If you're an employee who pays expenses to earn employment income, you may be eligible to deduct certain related expenses. To claim these in Wealthsimple Tax, follow these steps:
- Add the Employment Expenses section to your Tax profile
- Employee Type Selection:
- Employer Information
- Select the T4 slip related to these expenses from your Wealthsimple Tax profile, or add a new T4 slip if needed
Expense Categories
Depending on your employee type, you may see the following subsections:
- Work-space-in-the-home expenses
- General employment expenses
- Motor vehicle expenses
- Tools tax credit (for tradespersons and apprentice mechanics)
- Labour mobility deduction
- Musical instrument expenses (including Capital Cost Allowance)
- Artist employment expenses
- Forestry operations expenses
- TL2 claim for meals and lodging expenses (for transportation employees)
Additional Employment Expenses
You can also report:
- Repayment of salary or wages
- Other employment expenses not included on a T777 or TL2
Important Notes
- Keep your T2200 (Declaration of Conditions of Employment) on file
- Claim only expenses allowed by your employer, as per your T2200
- You can claim expenses reported on both your T4 slip and T2200
- You're not limited to the amount reported on your T4
- Example: If your employer covers $50 of a $75 work-related phone plan, you can claim the full $75 if applicable
- You can't claim reimbursed expenses that don't appear on your T4
- You can't claim deductions for amounts you weren't taxed on
- For detailed information on eligible expenses, refer to the CRA's guidelines.
Tradesperson and Apprenticeship Tools Tax Credits
If you're a tradesperson or apprentice mechanic:
- Select Tradesperson or apprentice tools as your employee type
- Complete the Tools Tax Credit subsection
- Enter the total amount paid for eligible tools and your employment income as a tradesperson or apprentice mechanic
Note: If you earned income as both a tradesperson and an apprentice mechanic, complete both relevant sections.
If you need assistance with reporting employment expenses in Wealthsimple Tax, contact our support team. For specific tax advice please consult a tax expert.
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