In Ontario we have two basic types of corporations you can establish: the standard for profit corporation and the less frequently incorporated not-for-profit corporations. There are some basic differences in their establishment and the ongoing operations.
Often, a not-for-profit corporation will have charitable objects but this does not mean it is a charity. To become a charity, the organization must apply for charitable status with the Canada Revenue Agency.
The major difference is the profit corporation is set up for the primary purpose of making money, while the not-for-profit is set up to pursue the objectives for which the organization was established.
