Church treasurers have an important job in the operations of a church. From keeping the lights on, to payroll, to maintaining charitable status, to ensuring the offering is stewarded responsibly, treasurers’ tasks are critical to the well-being of a church. Not all churches have an accountant in their congregation who can perform these duties, meaning that there is a steep learning curve for many church treasurers. CBOQ equips treasurers with guides, workshops, information and consultation to help them be better stewards of the resources God has entrusted to them for the same of the Kingdom.
Resources for Church Finances
New Treasurer Contact
When a new treasurer is appointed, please inform the following as soon as possible to update our contact records so that we can stay connected with you:
Sun Life Financial
Contact Sun Life Financial and provide the name, email address, phone number and date the new Treasurer will assume the Treasurer position.
To Submit a contribution or for general plan inquires:
You can speak with a Sponsor Care Specialist at the Sponsor Care Centre any business day from 8 a.m. to 5 p.m. ET.
Sponsor Care Centre: 1-800-387-7262
Plan Sponsor Services website: www.sunlife.ca/sponsor.
To report Membership activity including new hires, Plan Members moving from one Employer to another, terminations, retirements, deaths:
Sponsor Care Centre: 1-800-387-7262
Please include your Client/Plan ID (S4D/02) in the subject line.
Sun Life Assurance Company of Canada
Group Retirement Services
227 King Street South
PO Box 2025 STN Waterloo
Waterloo, ON N2J 0B4
J&D Benefits (Group Benefits)
Name: Linda Bissonnette
Phone: toll free at 1-800-218-7018 x2222 or 905-477-7088 x2222
J&D Benefits Inc.
8901 Woodbine Avenue, Suite 228
Markham, ON L3R 9Y4
PENSION PLAN (SUN LIFE FINANCIAL)
All permanent employees who have a minimum of 700 working hours per year or minimum earnings of 35% of the CPP Maximum Pensionable Earnings are eligible to join the Plan. Employee contribution rates since 2007 are 6.00%.
For Pension Plan administration purposes, new treasurers should contact Sun Life Financial to obtain a new ID and security code to access the Sun Life Financial website for remitting pension contributions for employees.
Outgoing treasurers, please pass along the Treasurer’s Pension Plan Administration Binder to your successor when you leave the position.
GROUP BENEFITS (J&D BENEFITS)
CBOQ provides a group benefit plan and a defined contribution pension plan through our partnership with Canadian Baptist Ministries. Since these are both compulsory plans, churches are obligated to offer them to all employees that qualify. For Benefits Plan administration purposes, the new treasurer should contact J&D Benefits to:
- Provide their new contact information
- Be trained on procedures for:
- Enrolment of new plan members
- Updating changes for their plan members
- Termination of plan members
- Learn how to handle billing and premium payment issues
CBOQ can only fulfill its mission of equipping churches and leaders through the contributions of our family of churches.
Through your church’s financial partnership, we are able to provide care and support for our pastors and leaders throughout their ministry, build the next generation of Canadian Baptists, strengthen our existing congregations and plant new expressions of faith.
YEAR-END DONATION RECEIPTING
Please be reminded that all donations to be receipted for the year must be received by December 31 of the same calendar year. This means the offerings and donations must be either in the offering plate on December 31, hand-delivered to the envelope secretary or postmarked by December 31. The CRA does not permit extension of the receipting year through to mid-January in the New Year.
For more information on receipting and other questions about operating a registered charity, click here.
T3010 Charity Return Filing Information
File a complete return each year, no later than six months after the end of your fiscal period. If you do not file your return within six months after the end of your fiscal period, your registration could be revoked for failure to file.
For more information on the T3010, click here.
TAXABLE BENEFITS – GROUP BENEFITS PLAN
For pastors and other staff members on the CBOQ group program, some of the premiums are taxable in both provinces. Generally speaking, group life insurance premiums and group AD&D insurance premiums are taxable benefits, which should be shown on the employee’s T4 report as indicated above. In Quebec, the other benefit premiums will need to be included on the provincial statement of remuneration. J&D Benefits will provide a Taxable Benefits report for each church with all employees listed for the year of 2018. Please use this report to complete the T4 for each staff. All of the benefits plan information, including claim forms, rates, and the complete “Choices” Flexible Benefits Plan booklet is available by clicking the button below; church treasurers can contact Spencer Lee at the CBOQ office to obtain a password to access the website.
YEAR-END PAYROLL INCOME TAX REPORTING
T4s, T5s, Year-End Clergy Residence Deduction (CRD) Form
On the employee’s T4 report:
- The taxable benefits amount provided by J&D Benefits regarding the Group Benefits plan should be included in box 14 (Employment Income), and the same amount should be stated in box 40 (Other Information).
- The Canadian Baptist Pension Plan registration no. 0345769 should be stated in box 50.
Sample T4s for pastors are also posted on CBOQ website for your reference.
T1223 Clergy residence deduction
Please also remember to fill out a T1223 Clergy Residence Deduction form for your pastoral staff for them to claim the Clergy Residence Deduction. Click here to access the fillable form is available at the Government of Canada website.
Please note that the form requires church employers to provide the pastor’s job title, and attach a copy of his or her job description describing all of his or her duties. The description needs to indicate the percentage of time per week for each job function.
TIMING OF PENSION REMITTANCE TO SUN LIFE FINANCIAL
For January to November, contributions must be remitted to Sun Life Financial by the tenth of the month following the month in which the contribution was deducted. Please remit your December contributions before the end of December. This will allow the contributions relating to the current year’s salary to be allocated to the same year.
TAXABLE BENEFITS – BENEFITS PLAN
Please use the Group Basic Life and Dependent Life premium, plus the AD&D premium from the J&D January invoice as the monthly taxable amount for the monthly payroll calculation. For members enrolled in the Blue Leaf plan, the taxable benefit amount will be net of the employee portion paid. If you require more information, please contact J&D Benefits.
CBOQ GROUP BENEFITS ACTIVE PLAN
For 2018, the group benefit active plan premium is expected to have an overall premium rate increase of approximately 4.0%.
The Choices flexible benefit plan is a premium benefit plan for the Baptist Churches across Canada. Each year the program is reviewed to ensure it continues to provide employees with the opportunity to choose personalized benefit coverage that meets their specific needs, while remaining financially stable.
The plan operates on a break-even basis. There are no commissions or profits made on this plan. Every dollar contributed to this plan goes right back to plan members in benefit offerings. The committee that provides oversight to the Choices plan is reviewing the plan to ensure that the costs remain effective for our churches. They take this responsibility very seriously.
The plan, like many others, has experienced increased usage in all aspects of the plan. Many pastors are seeing firsthand the benefits of being members of this plan. Without this plan they would not be able to afford the health care needs they are facing. Thanks for your continued support and trust in your Choices Flexible benefit program.
T1213 REQUEST TO REDUCE TAX DEDUCTIONS AT SOURCE
For pastors who request a reduction in tax deductions at source through the payroll, please remind them to file the T1213 form with the Local Tax Service office in October or November to obtain CRA approval for the following income year. The T1213 form is available here.
Written approval from CRA will be sent to the pastor who should make a copy for their employer. Once this copy is received, the church can then reduce the pastor’s taxable income by the amount of the clergy residence deduction and withhold tax at source on the difference when processing payroll for the pastor. Learn more by reading the Guide to Pastor’s Payroll.
CPP RETIREMENT PENSION CHANGES
If your church has an employee who is 60 to 65 years of age and is receiving CPP retirement pension, both the employee and the employer are required to remit the CPP contributions. The CPP contribution is made toward the Post-Retirement Benefit (PRB) of the employee. Between the ages 65 to 70, the employee can either choose to continue CPP contribution or not. If the employee chooses not to continue, he or she should complete a form CPT30 and send the original form to CRA and make a copy for the employer. If the employee chooses to continue CPP contribution, the employer is required to contribute as well. Employees stop making CPP contributions toward their PRB when they reach the age of 70.
New This Year
- The 2019 renewed premium for group benefits is 0%
- CPP enhancement contribution rate increase per year, starting January 1, 2019
- Increase to 5.1% (from 4.95%)
- Read more
- CBOQ 2019 Salary Guide for Pastoral Leaders is published and is posted on our website.
- Official donation receipts must include the name and website address of the Canada Revenue Agency. The website address has changed to canada.ca/charities-giving. Charities and qualified donees have until March 31, 2019 to update their receipts.
- Ontario Not-for-Profit Corporations Act, 2010
- Ontario Not-for-Profit Corporations Act, 2010 (“ONCA”) may finally be proclaimed in early 2020!!
- The Canada Revenue Agency (CRA) announced the public release of Charities IT Modernization Project (CHAMP), scheduled for November 2018, will be delayed until June 2019. Once in place, CHAMP will provide several new e-services, such as T2050 and T3010 filings. The mailing address for the Registered Charity Information Return (T3010) is:
Canada Revenue Agency
105 – 275 Pope Road
Summerside PE C1N 6E8
Please note that this change applies only to the annual return.
All other correspondence should be sent to:
Canada Revenue Agency
Ottawa ON K1A 0L5
We ask that you mail your returns to this address if you are filing the T3010.
Important Dates for 2019
Last week to submit your year-end church contributions! (Cheques must be dated Dec.31, 2018 or earlier)
Due date for:
- T4s and T5s
- Clergy Residence Deduction Form
- Property Tax Rebate
- Donation Receipts
Official donation receipts must include the name and website address of the Canada Revenue Agency. The website address has changed to canada.ca/charities-giving. Charities and qualified donees have until March 31, 2019 to update their receipts.
Income tax filing due date!
- T3010, Registered Charity Information Return
- Starting in June 2019, registered charities and their representatives will be able to complete and file Form T3010, Registered Charity Information Return online. To learn more about these service improvements and how you can prepare for them, go to Charities IT Modernization Project (CHAMP).
- Charities IT Modernization Project (CHAMP)
- To reduce the administrative burden on charities, the Canada Revenue Agency (CRA) is modernizing its Information Technology (IT) systems to provide new online service options.
Year-end registered charity annual information return (T3010-1 E) due for Dec. 31
Oct/Nov – Request to Reduce Tax Deductions at Source (T1213) is due for pastors
Year-end donation receipting for 2019 due(last Sunday of year 2019)
Individual donation for 2019 must be postmarked no later than today!
Online Giving for CBOQ Churches
CBOQ has partnered with Tithe.ly, an online giving platform designed to help churches increase giving and engagement with tools built for ministries. As giving trends change, and fewer people give by cash or cheque, having online giving options can make a substantial difference for churches.
CBOQ’s Certificate Loan program provides a unique, practical opportunity to extend the kingdom of God in our member churches. Instead of leaving your investment with a bank or credit union, you can directly invest with CBOQ and support member churches that have a need for a mortgage for church renovation or church construction.
- 2019 Monthly Church Contribution Form
- A Guide to Interim Ministry
- Avoiding Problems with Restricted Funds
- Charitable Activities Abroad
- Church Budget Preparation Checklist
- Church Treasurer Transition Checklist
- Donor Designated Gifts
- Guide for Raising and Disbursing Benevolent Support
- Guide for Writing an Investment Policy
- Guide to Completing the T3010
- Guide to Disbursement Quota Reform for Charities
- Guide to Financial Reporting for CNCA Church
- Guide to Tellers' Procedures
- HST for Churches
- Insurance Group Program for Churches
- Restricted Funds Breakdown
- Restricted Gifts
- Salary Guidelines 2019
- Sample Donor Giving Policy
- Summary of Grants, Loans
- The Local Church Audit Guide