February 14, 2016
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Last Week
General
Feb 3, 2016 – 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 29.
- Copies of all T4s, T4As etc. and their respective Summaries must be sent to CRA no later than February 29.
- Provide all donors with their charitable tax receipts no later than February 29. 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.
Older
General
Jan 5, 2016 – Automobile Deductions and Expenses for 2016
Finance Minister Bill Morneau announced on December 24, 2015 the income tax deduction limits and expense benefit rates that will apply in 2016 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 2016 will be reduced by one cent to 54 cents per kilometre for the first 5,000 kilometres driven and to 48 cents for each additional kilometre.
The rates for the Northwest Territories, Nunavut and Yukon are traditionally set 4 cents higher and they will also be reduced by one cent to to 58 cents per kilometre for the first 5,000 kilometres driven and to 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.
Jan 4, 2016 – 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 2015 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 4, 2015 – December TO DO List
- November payroll liabilities due December 15.
- Distribute 2016 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.)
Nov 2, 2015 – November TO DO List
- October payroll liabilities due November 15. Since this date falls on a Sunday, the due date shifts to the next business day which is Monday November 16.
- Pastors and other clergy who receive the Clergy Residence Deduction must complete the "Request to Reduce Tax Deductions at Source for Years(s)" Form T1213 if they wish to have their 2015 tax deductions reduced at source. It normally requires 6-8 weeks for CRA to review each application and grant permission, therefore, the form should be submitted in early November in order for approval to arrive before the first payday in January. Form T1213 can be located at the following link: T1213 Request to Reduce Tax Deductions at Source for Year(s)
- Prepare 2016 offering envelopes for distribution in December. If they have not yet arrived, determine where they are and place a rush on the order. 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.
- Ensure offering records are in order and receipts are ready for completing 2015 donation receipts in January.
- Continue working on the 2016 budget with a goal of having the final draft completed by month end. This will allow time for other year end duties during December and January.
- Begin preparation for 2015 financial statements and the year-end audit or review.
(NOTE - the last two items are for those who have a calendar year fiscal year)
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