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A new tax deduction is available for the income year 2020. If you’ve been working from home more than 50% of the time in four consecutive weeks, at least, don’t miss claiming the work-from-home tax deduction in the coming tax season. The good news is that the Canada Revenue Agency (CRA) has simplified the process of claiming.
When you file your personal income tax return for 2020, you may be able to claim home office expenses, such as makeshift office costs, office supplies, and certain phone expenses, including internet fees. The CRA allows claims of up to $400 per individual. While the tax write-off is only for this year, it could be available for next year and beyond if working from home becomes the norm post-pandemic.
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Keith began writing for the Fool in 2012 and focuses primarily on healthcare investing topics. His background includes serving in management and consulting for the healthcare technology, health insurance, medical device, and pharmacy benefits management industries.
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More stimulus checks are on the way. After months of political wrangling and plenty of twists and turns, most Americans will soon receive $600 stimulus checks.
For many, this money will be critical in helping make ends meet. For others who aren t struggling financially, it will be a nice bonus they could use in lots of different ways. The most important priorities for using your stimulus money are to pay all your bills and shore up your emergency fund.
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Building a strong source of passive income can make a world of difference during your retirement. In fact, if you invest in dividend stocks or real estate early on, the passive income you generate may allow you to heavily supplement your salary. This can allow you to ease into retirement, as you begin to ease off the gas pedal in terms of work hours at the end of your career.
However, many investors seem to get it wrong when looking for stocks to include in a strong dividend portfolio. I have previously written an article, giving an example of an excellent dividend portfolio. In building that group of stocks, I decided to focus on companies that had a reliable history of paying dividends, solid distribution growth potential, and above-average capital gains as the icing on the cake. In this article, I will provide two companies that investors should consider for their dividend portfolios.
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