How the elimination of interest on federal student loans could give graduates a boost + MORE Nov 28th
New year, new spending habits Dec 5th
Can you file multiple years of income taxes together in Canada? + MORE Dec 26th
Nine surefire ways to save on your grocery bill (and still eat well) + MORE Jun 19th
How to do your taxes and beat procrastination
– moneysense.ca
Why is getting motivated to do taxes so hard?
It’s true—despite knowing we can avoid this stress by getting started earlier in the year, the majority of Canucks procrastinate hard on their tax returns. An H&R Block Canada survey released at the end of last March, for example, found that 60% of Canadians still hadn’t filed their taxes a month out from the April 30th deadline.
Moreover, one-third of the poll respondents also said they were dreading income tax season more than usual because they were afraid they owed money. In such cases, procrastinating is not only stressful, but it can also be costly…
Last year, as COVID-19 lockdowns forced many Canadians to work from home, taxpayers naturally wondered what employment-related expenses they might be allowed to write off. There were questions about claiming masks, office furniture, the $400 home office credit, and internet/phone usage. Then there were concerns about how government benefits like the Canada Emergency Recovery Benefit (CERB) and its successor, the Canada Recovery Benefit (CRB) would be taxed.Â
This year, some of those same questions remain, as it’s unclear whether the emergency claims from 2020 will be carried over as is, changed or eliminated. There’s also a lack of clarity on when several new and amended deductions, credits and benefits that the federal government promised in the last budget and/or during the recent election campaign will come into effect. We will be updating this story as the information comes out…
Claims for COVID-related work expensesÂ
Did you work from home because of COVID-19? If so, there’s now a no-fuss way to claim a deduction for home office expenses.
“In 2020, eligible employees who worked remotely could deduct up to $400 in home expenses from their taxable income, without the need to keep receipts or get a signed T2200 form from their employer. The government has promised to extend the simplified deduction through the 2022 tax year, and to increase the allowable amount to $500…