December 14, 2017
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Last Week
General
Dec 7, 2017 – December TO DO List
- November payroll liabilities due December 15.
- Distribute 2018 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.)
Older
General
Nov 2, 2017 – 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 2018 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 2018 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 2017 donation receipts in January.
- Continue working on the 2018 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 2017 financial statements and the year-end audit or review.
(NOTE - the last two items are for those who have a calendar year fiscal year)
Jul 24, 2017 – CRA - New Website and Address
CRA services and information are now on a new website which has moved to Canada.ca. Since URL re-directs from the CRA website are only temporary you should update your bookmarks and address information.
The new links are:
(1) CRA - https://www.canada.ca/en/revenue-agency.html
(2) Charities Directorate - https://www.canada.ca/en/services/taxes/charities.html, and
You can also access them through these links:
Feb 1, 2017 – Business Use of Home Expenses
This news item will be of particular interest to treasurers, bookkeepers and accountants who operate a business as a sole proprietor or a partner in a partnership. It does not apply to employees.
The Canada Revenue Agency published today a new Income Tax Folio Chapter that deals with the conditions and restrictions of business expense deductions relating to the use of an office or other work space in an individual's home.
CRA is now accepting suggestions about the structure or content of this Chapter or the folios in general and the comment period will end on May 1, 2017.
Full particulars may be viewed on the CRA website at: S4-F2-C2, Business Use of Home Expenses.
Jan 3, 2017 – Automobile Deductions and Expenses for 2017
Finance Minister Bill Morneau announced on December 30, 2016 the income tax deduction limits and expense benefit rates that will apply in 2017 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 2017 will remain at 54 cents per kilometre for the first 5,000 kilometres driven and 48 cents for each additional kilometre.
The rates for the Northwest Territories, Nunavut and Yukon are traditionally set 4 cents higher and they will remain at 58 cents per kilometre for the first 5,000 kilometres driven and 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.
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