For those wishing to embark on social enterprise, there is a lot to consider. There is no designated legal structure for a social enterprise and the structural options and set up costs for all entities vary from province to province. Since there are multiple incorporating statutes in Alberta, and since tax status is governed federally, it is confusing for enterprising charities and nonprofits to understand the restrictions surrounding their ability to earn revenues or generate profits.
If your nonprofit organization is incorporated under Part 9 of the Companies Act, you will want to get up to speed on a number of changes that were proclaimed into force on March 29, 2021.
“If I were to go out and create a nonprofit organization today, I would make sure that social enterprise was baked in – it’s a missed opportunity if you don’t. We might be considered as “nonprofit”, but we are really “for impact”. You can make money and do good. It is possible.” ....Laura Istead, Executive Director, Two Wheel View