instead. The resolution will have to be submitted along with the application in order to be eligible to the Program;
  • Applicants with annual revenues of $50,000 or less must conduct review engagement.

For more information refer to the Industry Canada Website.

In all cases the statements must be the most recent available and must be signed by a director of the corporation.