May 23, 2019
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General
May 2, 2019 – May TO DO List
- April payroll liabilities due May 15.
- The June 30th deadline for the annual Registered Charity Information Return T3010 is fast approaching for those with a fiscal year end of December 31. If you have not yet started the process, be sure to set aside enough time to complete it properly.
Apr 8, 2019 – April TO DO List
- March payroll liabilities due April 15.
- Set aside financial reports and other items you will need when completing your annual Registered Charity Information Return on Form T3010.
- Make an appointment with yourself and clear enough time on your calendar to complete Form T3010 within six months from the end of your fiscal year. For example, if your fiscal year end is on December 31, your return is due on the following June 30.
Mar 7, 2019 – March TO DO List
- February payroll liabilities due March 15.
- If you have a December 31 year-end and if the Annual General Meeting has taken place, finalize any necessary changes to the financial reports and budget.
- Produce enough copies of these documents to: (1) file in your archives, (2) give to each director and trustee, (3) use as a working copy when completing the T3010, (4) attach to the T3010 when submitting to CRA, (5) give to any other parties requiring a copy as per your denomination or constitution, and (6) provide to your financial institution if they require a copy for your loan or your mortgage file.
- Review bank records to ensure there are no outstanding cheques or concerns from 2018.
- Once all 2018 files are completed, prepare them for storage and record the dates when each file's retention date expires.
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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