This year has been filled with unprecedented challenges due to the COVID-19 pandemic. Many Canadians unexpectedly had to work from home which resulted in millions of Canadians setting up their work space in their kitchens, bedrooms and living rooms.
In response, the Canada Revenue Agency has now provided additional details and simplified the way employees can claim home office expenses on their personal income tax return for the 2020 tax year. Employees with larger claims for home office expenses can still choose to use the existing detailed method to calculate their home office expenses deduction.
To review this announcement and further details, click here.
For more information, please contact your Lipton advisor.