Home office expenses deduction-temporary flat rate method:
Important :
• This method simplifies your claim for home office expenses and you are eligible to use this new method if you worked more than 50% of the time from home for a period of at least four consecutive weeks in 2020 due to the COVID-19 pandemic.
• You can claim $2 for each day you worked from home during that period plus any additional days you worked at home in 2020 due to the COVID-19 pandemic but, the maximum you can claim using this method is $400 (200 working days) per individual.
• Each individual working from home who meets the eligibility criteria can use the temporary flat rate method to calculate their deduction for home office expenses. Multiple people working from the same home can each make a claim.
• This method simplified for you and you do not have to calculate the size of your workspace and keep supporting documents and also, simplified for your employer and employer does not have to complete and sign Form T2200S or Form T2200. (Declaration of Conditions of Employment for Working at Home Due to COVID-19)
• This method is used to claim home office expenses that you paid and you cannot claim any other employment expenses (for example motor vehicle expenses).
• If you’re self-employed, you still will have to use the detailed method to claim the deduction.
Home office expenses deduction-temporary flat rate method:
Tax Tips - Home office expenses deduction-detailed method:
Tax Tips - Home office expenses deduction-detailed method:
• You can use the detailed method to claim the home office expenses if you worked from home in 2020 due to the COVID-19 pandemic or your employer required you to work from home and you worked more than 50% of the time from home for a period of at least four consecutive weeks in 2020.
• You need to have a completed and signed Form T2200S or Form T2200 from your employer and the expenses are used directly in your work during the period.
• Whether you work at the dining table or in a spare bedroom, there are several factors to consider when calculating your employment use of the work space, size of your home and work space, types of work spaces, hours per week you use the space for work. For common (shared) area, your claim is based on your employment use of the space and is determined using the number of hours the space is used for work but, for designated room, your claim is not affected by the number of hours you use the space for work.
Tax Tips - Digital subscriptions tax credit:
Tax Tips - Digital subscriptions tax credit:
• You can claim up to $500 annually for a subscription to a qualifying journalism organization but, broadcasting organizations are not eligible for the credit.
Tax Tips - Digital subscriptions tax credit:
Afsaneh Zahedikia
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