June 14, 2021
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Last Week
General
Jun 7, 2021 – June TO DO List
- May payroll liabilities due June 15.
- The deadline for the Annual Registered Charity Information Return, Form T3010, is June 30th for those with a fiscal year end of December 31.
Last year CRA extended the filing deadline to December 31, 2020 in order to allow charities to focus their time more efficiently on deploying their resources to address the effects of the COVID-19 situation. There will be no extension this year which means that the deadline will return to June 30th for those charities with a fiscal year ending on December 31st.
June 30th is not the due date for submitting Form T3010 but is the due date by which it must be in the hands of CRA. Therefore you are advised to mail it at least a few days before June 30th unless you are submitted it online.
Older
General
May 3, 2021 – May TO DO List
- April payroll liabilities due May 15. Since this date falls on a Saturday, the due date shifts to the next business day which is Monday May 17.
- The June 30th deadline for the annual Registered Charity Information Return T3010 is fast approaching for those with a fiscal year end of December 31. If you have not yet started the process, be sure to set aside enough time to complete it properly.
Apr 1, 2021 – April TO DO List
- March payroll liabilities due April 15.
- Set aside financial reports and other items you will need when completing your annual Registered Charity Information Return on Form T3010.
Mar 3, 2021 – March TO DO List
- February payroll liabilities due March 15.
- If you have a December 31 year-end and if the Annual General Meeting has taken place, finalize any necessary changes to the financial reports and budget.
- Produce enough copies of these documents to: (1) file in your archives, (2) give to each director and trustee, (3) use as a working copy when completing the T3010, (4) attach to the T3010 when submitting to CRA, (5) give to any other parties requiring a copy as per your denomination or constitution, and (6) provide to your financial institution if they require a copy for your loan or your mortgage file.
- Review bank records to ensure there are no outstanding cheques or concerns from 2020.
- Once all 2020 files are completed, prepare them for storage and record the dates when each file's retention date expires and can be shredded.
Feb 2, 2021 – 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.
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