- April 20, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Frustrations with Tax Filing for Work from Home Expenses
I find it quite burdensome and time-consuming to navigate this year’s tax filing process when it comes to reporting work from home expenses. Last year, it was much simpler with a straightforward calculation of just $2 per day of working from home. However, this year, the process has become more complex as I am now required to calculate and itemize expenses such as electricity, water, heat, internet bills, and more on my own. This change may have been implemented due to the fact that I work in multiple locations on a regular basis, adding to the complexity of the situation.
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****** just grabbed a
If you rent, it’s absolutely worth doing it. It’s less valuable if you own. I got a pretty big refund because of it and it only took me less than 15 min to fill out the t777 using Wealthsimple tax.
The hardest part was chasing HR to give me the t2200 tbh.
> I’m wondering if anyone feels the same and how are you handling it (if you work from home, ofc)?
Your options are:
1) Do the detailed T777
2) Don’t do it
3) Pay someone to do it.
With online invoice and statement portals it took me under 15 minutes to pull my internet and utility bills for 12 months. I had my feature sheet from when we bought our house so it was really easy to calculate my office space. It felt like more work than it would be when I started. That said it was only a $100 difference for me. Your mileage may vary.
Well, the “simple” method was always meant to be temporary. They’re just returning back to the old “detailed” method that was always there. You’ll need a T2200 from your employer and it did take time, but for me the deduction was worth the work, and as always YMMV.
For all the employees out there working from home, was it easy to get the t2200 from your employer?
I do it manually every year (I’ve been WFH for a decade). As long as your bills are organized, you only need to do the floor space calculation once, and then quickly add the numbers from your relevant bills.
It’s 15-20 minutes of work and can potentially save you a few hundred dollars if you’ve got a large dedicated office or you rent.
Home owner here, my wife and I both WFH. We are not commissioned and the deduction came to under $800 for both of us. I figure it took me 30 minutes to save $400, so it was worth it.
I received $4k tax credit for doing the “cumbersome” paperwork that took me 15 minutes to complete.
Its pretty easy. All in, under 15 minutes to do with WS Tax.
Electricity/water/heat – 12 numbers each. My CC statements (or bank statements) had them and it took 5 minutes to enter.
Internet – I pay the same every month…so it was one bill x12
Since I expect to have it again next year, **I’ll keep receipts for cleaning products (Furnace filters etc.).**
Its still way better than 2020, where you weren’t eligible unless your contract REQUIRED WFH.
I use a financial tracking software so it’s really easy for me to track all my rent, utilities etc. You should be able to go through your banking statements and find all the charges from your utility companies. My challenge has always been figuring out square footage haha
Careful to everyone commenting here, the CRA is known to go after people who expense WFH and apparently the audit is a pain with them wanting to see floor plans etc — the advice is also to not claim your total expense for some things since they will presumably say you also use those things outside of work
It took me maybe 10 minutes in total to enter the details for 2 places I lived in 2023 and it was worth the time. It’s a once a year thing, you can spare 20 minutes – which you’ve already likely spent reading these Reddit comments and making the post.
Two reminders:
1. You can’t claim the full amount of your utilities. You need to calculate the percentage of space in your home that you use for work. That is the percentage of your utilities you can claim and it’s smaller than most people think.
2. If you have a spouse, only one of you can make the claim.
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U get back a lot more if you have a signed t2200 form…. Hundreds more than the method you are referring to. Don’t be lazy
It is much more complicated, and it will cost us all more, as the compliance cost by CRA will be much higher too. The simpler method provided ~90-100 refund for WFH workers.
omg I have a friend who told me about this recently. He’s building a chrome extension that extracts the totals from all utility bills (internet, heat, gas, water, phone) and gives you a summary after you logging in through your bank account. OP dm me if you’re interested.