Claiming Home Office Costs – Plan Carefully for Year End
aliko-aapayrollservices.com - Small businessess from 1 to 80 employees outsource your payroll management to us and let us worry about your payroll processing.
RSS Follow Become a Fan

Delivered by FeedBurner


Recent Posts

Tax changes to expect when you’re expecting
2016 Tax Tips for 2015 Filing Year
From Proprietorship to Corporation - When is the Best Time to Incorporate?
Tax Specialists Brief your Clients About CRA Fraud And E-Mail Scams
Bank of Canada cuts rates again

Most Popular Posts

Help your teenager build credit responsibly
Being an Executor of an Estate
Anti-Aging
Student Line of Credit
Principal Residence Exemption

Categories

aliko nutrition store- isotonix
aliko payroll services
canada revenue news and videos
canadian news
CPP ,OAS RRIF ANNUITY
Cross border Tax
Disability awareness and Benefits for disabled
estate planning
FINANCIAL LITERACY
HEALTH & NUTRITION
Home Car Insurance
Income Splitting Strategies in Retirement
INVESTING
kids and money -set your children up for financial success
life insurance
on line safety tips
online safety tips
PAYROLL
Real Estate - Investments / Retirement
RETIRE HAPPY BLOG
Retirement planning
SAVE YOUR MONEY
Save your money
SERVICE CANADA NEWS
small business planning
Tax Information for Students
tax news
tax planning
tax tips.ca
Tech news
TFSA

Archives

January 2016
July 2015
May 2015
April 2015
February 2015
December 2014
November 2014
September 2014
August 2014
July 2014
June 2014
May 2014
April 2014
March 2014
February 2014
January 2014
December 2013
November 2013
October 2013
September 2013
August 2013
July 2013
June 2013

powered by

MY BLOG

Claiming Home Office Costs – Plan Carefully for Year End

Claiming Home Office Costs – Plan Carefully for Year End
 
 
 
 
Claiming Home Office Costs – Plan Carefully for Year End
 
 
 
 
Can employed and self-employed people claim the same expenses for home offices at tax time? The answer is no. Whether you are employed or self-employed matters; the following checklist can help you determine where your deductions fit.
 
 
1.       Employees who do not earn commission may claim:
o    utilities;
o    maintenance and repairs, including light bulbs and cleaning supplies; and
o    rent.
2.       Commission sales employees can claim:
o    utilities;
o    maintenance and repairs, including light bulbs and cleaning supplies;
o    rent;
o    insurance; and
o    property taxes.
3.       Self-employed people can claim:
o    utilities;
o    maintenance and repairs, including light bulbs and cleaning supplies;
o    rent;
o    insurance;
o    property taxes;
o    interest; and
o    capital cost allowance (although this is not a good idea if the home is your principal residence. That’s because CCA claims will compromise the principal residence exemption).
You should also know that home workspace claims are limited to income earned in the year. But the good news is that non-deductible home office expenses may be carried forward (indefinitely) to reduce income from that employer (or business income) in subsequent years.
It’s Your Money. Your Life. It’s important to gather all receipts and keep them on hand for audit after tax season. This includes a completed Form T2200 Declaration of Conditions of Employment, on which the employer certifies that the employee is required to maintain the home office and pay the expenses of operating it. Year end is a good time to chase down both the receipts and your employer’s signature.
 
 
 

1 Comment to Claiming Home Office Costs – Plan Carefully for Year End :

Comments RSS
casino belge en ligne on January-28-14 12:08 PM
Very intriguing many thanks, I presume your readers would foreseen crave more reconsiders along these lines extend the large effort.
Reply to comment

Add a Comment

Your Name:
Email Address: (Required)
Website:
Comment:
Make your text bigger, bold, italic and more with HTML tags. We'll show you how.
Post Comment