(604) 649-3829
achan@sbslp.ca
Belvedere Financial Solutions Ltd.
  • HOME
  • ABOUT
    • Strategic Partnerships
    • Testimonials
  • SERVICES/PRODUCTS
    • CORPORATE INSURED RETIREMENT PROGRAM
    • LIFE STAGES
      • Starting your career
      • Growing Families
      • Mature Families
      • Preparing for Retirement
      • Retirees
    • BUSINESS STAGES
      • Business Succession
      • Executive Benefits
      • Group Benefits
    • FINANCIAL PLANNING FOR BUSINESS OWNERS
    • Financial Calculators
    • Top 12 Financial Links
    • ONLINE PURCHASES
      • Manulife Bank High Interest Savings
    • INSURANCE ONLINE
      • FLEXCARE, ASSOCIATION, HEALTH AND DENTAL PLANS
      • Travel Insurance
      • ALLIANZ TRAVEL INSURANCE
    • OUR APP
  • BLOG
  • CONTACT

Government of Canada to allow up to $400 for home office expenses

December 29, 20202020, Accountants, Blog, Business Owners, TaxBelvedere Financial

For the 2020 tax year, the Government of Canada introduced a temporary flat rate method to allow Canadians working from home this year due to Covid-19 to claim expenses of up to $400. Taxpayers will still be able to claim under the existing rules if they choose using the detailed method.

Eligibility

From the canada.ca website:

Each employee working from home who meets the eligibility criteria can use the temporary flat rate method to calculate their deduction for home office expenses.

To use this method to claim the home office expenses you paid, you must meet all of the following conditions:

  • You worked from home in 2020 due to the COVID-19 pandemic

  • You worked more than 50% of the time from home for a period of at least four consecutive weeks in 2020

  • You are only claiming home office expenses and are not claiming any other employment expenses

  • Your employer did not reimburse you for all of your home office expensesWhat if your employer has reimbursed you for some of your home office expenses

You need to meet all of the above conditions to be eligible to use the Temporary flat rate method.

New eligible expenses

For the detailed method, the CRA has expanded the list of eligible expenses that can be claimed as work-space-in-the-home expenses to include reasonable home internet access fees. A comprehensive list of eligible home office expenses has also been created.

Click For Full details and Claim Forms

Recent Posts

  • July/August COMMENT Newsletter
  • Extended COVID-19 Federal Emergency Benefits
  • Self-employed: Government of Canada addresses CERB repayments for some ineligible self-employed recipients
  • Government of Canada to allow up to $400 for home office expenses
  • Registered Education Savings Plan

Categories

  • – RRIF
  • 2020
  • 2020 Only
  • 2022 Only
  • Accountants
  • Blog
  • Budget
  • Business Owners
  • Business Owners
  • Business Succession Planning
  • Charitable Gifting
  • CLU Comment
  • Coronavirus
  • Coronavirus – Associates
  • Coronavirus – Practice Owners
  • Coronavirus – Retired
  • Coronavirus – Retiring
  • Coronavirus – Students
  • corporate
  • Corporate Insurance
  • Critical Illness Insurance
  • Debt
  • Debt Management
  • disability
  • Disability Income Replacement
  • Employee Benefits Program
  • Estate Planning
  • Families
  • Family
  • Featured Articles
  • Finance
  • Financial Planning
  • Individuals
  • Investing
  • Investment
  • Life Insurance
  • Life Stages
  • Lifestyle
  • Lifestyle Tips
  • Living Benefits
  • Long Term Care
  • Mortgage Insurance
  • RDSP
  • Recent Blogs
  • Registered Education Savings Plan
  • Retirement
  • Retirement Planning
  • RRSP
  • Tax
  • Tax Planning
  • TFSA
  • Wealth Accumulation
  • Whole Life
  • Will Planning

Contact Us

Alex Chan, RHU, CHS, CFSB, CPCA, EPC, CFP, CLU | Certified Financial Planner & Chartered Life Underwriter

Mobile: (604) 649-3829
Office: (604) 513-1177
Fax: (604) 513-1170
Toll Free: 1 (877) 303-1177
TF Fax: 1 (866) 859-9947
Email: achan@sbslp.ca

Langley Office
102 – 20171 92A Avenue
Langley, BC V1M 3A5

Vancouver Office
1810 - 1075 West Georgia Street
Vancouver, BC V6E 3C9
T. 604.689.8289 F. 604.689.2801
TF. 1.888.338.9888

RSS Latest News

  • Facing a Tough Problem? Try These Hacks to Find the Solution You Need
  • When My Cofounder Died, It Showed Me How to Run My Company
  • 21 Productive Things to Do During Your Commute

About

Alex was born in Hong Kong and moved to Vancouver BC at the age of two. Soon after attending Simon Fraser University, he entered into the Life Insurance Business as a career agent with Manulife Financial. Having had a successful start with many Million Dollar Round Table level production years in the agency system, Alex joined an independent Managing General Agency (MGA) as an advisor, manager and later as a partner.
© 2017 Financial Tech Tools | Financial Services Blog