November 27, 2014
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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)
Oct 3, 2014 – October TO DO List
- September payroll liabilities due October 15.
- Continue working on the 2015 budget.
- If the 2015 offering envelopes have not arrived yet, check to make sure they have been ordered and determine their arrival date.
Sep 5, 2014 – September TO DO List
- August payroll liabilities due September 15.
- Pay all bills from summer events.
- Plan timetable for working on the first draft of the 2015 budget for those with a December 31 year end.
- Ensure 2015 offering envelopes have been ordered. 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.
Aug 5, 2014 – August TO DO List
July payroll liabilities due August 15.
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.
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