Canada’s 6 large banks announce deferral of mortgage payments

Canada’s 6 large banks announce deferral of mortgage payments

Dec 7, 2020

Work remotely/from home has become a norm and may very well change the way the corporate world’s employees work and/or commute for their daily jobs.

While working from home some expenses could creep up without you knowing it.

Printer supplies such as paper, ink, possibly purchasing a new work desk, perhaps buying a new monitor, keyboard, and a mouse, have a higher speed internet connect etc. are just a few items that you may need to perform your daily office work from home.

Some companies have helped their employees by either providing the required furniture and equipment or reimbursing the expenses but others have not offered any support so far.

The good news is that the Canadian government has announced a tax deduction of up to $400 for work-from-home employees who have incurred “modest expenses” in 2020 due to working from home.

Although there are other options for employees to benefit from tax deduction the new $400 deduction is there to help without much hassle.

To qualify for this tax-deduction you must have been working from home because of the COVID-19 pandemic. It means that if you were already working from home before the COVID-19 pandemic, you will not be eligible for this incentive.

The good thing is, this tax-reporting is on an honour basis and does not require expense receipts, as many have realized the expenses only long after they may have lost their receipts.

Although it may not sound like a big amount it may lower your income bracket and save you even more in return, as it is said every penny counts.

Take care of yourselves and follow the safety precautions defined by healthcare professionals.

Please pray for the safety of all and seeing and end of the COVID-19 pandemic soon.

#BeSafeAndHelpOthersBeSafe

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