May 23, 2017
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May 2, 2017 – May TO DO List
- April payroll liabilities due May 15.
- 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 3, 2017 – April TO DO List
- March payroll liabilities due April 15. Since this date falls on a Saturday, the due date shifts to the next business day which is Tuesday April 18 since Monday April 17 is Easter Monday.
- Set aside financial reports and other items you will need when completing your annual Registered Charity Information Return on Form T3010.
- Make an appointment with yourself and clear enough time on your calendar to complete Form T3010 within six months from the end of your fiscal year. For example, if your fiscal year end is on December 31, your return is due on the following June 30.
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.
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