CRA is implementing new digital services that will be launched to the public in June of 2019, which will allow charities and their representatives to submit applications and returns more efficiently. The changes being made will affect forms T2050 (Application to Register a Charity under the Income Tax Act) and T3010 (Registered Charity Information Return).
You’ve done it. After years of hard work, saving and making smart investments, you can finally afford to purchase your first home. Now what? For many, the home buying process can be very overwhelming. From dealing with bankers, real estate agents, and lawyers, seeking out the necessary accounting advice is not usually top of
Canadian Cancer Society – The Daffodil Campaign The Canadian Cancer Society (CCS) is proud to be a champion and voice for Canadians who care about cancer. We are committed to supporting and engaging people in communities across the country. Through our Daffodil Campaign, we raise funds to help people with cancer live their lives more
We get by, with a little help from our Community Imagine this. You’re headed to a concert tonight. You’ve been looking forward to it for weeks. The vibe, the dreamy singer, the people – it’s going to be a great time! But you’ve had a long day, and your legs are a little tired. You
A fiscal year is the 12 month period that an organization uses to report its annual revenues. Many registered charities have a fiscal year-end of December 31st. However, a fiscal year-end does not have to align with the calendar year. There are many reasons why you may want to change your fiscal year-end, such
Did you know that you can use your financial institution’s online banking portal to pay your individual taxes to the Canada Revenue Agency (CRA) and you can also pay your business taxes online from a business bank account? It’s as easy as paying any of your other bills. Paying individual taxes online: Sign in to
If you use your vehicle for earning business income and have eligible travel expenses, you are probably already aware that you can deduct some of your vehicle costs. What you may not know, though, is the difference between leasing and financing a vehicle for tax purposes. If you’re considering adding a new vehicle to your
Do your employees use their personal vehicles for business purposes? The tax deduction limits and expense benefit rates have changed for 2019. Make sure you understand as an employer your responsibilities around allowances to cover expenses. Most of the limits and rates that applied in 2018 will continue to apply in 2019. However, the
As of November 2018, CRA will no longer provide peel and stick barcode labels with the Registered Charity Information Return (T3010) package. These barcodes contained the charity’s BN/registration number and the charity’s fiscal year end date. You will continue to receive the Registered Charity Basic Information Sheet (Form TF725) with the package, however, the barcode labels
The deadline to give employees their T4 slips is Thursday, February 28, 2019! The failure to distribute T4 slips on time is $25 per day for each failure with a minimum penalty of $100 and a maximum of $2500. How to distribute T4 slips: Secured Portal: You may distribute T4s electronically by making them accessible