Non-Profit Hot Topics: Payroll Prep.
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Non-Profit Hot Topics: Payroll Prep.
- 1. welchllp.com PAYROLL PREP. NON-PROFIT HOT TOPICS:
- 2. GROUND RULES Questions • Attendees are in listen-only mode • This webinar is being recorded for future on-demand playback • Your participation represents acknowledgement that we are recording • Tweet questions & comments to: #WelchNPO Windows Mac Tablet
- 3. welchllp.com Garth Steele, CPA, CA Audit & Indirect Tax Partner gsteele@welchllp.com @garthsteele Christa Casey, CPA, CA Partner & Director of the Not-for-Profit Sector ccasey@welchllp.com @ChristaCaseyCPA PRESENTERS
- 4. WHAT WE’LL COVER TODAY welchllp.com • Reporting Requirements • Directors’ Fees • Honorariums • Self Employed of Employee? • Special Payments • Executive Director Expense Reimbursements • Other Issues • Documentation • Resources
- 5. • Business number required? • Tax return filings – T2 / T1044 – T4 / T4A – GST / HST • Filing deadlines welchllp.com REPORTING REQUIREMENTS
- 6. • CPP • EI • Income Tax • T4 reporting welchllp.com DIRECTORS’ FEES
- 7. • Examples ₋ Volunteers ₋ Directors ₋ Key note speaker • Taxable? • Reportable? welchllp.com HONORARIUMS
- 8. welchllp.com SELF EMPLOYED OR EMPLOYEE? • Court Test ₋ Integration of operations ₋ Ability to sub-contract ₋ Risk of loss / opportunity for profit ₋ Tools of the trade • Risks of getting it wrong
- 9. welchllp.com SPECIAL PAYMENTS • Travel allowances ₋ Mileage per km or flat amount • Housing allowances • Bonuses • Scholarship fund payments • Spouse's travel • RRSP matching • Gifts / Christmas bonus / Gift Cards
- 10. welchllp.com EXECUTIVE DIRECTOR REIMBURSEMENTS • Special treatment?
- 11. • Business class vs. Economy class • Reward Programs - Points / Credit Cards / Air Miles • Tax receipting of honorariums/mileage donated back welchllp.com OTHER ISSUES
- 12. • Corporate VISA payments • Travel expense backup welchllp.com DOCUMENTATION
- 13. • CRA’s Employers’ Guides ₋ T4001 Payroll Deductions and Remittances ₋ T4130 Taxable Benefits and Allowances welchllp.com RESOURCES
- 14. welchllp.com Garth Steele, CPA, CA Audit & Indirect Tax Partner gsteele@welchllp.com @garthsteele Christa Casey, CPA, CA Partner & Director of the Not-for-Profit Sector ccasey@welchllp.com @ChristaCaseyCPA Q&A
Editor's Notes
- Christa Casey, CPA, CA - Partner & Director of the Not-for-Profit Sector With nearly 20 years of experience, Christa Casey has become an expert in auditing not-for-profit organizations. In January 2010, Christa was appointed as Welch’s Director, Not-for-Profit Sector. Prior to this, Christa was a Quality Assurance Manager. Her previous and current positions require a high level of technical competence while staying informed of all developments in accounting and auditing standards. Garth Steele, CPA, CA - Indirect Tax Partner, With over 20 years of experience as a Partner at Welch, Garth has an exhaustive list of Not-for-Profit audit experience. In addition to auditing NPOs, Garth’s forte is Commodity Taxes (GST, HST, PST) and Payroll Taxes (CPP, EI, EHT, WCB). For the past 20 years, Garth has been a tutorial leader and lecturer for the CPA Canada In-Depth GST Course, as well as an instructor for CPA Ontario’s annual Professional Development program.
- Are fees paid to your directors subject to CPP, EI and income tax? Are honorariums paid to volunteers to be reported on a T4 or T4A? Does a not for profit organization need a business number with CRA? How can I be sure if a service provider is self-employed or an employee? How do you treat special payments like travel or housing allowances made to the Executive Director or other staff? Should expense reimbursements to the Executive Director receive special treatment? Are bonuses subject to income tax?
- Questions: Do we need to take into account GST/HST when calculating taxable benefits? Our Executive Director has been treating himself as self-employed but I believe he is an employee. What should I do? I just realized that we have not been reporting the employer’s portion of RRSP contributions on the T4. How do I fix this?