April 24, 2018
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Apr 4, 2018 – April TO DO List
- March payroll liabilities due April 15. Since this date falls on a Sunday, the due date shifts to the next business day which is Monday April 16.
- 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 3, 2018 – 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 2017.
- Once all 2017 files are completed, prepare them for storage and record the dates when each file's retention date expires.
Dec 27, 2017 – Automobile Deductions and Expenses for 2018
The Department of Finance Canada announced on December 22, 2017 the income tax deduction limits and expense benefit rates that will apply in 2018 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 2018 will increase by one cent to 55 cents per kilometre for the first 5,000 kilometres driven and 49 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 59 cents per kilometre for the first 5,000 kilometres driven and 53 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.
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.
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