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Taxes may well be a certainty of life, but they can morph and multiply by the year, including some big changes this filing season.
Here are the new rules you should know about:
Home office expenses
Throughout the COVID-19 pandemic, workers could deduct $2 a day from their taxable earnings for each day worked from home, up to a maximum of $500. That “temporary flat rate” no longer applies.
When filing for 2023, employees can only deduct home office expenses if they were required—not simply allowed—to work from home more than half the time for at least a month straight. And they need a form called the T2200 signed and handed over by their employer to do so.
“You’ve got to add up all your expenses, whether it’s utilities or repairs and all the rest, and then claim a portion of those based on the square footage of your office as a percentage of your entire home,” said Tim Cestnick, a tax and personal finance expert.
2023 Income Tax Guide for Canadians: Deadlines, tax tips and more
Read now
Penalty for filing late
The interest rate on overdue income taxes has risen to 10% from 9%…
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