April 29, 2016
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General
Apr 7, 2016 – 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 June 30.
Mar 3, 2016 – 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 or 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 2015.
- Once all 2015 files are completed, prepare them for storage and record the dates when each file's retention date expires.
Feb 3, 2016 – 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 29.
- Copies of all T4s, T4As etc. and their respective Summaries must be sent to CRA no later than February 29.
- Provide all donors with their charitable tax receipts no later than February 29. 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 Rebate.
The following are for those with a December 31 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 5, 2016 – Automobile Deductions and Expenses for 2016
Finance Minister Bill Morneau announced on December 24, 2015 the income tax deduction limits and expense benefit rates that will apply in 2016 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 2016 will be reduced by one cent to 54 cents per kilometre for the first 5,000 kilometres driven and to 48 cents for each additional kilometre.
The rates for the Northwest Territories, Nunavut and Yukon are traditionally set 4 cents higher and they will also be reduced by one cent to to 58 cents per kilometre for the first 5,000 kilometres driven and to 52 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.
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.
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