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Latest News
Canada’s income tax brackets for 2024, plus the maximum tax you’ll pay based on income + MORE Apr 16th
As the year winds down, you may be wondering just how much tax you’ll be paying once you file your 2024 income tax return. Especially if you changed jobs or earned self-employment income, there may be a big difference between the taxes you’ve already remitted through payroll deductions or instal.... More »
This 29-year-old has been laid off twice as a server and is starting from scratch, spending all his savings to study UX design. Living at home, he wants financial help + MORE Mar 20th
Peter, 29, a server working in Halton Region, was laid off for the second time in December, during COVID-19’s second wave. Currently, he’s receiving $1,800 a month (before tax) through Employment Insurance..... More »
Millennials Could Be Hit Hardest by the Bank of Canada’s Interest Rate Hike + MORE Jun 5th
Canadians, get ready to pay more to borrow money: The Bank of Canada, or BoC, announced a 0.50 per cent interest rate hike today to tame inflation, bringing its key interest rate up to 1.5 per cent, and signalled more hikes will come.
After slashing its key interest rate to 0.25 per cent at the o.... More »
New year, new spending habits Dec 5th
Money-wise, it’s been a challenging year for Canadians but the new year is also a chance to build better strategies around how you spend money. Steer clear of these three common pitfalls for financial success in 2023.
Money mistake #1: Not paying off debt quickly
If you’re in the red, you.... More »
New study highlights trends in Canadian term life insurance + MORE Feb 25th
Choosing a term life insurance policy is a balancing act: how much coverage do you need, who should benefit, and how long should the policy last?
If you’ve ever wondered how your choices compare to other Canadians, PolicyMe’s newly released 2026 study, Canadian Term Life Insurance: A Market S.... More »
2020 Income Tax: What you can’t—and can—claim for your work-from-home office during the COVID-19 pandemic
– moneysense.ca
You furnished a functional home office, you’ve got face masks ready by the door for when you need to run an errand, and you bought sanitizer (so many bottles of sanitizer). You’ve done your part to stay home and help flatten the coronavirus curve. The question now is: Can you write off working from home during the pandemic and any of these things you bought because of COVID on your taxes?
We hate to tell you this, but right now, the answer is no. Before we dive into what can’t be written off, let’s address the self-employed people (including myself) reading this piece.
If you’re self-employed
“Nothing has changed, nothing has been announced,” says Jennifer Gorman, the social care manager at Intuit, who answers tax-related questions on the company’s social media channels. (She’s also a tax expert with 30 years’ experience.) “That’s not to say that things won’t change when Parliament reconvenes [the end of September 2020], but currently there have been no official changes…
We hate to tell you this, but right now, the answer is no. Before we dive into what can’t be written off, let’s address the self-employed people (including myself) reading this piece.
If you’re self-employed
“Nothing has changed, nothing has been announced,” says Jennifer Gorman, the social care manager at Intuit, who answers tax-related questions on the company’s social media channels. (She’s also a tax expert with 30 years’ experience.) “That’s not to say that things won’t change when Parliament reconvenes [the end of September 2020], but currently there have been no official changes…
