February 24, 2018
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General
Feb 2, 2018 – 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.
Jan 4, 2018 – January TO DO List
- December payroll liabilities due January 15.
- Have books audited and prepared for the Annual General Meeting if you have a December 31 year end.
- Begin processing 2017 charitable tax receipts for donors.
- Apply for your HST Rebate if you are in a participating province and for all other provinces apply for your GST Rebate.
(Participating provinces are Newfoundland and Labrador, New Brunswick, Nova Scotia, Prince Edward Island and Ontario.)
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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