Tax return filing
Necessary documents
Before filing your tax return or asking your accountant to do so, make sure you have all the required receipts, slips and documents on hand.
- Some of these documents, such as your RRSP contribution receipt, will be automatically provided to you by third parties.
- In the case of certain other documents, such as your expense receipts, it will be your responsibility to gather and keep them for a minimum period of six years.
Deductions related to your job
Certain employment expenses may be deductible. Be sure you know which ones!
If you are an employee…
You have few deductions to claim. Generally, though, you can deduct certain expenses that you incurred in the performance of your duties:
- if your employment contract specifies that you must pay them yourself, and
- if you have not received any allowance or reimbursement from your employer for these expenses.
You can also deduct expenses related to your job which were paid by your employer, but which were included in your record of employment. An example of this kind of expense would be your professional dues.
- The amount will only be deductible at the federal level and will include taxes.
- At the provincial level, if you are not incorporated, it is instead a credit of 10% of the fees paid (excluding taxes) that can be claimed.
NEW! Simplified process for claiming home office expenses for Canadians working from home due to the COVID-19 pandemic
In 2020, many workers found themselves in telework mode. In response to this situation, the federal and provincial governments have made the home office expense deduction more accessible by simplifying the way employees can deduct these expenses on their income tax return.
N.B.: This deduction is only available to employees. Self-employed workers cannot avail themselves of this measure.
You will have the choice of claiming your home office expenses in two ways: the temporary flat rate method (simplified method) or the current method (detailed method).
- The new temporary flat rate method (simplified method) allows you to claim a deduction of $2 for each day you worked from home in 2020 due to COVID-19, up to a maximum of $400.
- To be eligible, you must have worked from home more than 50% of the time for a period of at least four consecutive weeks.
- You do not have to keep your supporting documents, and your employer does not have to complete the T2200 or T2200S form, and its provincial equivalent.
- You can also choose to use the detailed method, in case your office expenses incurred while working from home are more significant.
- The percentage of expenses that can be claimed is established according to the area of your workspace in relation to the total area of your home.
- You must keep all your supporting documents and your employer must complete the T2200 or T2200S form, and its provincial equivalent.
|
|
Other tax measures…Find more information about them in the tax deduction checklist.
|
||
