If you're self-employed or eligible to claim employment expenses, you can claim a portion of your rent for your home office. Here's how to do it in Wealthsimple Tax:
For self-employed individuals:
- Add the Business, Professional, and Commission Income section to your profile
- Navigate to the Business-use-of-home expenses subsection
- Complete all the relevant fields
For employees claiming work-from-home expenses:
- Add the Employment Expenses and Work-From-Home section to your profile
- Select your employment type for the question "What type of employee are you?"
- Navigate to the Work-space-in-the-home expenses subsection
- Complete all the relevant fields
Important notes:
- You can only claim the portion of rent that relates to your workspace
- Calculate this based on the area used for work compared to your total living space
- Keep records of your calculations and any supporting documents
Eligibility requirements:
- Self-employed: You must be reporting business income
- Employees: You must have a completed and signed Form T2200 from your employer
Remember:
- The CRA may ask for documentation to support your claim
- Ensure you're following the most current CRA guidelines for home office expenses
For more detailed information on eligibility and calculations, you can review the CRA's guidelines on business use of home expenses and workspace in the home expenses.
If you need help locating these sections in Wealthsimple Tax, please contact Wealthsimple support. For questions about your eligibility to claim these expenses, consider consulting with a tax expert.
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