Canada Pension Plan, COVID-19, CRA & Revenu Québec, Credits & Deductions, Education, Employment & Employees, Families, Foreign Income, Forms & Schedules, Getting Organized, Income & Investments, Medical & Disability, Non-Residents, RRSP, Savings & Investments, Self-Employed

It’s tax time, what do I need to know? Part Two

There is so much to take into account at tax time, let’s continue to explain what else may be needed for our Self-Employed, Landlords and those working from home.

If you missed part one, of this article, click on this link to get caught up.

Self-Employed:

  • If you happen to be self-employed you will be able to claim quite a few expenses to offset your gross income for the year. Get your checklist together. Trying to figure out how to collect GST/HST, this will explain it all. If you use your vehicle, you will need to understand how to deduct your mileage. You will need to use the T2125 form on your tax return.
  • Are you part of the Food Delivery Service? Here is a link that will assist with what you need to know on how to report your GST/HST. For ride-share drivers, here are some important points to take into consideration.
  • Do you have a small business? This link  provides detailed information on what kind of expenses you can claim.

Landlords:

  • Do you have rental income? Record keeping is critical, so be prepared. Claiming expenses can get tricky, pick your accounting method and learn what you can deduct to avoid being reassessed by the CRA. Don’t totally understand CCA? All good, this will explain it all. You will need this form to complete your tax return as well to cover income and expenses. If by misfortune you lost money on your rental, this will tell you how to claim this loss. If you are unsure if you should declare rental or business income, have a look at this article.
  • Has your rental property suffered due to COVID? This will provide you with information on the measures the government has taken to assist you.

Work from Home:

  • Work from home on a regular basis, these are the work from home rules to follow. Your employment expenses can also be claimed. If you use your vehicle, here is what motor vehicle expenses you can claim.
  • Work from home due to COVID, this article will explain how to claim your $400 in expenses. And this article will provide you the information you need to understand the new T777s. While this one will explain the T2200-s.

Concerned about the COVID aspect, this link will give you detailed information on many of the government programs and how they may affect your tax return.

So tax time is over and done with, you get this super nice refund and you probably have an idea as to where you will spend it, but I would recommend you check out this article before making a final decision, to get the most out of your refund.

However, not everyone manages to be so lucky and end up owing more than they can afford, paying by instalments may be an option.

To know more about TurboTax software and the various service and support options we have available, we’ve got you covered!

Too much for you to handle on your own? No worries!! Our team of LIVE Full Service Tax Experts* are here, ready and willing to assist you and remove the burden of tax time off your shoulders. Reach out to them and let them do your taxes for you from beginning to the end. Learn more about all our LIVE service options here.

*Terms and Conditions apply – TurboTax Live™ Full Service is not available in Quebec