As many have noted the Ontario budget was not that exciting. There is one sentence on ONCA hidden at the end of a paragraph on business modernization. "As an early priority, the government will take steps to enable the proclamation of the Ontario Not-for-Profit Corporations Act, 2010." It is interesting that the government is concerned with modernizing corporate legislation as "a comprehensive review of corporate and commercial statutes has not been undertaken in the past 10 years". Wow 10 years! Well the Ontario Corporations Act has not been substantially changed since the 1950s (that is over 60 years!) and ONCA was passed in 2010 and still has not been brought into force.
Also if your concern is reducing red tape it would be easy to reduce the red tape of the proposed ONCA if the Ontario government reduces the involvement of the PGT in corporate matters involving charities and rather has them deploy their limited resources to oversight of significant improprieties in the charitable sector. You can see my proposal at: Enhancing the ONCA Transition for Ontario non-profit corporations that are registered charities by reducing redundant regulatory review
Here is the paragraph from the Ontario budget 2015:
Review of Business Legislation
The government will undertake a comprehensive review of the Province’s corporate and commercial statutes to ensure Ontario has modern laws that facilitate an efficient market and prosperous business climate. Ontario has over a million active business corporations, with over 60,000 new corporations being created every year. While targeted legislation has been passed to modernize and respond to particular business needs, a comprehensive review of corporate and commercial statutes has not been undertaken in the past 10 years. This review strengthens Ontario’s competitive advantage in a global economy and supports a dynamic business climate. Through this review, the government will explore innovative business structures to solidify Ontario’s position as a jurisdiction of choice for new business, including for social entrepreneurs who are driving innovation and competing to attract investment globally. As an early priority, the government will take steps to enable the proclamation of the Ontario Not-for-Profit Corporations Act, 2010.
If you want to deal with governance now then you might find these articles interesting:
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Mark Blumberg is a partner at the law firm of Blumberg Segal LLP in Toronto and works almost exclusively in the areas of non-profit and charity law.