We are based in Toronto and would like to register a Social organisation that creates and inculcates cultural and moral values, imparts education through eminent speakers from time to time and has regulare courses in Vedic teachings, astrology, palmistry, mantras etc.

Can someone please guide us!

In Canada we have to apply and register with the Canada Revenue Agency first.

If there is a charter, then have one of you or your friends who can get in touch with a legal or a paralegal person and get the directions through them.

There is a structure that you will have to follow, such a head who is called President and Vice President, Secretary, Treasurer etc., to follow, and you will have to have atleast that many number of members to fill the post and to start initially.

It cannot hold more than "x" number of dollars in the Bank account. There is maximum amount which a banker will tell you all about.

You can also Google and get the wikipedia on it. Here is a portion from it.
http://en.wikipedia.org/wiki/Non-profit_organization#Canada

Hope this will get you started in the right direction.

Freddie.