Did someone say tax deductions?

It’s that time of year – tax time! It is important to be aware of the various deductions you can claim on your personal income tax return and we want to highlight one that may be helpful to many Canadians this year.

As many individuals worked from home for 2020 year due to the pandemic, the Canada Revenue Agency introduced a new, easy to claim, home office expenses tax deduction, which is the temporary flat rate home office expense deduction. If you meet the following criteria:

• you worked from home in 2020 due to the COVID-19 pandemic or your employer required you to work from home
• you worked more than 50% of the time from home for a period of at least four consecutive weeks in 2020
• you incurred expenses used directly in your work during the period

…………….you may be eligible to claim this credit.

See the attached link here and talk to your tax accountant to ensure you are claiming the deductions and credits that are available to you.

Happy Tax Season!