February 7, 2023
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This Week
Feb 1, 2023 – February TO DO List
- January payroll liabilities due February 15.
- T4s, T4As etc. must be given to employees and other individuals providing services no later than February 28.
- Copies of all T4s, T4As etc. and their respective Summaries must be sent to CRA no later than February 28.
- Provide all donors with their charitable tax receipts no later than February 28. If you have a fiscal year-end that is not December 31st, you must still complete charitable tax receipts for all donors because these receipts are based on the calendar year of January 01 to December 31.
- If you have not already done so, submit your application for the GST/HST Public Service Bodies" Rebate.
The following are for those with a December 31 fiscal year-end:
- If using the accrual bookkeeping method, pay close attention when reconciling the January and February bank statements to ensure all expenses are credited to the proper year.
- Finalize financial statements in preparation for the Annual General Meeting.
- Prepare a list of counters for the offering counting teams to be used during the upcoming year and have this list approved by the new Board after the Annual General Meeting.
- Prepare a counting team schedule as far in advance as possible in order to assist the counters with planning to be available when needed.
Jan 2, 2023 – January TO DO List
- December payroll liabilities due January 15. Since this date falls on a Sunday, the due date shifts to the next business day which is Monday January 16.
- Have books audited and prepared for the Annual General Meeting if you have a December 31 year end.
- Begin processing 2022 charitable tax receipts for donors.
- Apply for your HST Rebate if you are in a participating province and for all other provinces apply for your GST Rebate.
(Participating provinces are Newfoundland and Labrador, New Brunswick, Nova Scotia, Prince Edward Island and Ontario.)
Jan 1, 2023 – 53 Sundays in 2023
Happy New Year. If you are still working on your 2023 budget there is good news as this is one of those rare favourite years for treasurers. We are being blessed with 53 Sundays.
Dec 22, 2022 – Automobile Deductions and Expenses for 2023
The Department of Finance Canada announced the automobile income tax deduction limits and expense benefit rates that will apply in 2023.
The limit on the deduction of tax-exempt allowances paid by employers to employees who use their personal vehicle for business purposes in the provinces will increase by seven cents to 68 cents per kilometre for the first 5,000 kilometres driven, and to 62 cents for each additional kilometre.
The rates for the territories are traditionally set 4 cents higher and they will also increase by seven cents to 72 cents per kilometre for the first 5,000 kilometres driven, and to 66 cents for each additional kilometre.
While the above information will be sufficient for most churches and ministries, 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 in the news release on the Department of Finance Canada website at https://www.canada.ca/en/department-finance/news/2022/12/government-announces-the-2023-automobile-deduction-limits-and-expense-benefit-rates-for-businesses.html
Oct 4, 2022 – Obtaining Donations of Government of Canada Surplus Assets
On October 03, 2022, the Public Services and Procurement Canada (PSPC) modified their September 21st announcement that GCSurplus revamped the GCDonate platform with new functionalities. GCDonate is GCSurplus’ online platform designed to advertise Government of Canada surplus moveable assets available for donation.
This is great news for charitable organizations as it will now be easier for government departments and agencies to donate surplus moveable assets to designated eligible groups and organizations. You will need to register and once approved, you will be able to request items that are available for donation.
You can view this announcement and register to bid and buy items by going to GCDonate at https://gcsurplus.ca/mn-eng.cfm?snc=wfdad.
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