December 13, 2019
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Last Week
Dec 5, 2019 – December TO DO List
- November payroll liabilities due December 15. Since this date falls on a Sunday, the due date shifts to the next business day which is Monday December 16.
- Distribute 2020 offering envelopes.
- Ensure you are up-to-date on all financial records, donation records, and other items needed for year-end. If this can be done early in the month you will be able to enjoy the Christmas season knowing that you are ready for January.
- Arrange January appointments with accountant or auditors and begin preparation of as many items as possible.
(These last two items with the exception of donation records are assuming that you are working with a fiscal year that ends on December 31. Donation records and charitable receipts are always based on the calendar year which makes it easier for churches with a fiscal year end of December 31.)
Nov 2, 2019 – Registration For Payroll Seminar
Register for the Fall Payroll Seminar being held at several locations in Southern and Central Ontario by either:
(1) Emailing us at [email protected] and we will send you a registration form, OR
(2) Sending us your name, position in your church or charity, the name of your church or charity, address, contact information, and which location you will be attending.
Please register beforehand to make arriving at the seminar more efficient.
(1) $199 plus HST for members of Church Treasurers of Canada Inc., and
(2) $249.00 Plus HST for non-members.
Seminar Dates and Locations:
Barrie - (Wed Dec 18) Holiday Inn Barrie Hotel & Conference Centre, 20 Fairview Road.
Brantford - (Mon Dec 02) Best Western Brantford Hotel & Conference Centre, 19 Holiday Drive.
Burlington - (Tues Dec 03) Holiday Inn Hotel & Conference Centre, 3063 South Service Road.
Kitchener - (Fri Dec 13) Holiday Inn Kitchener-Waterloo, 30 Fairway Road South.
Richmond Hill - (Thur Nov 28) Sheraton Parkway Toronto North, 600 Highway 7 East.
London - (Mon Nov 25) Four Points by Sheraton London, 1150 Wellington Road South.
Mississauga - (Mon Dec 09) Four Points by Sheraton Mississauga-Meadowvale, 2501 Argentia Road.
Owen Sound - (Mon Dec 16) Best Western Inn On The Bay, 1800 2nd Avenue East.
Scarborough - (Thur Dec 05) Delta Hotels Toronto East, 2035 Kennedy Road.
St. Catharines - (Wed Dec 11) Holiday Inn Parkway Conference Centre, 327 Ontario Street.
Windsor - (Tue Nov 26) Holiday Inn & Suites Windsor, 1855 Huron Church Road.
Nov 1, 2019 – November TO DO List
- October payroll liabilities due November 15.
- Pastors and other clergy who receive the Clergy Residence Deduction must complete the "Request to Reduce Tax Deductions at Source for Years(s)" Form T1213 if they wish to have their 2020 tax deductions reduced at source. It normally requires 6-8 weeks for CRA to review each application and grant permission, therefore, the form should be submitted in early November in order for approval to arrive before the first payday in January. Form T1213 can be located at the following link: T1213 Request to Reduce Tax Deductions at Source for Year(s)
- Prepare 2020 offering envelopes for distribution in December. If they have not yet arrived, determine where they are and place a rush on the order. If you are looking for a great supplier for offering envelopes, see the recommendation for the NCS Church Envelope Company on our Membership (Preferred Services) Page.
- Ensure offering records are in order and receipts are ready for completing 2019 donation receipts in January.
- Continue working on the 2020 budget with a goal of having the final draft completed by month end. This will allow time for other year end duties during December and January.
- Begin preparation for 2019 financial statements and the year-end audit or review.
(NOTE - the last two items are for those who have a calendar year fiscal year)
Dec 28, 2018 – Automobile Deductions and Expenses for 2019
The Department of Finance Canada announced on December 27, 2018 the income tax deduction limits and expense benefit rates that will apply in 2019 when using an automobile for business purposes.
The limit on the deduction of tax-exempt allowances paid by employers to employees using their personal vehicle for business purposes during 2019 will be increased by 3 cents to 58 cents per kilometre for the first 5,000 kilometres driven and to 52 cents for each additional kilometre.
The rates for the Northwest Territories, Nunavut and Yukon are traditionally set 4 cents higher and they will increase to 62 cents per kilometre for the first 5,000 kilometres driven and 56 cents for each additional kilometre.
While the above information will be sufficient for most churches, additional details for specific situations including standby charges for the personal use of an employer provided vehicle, capital cost allowance, leasing costs, interest costs, etc. may be viewed on the Department of Finance Canada website.
Nov 5, 2018 – The Canada Pension Plan Enhancement
On October 31, 2018 the Canada Revenue Agency released a document outlining what we can expect for the future of the Canada Pension Plan and the expected rate increases for contributions from employees and employers. The rate of 4.95% has been constant for several years and on Januray 1, 2019 we will see an increase of 0.15% to bring the new rate to 5.1%. There will be additional increases each year for at least the next seven years.
Full particulars, including the future rate increases, may be viewed on the CRA website at: The Canada Pension Plan Enhancement.
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