October 23, 2014
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General
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.
Apr 3, 2013 – First-Time Donorís Super Credit
For first-time donors, last week's budget proposes to introduce a temporary supplement to the existing non-refundable tax credit for charitable donations by individuals. The new credit can be claimed once from the 2013 to 2017 taxation years.
Yesterday the Canada Revenue Agency (CRA) posted a Question and Answer type document which will assist you with answering questions you may receive from your congregation and other donors. The document can be viewed at:
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