Changes to non-profit legislation in Saskatchewan

Business people reviewing financial statements

The Non-profit Corporations Act, 1995 has been in place for many years. In 2022, the legislation was updated to modernize the Act and reflect the current operating environment. The Non-profit Corporations Act, 2022 was enacted in May 2022 with a wide variety of changes.

We recommend that organizations  review the new Act to determine whether any changes in your governance structure or practices are required – our observation is that some organizations won’t be impacted at all, but others may need to make a number of changes to comply with the Act.

On December 16, The Non-profit Corporations Regulations were published but will not be effective until March 12, 2023 (see this article for more information). The most significant change in the Regulations is an increase to the thresholds defining when a charitable corporation requires a review engagement or an audit report on the annual financial statements.

For a review engagement, it will be required for revenues greater than $100,000 (previously $25,000) and for an audit engagement, the threshold has increased to revenues greater than $500,000 (previously $250,000).

Organizations with revenues under these thresholds may still require a review or audit engagement due to funding agreements, loan agreements or internal policies. We would be happy to discuss your situation to determine if a change in your reporting would be appropriate.

Questions? Get in touch with our audit & assurance team.

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