Much has been made of the simplified work-from-home tax deduction.  The deduction is available to anyone who relocated to a home office for more than 50% of the work week during any 4 consecutive weeks.  The $2 per day deduction can be claimed with no backup documentation required up to a maximum of $400 for the year.  This maximum is reached if you worked from home for 40 weeks during 2020.  An alternative calculation requiring your employer’s attestation of the need to work from home can be calculated using a T2200S Declaration of Conditions of Employment for Working at Home Due to COVID-19.  Based on several scenarios that I have run, it would be worthwhile for renters – especially those in smaller units common in large urban centres – to at least compare their deduction using this simulation tool.

Click here to read the full article from The Canadian Press

Join me on March 23^rd for a discussion on this and other tax planning strategies.
Click here to register now.