How to Claim Work-From-Home Expenses on Your Taxes + MORE Mar 30th

According to the Canada Revenue Agency, you can claim home office expenses if you were required by your employer to work remotely due to the pandemic, and did so more than 50 per cent of the time for at least four weeks in a row. If you weren’t told to work from home but your boss gave you the choice and you took it, the CRA will still accept that. But, you can only claim expenses that your employer didn’t reimburse.

So how do you claim home office expenses on your tax filing this year? Canadians have two choices: they can either use the detailed method, which allows them to claim their actual expenses, or the temporary flat rate method, a simpler filing process introduced during the pandemic. CB spoke to Jamie Golombek, managing director of tax and estate planning at CIBC Private Wealth Management, to explain everything you need to know about how to claim work-from-home expenses…

For the majority of Canadians, buying a home will be the single biggest purchase they ever make, and getting a mortgage is an essential part of this process. But how do you ensure you get a mortgage that you can actually afford over the long term? That’s where a mortgage payment calculator comes in.

Why use a mortgage payment calculator?

Just how much a home mortgage will end up costing you over the long haul can be hard to fully grasp, especially when you factor in interest. A mortgage payment calculator is an indispensable tool that will help you understand what your payments will be over time. It also gives you a more accurate sense of what you can afford. 

By using a mortgage calculator to estimate your payments, you’ll have a more realistic picture of the options available to you—and you’ll be better placed to assess mortgage products. In short, a mortgage payment calculator can help you see how a mortgage fits within your current financial plans, as well as how it may affect your future goals…