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. ⬇️WATCH NEXT⬇️ Top 10 Tax Write-Offs for Small Businesses in Canada | FREE EXPENSE TRACKER | Self-Employed Taxes https://youtu.be/JY1rI0aJ-6g Canadian Taxes Playlist: https://www.youtube.com/playlist?list=PLF9JT1jCjA0srnoA_DfDgFFgn5fmx1xM7 ⌚️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 👉Be sure to subscribe for more information, tips, and tools regarding Canadian taxes, accounting and personal finance!👈 ❗️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. #HomeOfficeTaxDeductions #CanadaTaxTips #TaxDeductionsCanada