The calculator will provide you with the values for lines 31 to 35 and 37 of Form T777. Mystery shopping. You’ll base your home office deductions on the size of your home office. The big ones that most T777 filers will be concerned with are automobile expenses, work-related entertaining, and office rent or a portion of your total home expenses if you work from home regularly. Instead, you’ll have to calculate what percentage of your home bills pay for your business needs. First, determine if your workspace qualifies and then look at which expenses you can claim. Most queries you might have about home offices are covered in the CRA’s highly-hyphenated guide, “Work-space-in-the-home expenses.” For example, if your home office occupies 20% of your home’s square footage, you can claim 20% of your home bills as deductible expenses. Employment contracts don’t need to reference the requirement to work from home, and the employer doesn’t need to complete CRA Form T2200S. Self-employed individuals and qualified employees can claim expenses associated with having a home office. Employees choosing to deduct home office expenses using the CRA’s new flat-rate method aren’t required to maintain receipts or other supporting documents, or to determine the size of their workspaces. You will still need to complete the remainder of Form T777 to determine the final amount you can claim on your tax return. Note: Given the various types of employment expenses, the calculator below can only help you determine the employment-use portion of your work-space-in-the-home-expenses. 7. Don’t be surprised if CRA agents show up at your restaurant or other small business, in disguise to eat a meal with the intention of rooting out suspicious financial behaviour. The Canada Revenue Agency allows you to deduct business-use-of-home or workspace-in-the-home expenses from your income, lowering your taxable income and reducing your tax burden.
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