December 20, 2014
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General
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.)
Nov 6, 2014 – November TO DO List
- October payroll liabilities due November 15. Since this date falls on a Saturday, the due date shifts to the next business day which is Monday November 17.
- 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 2015 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 ASAP 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 2015 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 2014 donation receipts in January.
- Continue working on the 2015 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 2014 financial statements and the year-end audit or review.
(NOTE - the last two items are for those who have a calendar year fiscal year)
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:
Dec 28, 2012 – Automobile Deductions and Expenses for 2013
The Honourable Jim Flaherty, Minister of Finance, today announced the automobile expense deduction limits and the operating expense benefit rates for 2013.
The limit on the deduction of tax-exempt allowances paid by employers to employees using their personal vehicle for business purposes will increase by 1 cent to 54 cents per kilometre for the first 5,000 kilometres driven and to 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 increase by 1 cent to 58 cents for the first 5,000 kilometres driven and to 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 will increase by 1 cent to 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.
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