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Home office tax deduction could fall short of your real expenses VIDEO SIGN OUT
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2020 was a crazy year for the hordes of Canadians forced to work from home offices and kitchen tables due to the pandemic. According to Statistics Canada, 40 per cent of the workforce was forced to set up shop remotely.
That means 2021 is going to be a crazy tax year for workers who have had to incur expenses otherwise left to their employers. In an effort to head off an onslaught of home office claims the Canada Revenue Agency (CRA) has introduced a simplified deduction of up to $400, but in many cases, it could fall way short of the real expense of working from home.
What you need to know about the new work-from-home tax break VIDEO SIGN OUT
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A record number of Canadians were forced to work remotely because of the pandemic, and the Canada Revenue Agency has unveiled a new tax deduction to allow more people to claim expenses related to their home office.
If you were among the 40 per cent of workers who, according to Statistics Canada, found themselves working remotely as pandemic lockdowns were enforced, then you have two options to claim your tax deduction.
The first is the Simplified Temporary Flat Rate Method, which is new for 2020 and is the most simple and straightforward. Thereâs no need to provide receipts or get anything signed by your employer.