Ottawa plans to strengthen its commitment to the charitable sector exploring the possibility of setting up a bank that will be “targeted at the unique challenges of the charitable sector.”

Ottawa says the new bank could broaden the range of financial instruments available to the charitable sector, as well as its financial-planning capacity. The government intends to work with proponents of this special bank to work out regulatory and tax issues.

It also plans to introduce a new Not-For-Profit-Corporations Act to reduce the regulatory burden while improving financial accountability.