Home Office Deduction for Employees in 2021
CRA Extends Home Office Claim to 2021 For the 2021 and 2022 tax years, employees working from home due to the COVID-19 pandemic may be able to claim up to a maximum of $500 using the simplified temporary flat rate method, to calculate their home office expenses. This [...]
Tax Breaks for Parents
Being a parent isn’t cheap these days. With a lack of affordable childcare, the federal government is looking to give new parents a tax break. The federal government has made a pledge that any maternity or parental benefits received through EI will be tax-exempt at source, beginning in 2020. This [...]
Tax Breaks for Seniors
The Liberals increased Old Age Security (OAS) by 10% for seniors older than 75 years of age earning less than $77,580. The change meant an increase of $729 annually in OAS starting in July 2020. The Liberals also provided an enhancement to the survivor benefit of the Canada Pension [...]
CRA releases revised Disability Tax Credit Form T2201 and a new digital application for medical practitioners
October 7, 2021 CRA has recently made changes to the Disability Tax Credit (DTC) application process. The key changes include: a significant revamp of Form T2201, Disability Tax Credit Certificate the launch of a new digital application that guides medical practitioners through the completion of Part B of Form T2201 [...]
Capital cost allowance – Zero-emission vehicles
[2020-07-08 Economic and Fiscal Snapshot] An extension of capital cost allowance (CCA) classes 54 and 55 to used vehicles has been announced. [2020-12-15 Legislative Proposals] The Government has proposed a temporary enhanced first-year capital CCA rate of 100% for eligible new and used fully electric or hydrogen powered automotive equipment and vehicles that currently do [...]
Seniors Tax Benefits
Canadian seniors may be eligible to claim various special deductions and tax credits that are not available to younger taxpayers. Federal Home Accessibility Tax Credits Qualifying individuals may claim up to $10,000 in eligible renovation costs to improve the accessibility within your home. Please refer to this CRA article [...]