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GET THE MOST OUT OF YOUR HOME OFFICE WITH TAX REBATES
Even if you’re back in the office, the shift to remote work has likely inspired you to spend a little bit more money creating the perfect productivity-inspired home work space. Luckily, there are several tax credits available to offset the cost of your home office, even if you only spend of portion of your work hours at home.
WHO IS ELIGIBLE FOR TAX REBATES?
According the the Canada Revenue Agency (CRA), you need to spend at least 50 per cent of your full or part-time hours working from home during four consecutive weeks to qualify.
HOW DOES IT WORK?
If you are a full-time at-home employee, your employer will have to fill out a T2200 form. A little bit of math is involved to determine the size of your work space and how you use it to calculate your claim. The good news is that it can include a portion of your home’s operating expenses, such as heat, electricity, water, maintenance supplies and even condo fees. If you work part-time from home you can use the new T777S form to make the application easier. Using the method, you can claim $2 per day up to a maximum of $400, or 200 working days per individual. If you’re sharing your home office, you can both make the maximum claim.
WHAT DOES IT COVER?
While each tax payer’s situation may differ slightly, you may be able to write off a portion of your cell phone plan, internet costs, consumable supplies and office furniture. Sadly, your mortgage payment is not considered and expense.
