January 30, 2015
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General
Jan 3, 2015 – January TO DO List
- December payroll liabilities due January 15.
- Have books audited and prepared for the Annual General Meeting if you are on a December 31 year end.
- Begin processing 2014 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. British Columbia was a participating province prior to March 31, 2013.)
Dec 23, 2014 – Automobile Deductions and Expenses for 2015
Finance Minister Joe Oliver today announced the automobile expense deduction limits and the prescribed rates for the operating expense benefit for income tax purposes that will apply in 2015.
The limit on the deduction of tax-exempt allowances paid by employers to employees using their personal vehicle for business purposes for 2015 will be increased by one cent to 55 cents per kilometre for the first 5,000 kilometres driven and to 49 cents for each additional kilometre.
The rates for the Northwest Territories, Nunavut and Yukon are traditionally set 4 cents higher and they will also increase by one cent to to 59 cents for the first 5,000 kilometres driven and to 53 cents for each additional kilometre.
These are the only changes for 2015 and all other limits and rates will remain the same as in 2014.
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.
Dec 5, 2014 – December TO DO List
- November payroll liabilities due December 15.
- Distribute 2015 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.)
Dec 30, 2013 – Automobile Deductions and Expenses for 2014
The Honourable Jim Flaherty, Minister of Finance, today announced the automobile expense deduction limits and the operating expense benefit rates will remain unchanged for 2014.
The limit on the deduction of tax-exempt allowances paid by employers to employees using their personal vehicle for business purposes for 2014 will remain at 54 cents per kilometre for the first 5,000 kilometres driven and 48 cents for each additional kilometre.
The rates for Yukon, the Northwest Territories and Nunavut are traditionally set 4 cents higher and they will also remain unchanged for 2014 at 58 cents for the first 5,000 kilometres driven and 52 cents for each additional kilometre.
The rate used to determine the taxable benefit for the personal portion of automobile operating expenses paid by employers for 2014 will remain at 27 cents per kilometre. The automobile standby charge for employer-provided vehicles, which is not affected by this announcement, is calculated separately and is also included in the employee's income.
While the above will be sufficient for most churches, additional details for specific situations including capital cost allowance, leasing costs, interest costs, etc. may be viewed on the Department of Finance Canada website.
Apr 3, 2013 – First-Time Donorís Super Credit
For first-time donors, last week's budget proposes to introduce a temporary supplement to the existing non-refundable tax credit for charitable donations by individuals. The new credit can be claimed once from the 2013 to 2017 taxation years.
Yesterday the Canada Revenue Agency (CRA) posted a Question and Answer type document which will assist you with answering questions you may receive from your congregation and other donors. The document can be viewed at:
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