Cra Home Office Rules
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Claiming business use of home expenses.
Cra home office rules. Also you must meet one of the following conditions. The amount you can deduct for work space in the home expenses is limited to the amount of employment income remaining after all other employment expenses have been deducted. If your office space is in a rented house or apartment where you live deduct the percentage of the rent and any maintenance costs you paid that relate to the work space. You use the work space only to earn your employment income.
Your home office space must be the principal place of business. Given potential costs in setting up a home office the cra has indicated that reimbursements to employees up to 500 for computer equipment will not be considered a taxable benefit to employees provided they retain supporting receipts. You may use either the simplified method or the regular method to claim your deduction. Your business use percentage must be discounted because the space is available for personal use part of the time.
As a general rule you must use a part of your home regularly and exclusively for business purposes. The work space is where you mainly more than 50 of the time do your work. You also have to use it on a regular and continuous basis. Here are six tips that you should know about the home office deduction.
If you rent your home you can deduct the part of the rent and any expenses you incur that relate to the workspace. For more information go to income tax folio s4 f2 c2 business use of home expenses. While employees are not required to file the cra form t2200 described above they are required to keep it in case the cra asks to see it. Cra has strict rules for deducting home office expenses.
If your home office qualifies for the tax deduction you can claim a portion of. You use the space exclusively to earn business income on a regular and continuous basis for meeting. Regular and exclusive use. Special rules apply if you qualify for home office deductions under the day care exception to the exclusive use test.
If you re self employed you can claim your home office under two. Your home office must be exclusively for working you must use that space to complete more than 50 of your work.
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