Millions of Canadians working from home could qualify for new tax deduction
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The Canada Revenue Agency has simplified the rules to make millions of Canadians working from home eligible for a tax deduction.
Under the new rules, those who worked from home more than 50 per cent of the time over a period of at least four consecutive weeks in 2020 as a result of the pandemic will be now be eligible for the deduction.
Eligible employees who opt for the simplified deduction will be able to claim $2 for each day they worked from home, up to a maximum of $400. Their employers will not have to sign a special form.
Those with larger claims for home office expenses, however, can still use the existing detailed method to claim a deduction.
According to Statistics Canada’s Labour Force Survey, an estimated 2.4 million Canadians who do not normally work from home were doing so in October.
The $400 work from home deduction was first announced in the government’s fiscal update on November 30.
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SOURCE NEWS