Working from Home Due To the COVID-19 Pandemic? Don't Miss These Tax Deductions

Kevin Miller
Jan 22, 2023
2 min read

The COVID-19 pandemic has forced many individuals to work from home, and with this change comes the opportunity to claim new tax deductions. If you have been working from home during the pandemic, here are a few deductions you may have missed out on:

Home office expenses: You may be able to claim a portion of your home office expenses, such as electricity, internet, rent or mortgage, property taxes, insurance, utilities, and maintenance costs. To claim these expenses, you must have a dedicated workspace at home that you use regularly for work. The CRA has made it easier for taxpayers to claim home office expenses in the 2020 and 2021 tax year, as the temporary flat rate method is allowed. This means that you can claim a flat rate of $2 per day, up to a maximum of $400 for each tax year, without having to keep detailed records of your actual expenses. If you have a higher amount of expenses than $400, you will have to provide detailed records.
Supplies: If you have purchased supplies for your home office, such as office furniture, stationery, and other items you have purchased for your work, you may be able to claim these expenses as a deduction.
Capital cost allowance (CCA): If you have purchased equipment for your home office, such as a computer or printer, you may be able to claim CCA.
Vehicle expenses: If you are using your personal vehicle for work-related purposes, such as making deliveries or visiting clients, you may be able to claim a portion of your vehicle expenses.

FS2 is not an accounting firm. It is always best to consult with a tax professional for any questions or concerns about taxes. If you've already filed your tax return for the 2020 or 2021 tax year and think you may have missed out on some deductions, you can still make adjustments by filing a T1-ADJ form and providing the required documentation. If you do not have an accountant, or would just like a second opinion, feel free to reach out to us and we will point you in the right direction.