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Thread: COVID-19 Tax Writeoff Info

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    Default COVID-19 Tax Writeoff Info

    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...

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    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.

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    Quote Originally Posted by arcticcat522 View Post
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    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/amp

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    Good link. I bet something changes with this for next year making it easier to claim something for most who WFH during this

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    Quote Originally Posted by arcticcat522 View Post
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    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.

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    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

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    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

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    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.
    Quote Originally Posted by Gestalt View Post
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    Im the one with a learning disability....

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    Quote Originally Posted by dirtsniffer View Post
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    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.
    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.

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    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?

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    Do we lose the primary residence tax shelter when we start claiming work expenses?
    Quote Originally Posted by 89coupe View Post
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    Beyond, bunch of creme puffs on this board.
    Everything I say is satire.

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    Quote Originally Posted by dirtsniffer View Post
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    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.
    Correct.

    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
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    Quote Originally Posted by dirtsniffer View Post
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    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.
    Quote Originally Posted by mr2mike View Post
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    This.
    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.
    So 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?
    Cos...

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    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
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    Quote Originally Posted by The_Rural_Juror View Post
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    Do we lose the primary residence tax shelter when we start claiming work expenses?
    You think your residence is going to appreciate in value any time soon?

    That’s cute.
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    fact.

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    Quote Originally Posted by The Cosworth View Post
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    So 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?
    150sqft office on a 3000 sqft home will allow you to claim 5% of the all your utility and property tax bills.

    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.

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    Quote Originally Posted by thinmyster View Post
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    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
    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.

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    Quote Originally Posted by Xtrema View Post
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    150sqft office on a 3000 sqft home will allow you to claim 5% of the all your utility and property tax bills.

    Say those 2 are $8K/year, you are looking at $400 deduction. It's almost nothing.
    I got ya, maybe I am just cheap. Hahaha I'd take the $150 this would amount to.
    Cos...

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    Quote Originally Posted by The Cosworth View Post
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    I got ya, maybe I am just cheap. Hahaha I'd take the $150 this would amount to.
    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 return

    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.

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    Quote Originally Posted by D'z Nutz View Post
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    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 return
    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.

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    Quote Originally Posted by D'z Nutz View Post
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    I would imagine employers and CRA would just make this process easier since so many people would be doing the same.
    The CRA end goal is to prevent you from gaining any benefit.
    It's like your health insurance helping you get the most out of the insurance.
    Not happening.

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