Goodbye, 2020! It was a strange and challenging year for many of us for several reasons.
This 2020 tax year will be unlike any other, with many individuals collecting CERB without any tax withholdings. However, this income is taxable, which means that individuals receiving CERB will owe tax on the funds they received, which can seriously impact your 2020 tax return. Those who typically expect a refund might owe money for tax in the current year or significantly reduce their refund.
At Creditaid we want to ensure our clients are prepared financially to assure continued success in our program and beyond. We have provided several tax tips below, some of which may apply to the current year. These are beneficial tax tips and suggestions that can benefit you and your family for years to come!
If you have any questions or wish to set up a tax planning session, please give us a call at 204 987 6890.
Working From Home Office Expenses
Employees who worked from home more than 50% of the time over a period of a least four consecutive weeks in 2020 due to COVID-19 will now be eligible to claim the home office expenses deduction for 2020. The use of a shorter qualifying period will ensure that more employees can claim the deduction than would otherwise have been possible under longstanding practice.