That's correct, Mr. Chairperson. A not-for-profit organization can be tax exempt if it meets the requirements in any given year for being tax exempt. The difference between a not-for-profit and a registered charity is that the registered charity cannot operate on a for-profit basis, just like a non-profit, but on top of that, it also has to pursue exclusively charitable purposes, as has been defined by the act.
It's a subset, if you will. Registered charities are a subset of the larger group of NPOs, non-profit organizations.