Did you work from home in 2023, or have you been working from home this year?
While many companies in Canada have begun reverting back to in-office work policies, a fair number of people still work from home as employees, freelancers, or small business owners.
Working from home certainly has some perks and benefits, like the ability to work in your pajamas or do your housework while you鈥檙e taking business calls. However, it can change the way you file your tax returns. Here鈥檚 a quick guide on what to be prepared for.
As of Nov. 2023, roughly 20 per cent of Canadians were still , down from 30 per cent in Jan. 2022 and 40 per cent in April 2020, during the height of the pandemic.
The work-from-home business model was great for some companies, as it allowed them to downsize office space and create a more efficient operating model. Other companies found that they operated more efficiently by requiring employees to work in a central office, if not full-time then at least part-time with a hybrid business model.
Those who work from home as employees have fewer tax implications compared to independent contractors or small business owners who work from home. Employees who work from home may be able to deduct a portion of their home office expenses, such as:
The CRA differentiates between salaried employees and those who are paid on commission. Since commissioned employees often have less income stability, the CRA grants them some additional deductions, such as property taxes, home insurance, and the lease of consumer electronics.
You can see a full list of the CRA鈥檚 allowable .
Freelancers or independent contractors are not employed by a single company. While they may choose to work for one client or business, they are taxed differently compared to a standard wage-earning employee. The same goes for small business owners who operate from home.
When self-employed contractors are paid, their taxes aren鈥檛 automatically taken out of their cheques as employee taxes usually are. Instead, freelancers are required to pay their taxes periodically throughout the year (quarterly) or annually.
This requires a bit more organization and discipline, and many self-employed independent contractors and business owners work with a bookkeeper or accountant to help them stay on top of their taxes.
Self-employed independent contractors and small business owners must also if their business operations generate more than $30,000 in revenue in a quarter, or over four consecutive quarters.
While self-employed individuals bear more financial responsibilities than employees, they鈥檙e also given a wider range of deductions that they can claim on their tax returns, such as:
You can see the full list of allowable by the CRA.
Here are some common pitfalls to avoid in order to make filing your taxes easier and keep you in line with the CRA鈥檚 tax laws and regulations.
The most common mistake that work-from-home employees, independent contractors, and small business owners make is overclaiming expenses and deductions. The CRA has clearly outlined regulations regarding how much you can deduct from your taxes.
For example, you can鈥檛 deduct your entire mortgage payment or your entire electricity bill if you only use your home office space for business.
You鈥檒l need to calculate the percentage (based on the square footage) of your housing costs that are used by your home office for work or business income and then use that information to claim deductions according to CRA regulations.
One of the simplest ways to make filing your quarterly or end-of-the-year tax returns easier is to stay organized. Keep your receipts, paperwork, paid invoices, and any other documents that you may need.
I recommend keeping a small file cabinet and organizing it month by month. It鈥檚 also a great idea to keep digital copies of everything. Bookkeeping programs like Freshbooks or Quickbooks have features that allow you to easily store digital copies of invoices paid, receipts, and other important tax documents.
Whether you鈥檙e an employee, independent contractor, or small business owner, keeping track of your home office expenses can become difficult. This is especially true if you're a small business owner who primarily operates from home.
The best thing you can do is to stay organized and keep records of all of your receipts, expenses, and income.
If you find yourself struggling to file your own taxes at the end of the year, don鈥檛 be afraid to reach out to a tax professional and ask for help. The small amount you鈥檒l pay them to help you stay on top of your taxes is often well worth the headache and potential penalties they can save you from.
Still want to take a shot at filing your taxes yourself? Keep on reading for an overview of some of the best self-filing tax software in Canada.
Christopher Liew is a CFA Charterholder and former financial advisor. He writes personal finance tips for thousands of daily Canadian readers on his .
Do you have a question, tip or story idea about personal finance? Please email us at dotcom@bellmedia.ca.
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