GUELPH – The co-operative sector in Ontario is very pleased with the commitment from the provincial government to modernize the co-operative legislation, according to the association that represents co-op businesses.
The changes are part of the government’s Nov. 6 fall economic statement.
The Ontario Co-operative Association says its members have been advocating for improved legislation for fifteen years to better meet the needs of communities across the province.
“The Conservative government has heard from our 1,500 co-operatives and has responded with improvements that will reduce red tape and provide stable jobs to Ontarians,” said Erin Morgan, executive director of the Ontario Co-operative Association.
“This is an exciting day for our member co-operatives that do amazing work in their communities with a focus on a triple bottom line of people, planet and profit.”
Changes to legislation will eliminate the requirement to do 50 per cent of business with members, allowing co-operatives to compete and innovate on a level playing field with other businesses.
Updates to audit rules will reduce administrative burdens on community-owned co-operatives and allow their income to fund increased services.