Social enterprises in Ontario are often falling through the legislative cracks, says Dr. Erik Hoskins.
The Ontario government is considering hybrid legislation for social enterprises, which would allow for private profit while ensuring social good. By creating hybrid legislation Ontario will be joining British Columbia and Nova Scotia in legally recognizing the importance of social enterprise in addressing social and environmental concerns in Canadian communities.
Ontario Minister for Economic Development, Trade and Employment, Dr. Erik Hoskins, states that:
“One of the challenges that social enterprises have faced here in Ontario – and it’s not unlike that in the UK – is that social enterprises fall between the cracks or there isn’t legislation that applies specifically to them so we are looking at the possibility of hybrid legislation in Ontario, which would allow them to have shared equity and to provide them with greater financing opportunities, as well as make it clearer where they fall legislatively”
The proposed hybrid legislation will be based on similar UK legislation that is already in practice. It will focus on supporting the creation of business with features of both profit and nonprofit corporations. Currently the Federal Government is asking for comments about amending their Business corporation to allow the same changes.
To get involved in this process join The Ontario Nonprofit Network [ONN] May 5th at 12pm – 1pm, for a free webinar.
The webinar will provide a briefing of the hybrid models under discussion and seek participants’ feedback and comments. ONN is also looking to hear from participants about the regulatory and legislative changes they need for their social enterprise work within charities and nonprofits.
Click here to find out more about the Social Enterprises and Hybrid Corporations Webinar and to learn more about Ontario’s hybrid legislation.
For more information on Ontario’s Social Enterprise Strategy click here.
