So assuming we all don't die, since my wife and I are both working out of our house for what I assume is half a year. Are there any write-offs or tax benefits I should be collecting receipts for?
So assuming we all don't die, since my wife and I are both working out of our house for what I assume is half a year. Are there any write-offs or tax benefits I should be collecting receipts for?
Cos...
Definitely be able to write off a home office, including portion of utilities. I'm sure someone knows more than me about it. I think everything is based off a percentage of the total.
for next year: https://www.google.com/amp/s/turbota...-home-6098/ampThis quote is hidden because you are ignoring this member. Show Quote
Good link. I bet something changes with this for next year making it easier to claim something for most who WFH during this
You are definitely right. Online software will make it more user friendly in that area.This quote is hidden because you are ignoring this member. Show Quote
Not incorporated, so it’d be considered relief if the feds allowed some tax write offs.
"The most merciful thing in the world, I think, is the inability of the human mind to correlate all its contents... some day the piecing together of dissociated knowledge will open up such terrifying vistas of reality, and of our frightful position therein, that we shall either go mad from the revelation or flee from the light into the peace and safety of a new Dark Age."
-H.P. Lovecraft
Just splitting this off so it'll be easier to find relevant information for next year if it's all kept in a single thread now.
Some more info I saw this morning, but I think it repeats some of Disoblige's link:
https://www.cbc.ca/news/canada/winds...nses-1.5504884
As of today, even if you have a letter from your employer that you need a home office the write offs are not worth it unless you are a commission employee.
This.This quote is hidden because you are ignoring this member. Show Quote
It's not like it's going to be 50% off a new top of the line computer because you work from home for a year or less.
Unless we are cooped up for 6 months (ie isolation ends in mid Sep), how does an employer guarantee the 50% work from home rule?
Do we lose the primary residence tax shelter when we start claiming work expenses?
Everything I say is satire.This quote is hidden because you are ignoring this member. Show Quote
Correct.This quote is hidden because you are ignoring this member. Show Quote
Plus you need your employer to provide a filled in T2200 form, which I suspect MOST will not do due to the temporary nature of the WFH situation being imposed. (Someone already mentioned this)
https://www.canada.ca/en/revenue-age...-expenses.html
Stupidity is a disease we all have, it's like a form of brain herpes. Outbreaks will occasionally occur.
This quote is hidden because you are ignoring this member. Show QuoteSo stupid question, not withstanding the T2200 form, how would it not be worth it? I have to pay more electricity and heat. Even if I got half of one month covered, that is still a net benefit for me isn't it?This quote is hidden because you are ignoring this member. Show Quote
Cos...
It wouldn’t be half your bills it would be calculated in 1 or 2 ways:
your office / # of rooms in your house or sqft of office / total sqft house so your looking at probably ~15-20% of bills
sig deleted by moderator, click here for info
You think your residence is going to appreciate in value any time soon?This quote is hidden because you are ignoring this member. Show Quote
That’s cute.
Originally posted by Thales of Miletus
If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
Originally posted by Toma
fact.This quote is hidden because you are ignoring this member. Show Quote
150sqft office on a 3000 sqft home will allow you to claim 5% of the all your utility and property tax bills.This quote is hidden because you are ignoring this member. Show Quote
Say those 2 are $8K/year, you are looking at $400 deduction. It's not nothing, but not that much either depend on your tax bracket. End of the day, the tricky part is the form from employer for salary employee. If you are self-employed, you are already doing this.
EDIT: Mortgage interest may be in play as well to sweeten the pot. But I have not done any of these for more than 15 years, rules may have changed.
Last edited by Xtrema; 03-24-2020 at 11:23 AM.
Yeah sorry I meant like half of one of my bills worth ever. Lets say $150 in the end. I was confused about how is that still not worth it? My wife and I are taking up our whole basement which would be ~20% of my house. Which if this lasts 6 months would still be $300 worth just in electricity.This quote is hidden because you are ignoring this member. Show Quote
Edit:
I got ya, maybe I am just cheap. Hahaha I'd take the $150 this would amount to.This quote is hidden because you are ignoring this member. Show Quote
Cos...
No kidding, I'm with you there. I wish I lived in a world where I could disregard $400 cause it was almost nothing. Fuck, if all the forms and stuff are provided for me, I'd do it for a $20 deduction if it just means I have to fill in a few extra boxes on my tax returnThis quote is hidden because you are ignoring this member. Show Quote
That said, we've got a long ways to go before we'll know if this is even possible. If most of the country is stuck working from home for a significant amount of time, I would imagine employers and CRA would just make this process easier since so many people would be doing the same.
I reworded it, it's risk+work vs reward may not be worth it. It may be worth it if you can drag mortgage interest along.This quote is hidden because you are ignoring this member. Show Quote
The CRA end goal is to prevent you from gaining any benefit.This quote is hidden because you are ignoring this member. Show Quote
It's like your health insurance helping you get the most out of the insurance.
Not happening.