March 4, 2015
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General
Feb 3, 2015 – February TO DO List
- January payroll liabilities due February 15. Since this date falls on a Sunday, the due date shifts to the next business day which is Monday February 16 unless your province celebrates Family day on that day, then your due date will shift to Tuesday February 17.
- T4s, T4As etc. must be given to employees and other individuals providing services no later than February 28. Since this date falls on a Saturday, the due date shifts to the next business day which is Monday March 02.
- Copies of all T4s, T4As etc. and their respective Summaries must be sent to CRA no later than February 28. Since this date falls on a Saturday, the due date shifts to the next business day which is Monday March 02.
- Provide all donors with their charitable tax receipts no later than February 28. Since this date falls on a Saturday, the due date shifts to the next business day which is Monday March 02. 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. Links for the required forms and instructions can be located on our Links page.
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.
- Prepare a counters schedule as far in advance as possible in order to assist them with planning to be available when needed.
Jan 3, 2015 – January TO DO List
- December payroll liabilities due January 15.
- Have books audited and prepared for the Annual General Meeting if you are on a December 31 year end.
- Begin processing 2014 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. British Columbia was a participating province prior to March 31, 2013.)
Dec 23, 2014 – Automobile Deductions and Expenses for 2015
Finance Minister Joe Oliver today announced the automobile expense deduction limits and the prescribed rates for the operating expense benefit for income tax purposes that will apply in 2015.
The limit on the deduction of tax-exempt allowances paid by employers to employees using their personal vehicle for business purposes for 2015 will be increased by one cent to 55 cents per kilometre for the first 5,000 kilometres driven and to 49 cents for each additional kilometre.
The rates for the Northwest Territories, Nunavut and Yukon are traditionally set 4 cents higher and they will also increase by one cent to to 59 cents for the first 5,000 kilometres driven and to 53 cents for each additional kilometre.
These are the only changes for 2015 and all other limits and rates will remain the same as in 2014.
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.
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.)
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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