Financial Services Year-End Cutoff – March 31, 2021

March 11, 2021

To ensure that revenues and expenses are recorded in the appropriate fiscal year, we request that these procedures are followed for the March 31, 2021 year-end cutoff:

  • Invoices and receipts – all invoices and receipts must be received by the Finance Department at the Waterloo Office no later than Monday, April 5. This includes invoices for:
  • operating expenses (including expense reports, outstanding Visa claims and purchase card submissions),
  • infrastructure projects (minor capital), and
  • petty cash expenses

Important

Please contact vendors to request that invoices be provided as soon as possible for goods and services related to the March 31, 2021 fiscal year-end.

Any invoices related to the March 31, 2021 fiscal year-end which are received by you after Monday, April 5 should be forwarded to Finance immediately. Accounts Payable will record these accordingly when received.

All goods and services received up to and including March 31, 2021 will be recorded in the 2020-21 fiscal year. Please include the actual date of goods received / services rendered in the approval stamp section, as well as highlight the fiscal year (i.e., for 2020-21 year or 2021-22 year) on the invoice.

Purchase card charges for the month ended March 25th and any expenses to March 31st are to be updated and approved no later than April 5, 2021 through Spend Dynamics.

Visa expense claim submissions

Online submission for March expenses due no later than April 12, 2021.

  • Residential maintenance and MSN – any cheques for the March 31, 2021 month-end are to be submitted as normal, by Friday, April 2.
  • Passport invoices, third party invoices, and recoveries – Details to support March Passport invoices are to be submitted by Wednesday, March 31. Any third party invoices (e.g., to agencies or families) or recoveries that relate to the year ending March 31, 2021, are also to be submitted by Wednesday, March 31. Any outstanding Passport invoicing for dates prior to March should be submitted by March 12, 2021.
  • Revenues – the provincial subsidy, resident rent and MSN revenues are recorded at the beginning of March based on budgets/estimates. You will see these on your Adagio FX financial statements. Revenues will be adjusted to actual at month-end once the final revenues are confirmed.
  • Cheque run – please note that the cheque runs regularly scheduled for Thursday, April 8 will be postponed. Due to the volume of expense processing required to support year-end, payments will be made on the cheque run scheduled for Thursday, April 15. This is consistent with what we have done in previous years.

Thank you for your assistance in ensuring revenues and expenses are recorded in the appropriate fiscal year. Please continue to review your Adagio FX statements regularly as year-end approaches.

Resources For Filing Personal Tax Returns

It is approaching the time of year when personal income tax returns need to be prepared and filed (the deadline for most individuals to file their 2020 tax return and for all individuals to pay any amounts due is April 30, 2021). We have, once again, compiled links to free tax clinics and resources for assistance in filing personal income tax returns of people receiving support.

An appointment is generally required to attend one of the free tax clinics. Details of the appropriate contact person or group are found in the website links. These free tax clinics can fill up quite quickly, so do not hesitate to contact them as soon as possible.

Christian Horizons does not provide training or assistance to prepare personal tax returns for people receiving support. Although these tax returns are often quite straightforward, the income tax act and related tax legislation can be complex. Please seek assistance from the tax clinics to support someone in preparing a personal income tax return.

Tax rules are constantly changing and evolving and each year there are new tax amendments introduced. Tax relief measures that began in prior years include the disability supports deduction, which allows a deduction for expenses incurred that allow people to work or go to school.

Persons in public long-term care housing where full municipal and school taxes were not paid are eligible for the Ontario Trillium Benefit only at a reduced level. People supported in CH homes may claim 75% of their maintenance paid as the amount for accommodation in a public long-term care home in box 6123 of their income tax return.

1. Canada Revenue Agency – Community Volunteer Income Tax Program (CVITP)

The Canada Revenue Agency (CRA) is again offering the CVITP. This is a free service to assist eligible individuals who need help to complete their income tax returns. The tax clinics are hosted by community organizations across Canada where tax returns are done for free by volunteers.

COVID-19 update: For the 2021 tax season, many community organizations are hosting free virtual tax clinics. Volunteers may be able to complete and file taxes for free, by videoconference, by email, or by phone.

To qualify for assistance under the CVITP, individuals must have a modest income and a simple tax situation. Eligibility requirements include income levels under $35,000. These clinics deal with simple personal tax returns, which excludes returns for individuals who are self-employed or who have employment expenses and returns for deceased individuals.

For details on whether a clinic will be able to assist and for booking an appointment, please contact the nearest location nearest. This CRA website has further details on the tax clinics and also has a searchable list of CVITP locations if you click “Find a free tax clinic in your area” at the bottom of the web page.

If you cannot find a tax preparation clinic in your area, check back again as community organizations add clinics regularly. Most clinics are offered in March and April.

2. Canada Revenue Agency – Learning about taxes

The CRA offers an online, independent, self-paced learning unit that introduces Canada’s tax system and teaches how to prepare a basic income tax return.

ONE:
Click here to access the CRA online tax training program.

TWO:
Click here to watch the CRA’s video series on tax measures for persons with disabilities

Contact Us

Please contact me if you have any questions. I am available by telephone at 519-650-0966 ext. 3174 or via email at cwasserman@christian-horizons.org.

Tiaan Wasserman,
Corporate Controller