February 22, 2017
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Feb 2, 2017 – 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 28.
- Copies of all T4s, T4As etc. and their respective Summaries must be sent to CRA no later than February 28.
- Provide all donors with their charitable tax receipts no later than February 28. 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.
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.
Nov 5, 2016 – CPP - Maximum Pensionable Earnings For 2017
The Canada Revenue Agency announced this week that the maximum pensionable earnings under the Canada Pension Plan (CPP) for 2017 will be $55,300, up from $54,900 in 2016.
Contributors who earn more than $55,300 in 2017 are not required or permitted to make additional contributions to the CPP.
The basic exemption amount for 2017 remains $3,500. Individuals who earn less than that amount do not need to contribute to the CPP.
The employee and employer contribution rates for 2017 will remain unchanged at 4.95%.
Full particulars may be viewed on the CRA website at: Canada Revenue Agency announces maximum pensionable earnings For 2017.
Jul 22, 2016 – New Rules For Retaining Church Offering Envelopes
The Canada Revenue Agency announced today that the Charities Directorate has updated its position on the retention period for church offering envelopes. Effective as of 2016 and including the 2015 tax year, church offering envelopes must be kept for six years from the end of the tax year to which the envelope relates.
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