How to Claim Home Office Expenses in Canada | Work-from-Home Tax Deductions

Which home office expenses can I claim in Canada? How do I calculate my home office expenses for tax purposes? Can I claim home office expenses if I’m self-employed? Can I claim home office expenses if I work from home part-time? What documentation do I need to claim home office expenses in Canada? Can I claim a portion of my rent or mortgage for my home office?

This video is all about Claiming Home Office Expenses on Your Tax Return in Canada. We discuss What Work-from-Home Expenses Are and which ones are tax-deductible, The eligibility criteria for claiming these expenses, and How to claim Home Office Expenses on your tax return. At the end of the video, I share a tip to help you make sure you don’t miss out on any tax-deductible work-from-home expenses.

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⌚️TIME STAMPS⌚️
00:00 Intro
00:25 Overview
00:54 What are work-from-home (home office) expenses?
01:14 Which home office expenses can you claim? (employees vs self-employed)
01:50 Criteria for being able to claim home office expenses (employees)
02:49 Criteria for being able to claim home office expenses (self-employed)
03:30 How to claim work-from-home expenses on your tax return
03:46 How to calculate how much you can claim for home office
05:02 Limit to how much you can claim
05:30 TIP
06:27 Key Takeaways
06:51 Outro

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❗️DISCLAIMER❗️
This content is for educational and entertainment purposes only. It does not constitute fiscal, financial, nor accounting advice or opinions. The information presented is general in nature and does not take into account the unique and particular circumstances of any one individual. It may therefore not be suitable for your personal situation. The information presented is based on the laws, the data, and the rates which were available at the time of recording the content. Since these are constantly updated, it is the viewer's responsibility to verify that the information is still accurate at the time of viewing. Some accounting terms and notions have been simplified for comprehension purposes. To obtain personalized advice, please consult an accountant or a tax specialist.

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