Hello, thank you for your questions. There are some limitations on the work-space-in-the-home expenses. For instance, the amount for work-space-in-the-home expenses is limited to the amount of employment income that is left after you have deducted all other employment expenses (if you have these expenses.) You cannot use work-space-in-the-home expenses to create or increase a loss. If you cannot claim all of your work-space-in-the-home expenses, you can carry forward the expenses, and use these expenses in the next year as long as you are reporting income from the same employer. Also, you need to separate the expenses between your employment use and non-employment (personal) use of your home. You will need to determine the size and use (employment and personal) of your work space to calculate the work-space-in-the-home expenses. Reference: www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-22900-other-employment-expenses/work-space-home-expenses/work-space-use.html (Disclaimer - Please note that my comments are provided for general informational purposes only. Also, I have no liability or responsibility over your tax return.)
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Very useful information! Thank you!!
Thank you for your comment!
Thanks for sharing!
Thanks Karen!
What is the maximum expense that we can claim under detailed method? Is there a cap on the amount?
Hello, thank you for your questions. There are some limitations on the work-space-in-the-home expenses. For instance, the amount for work-space-in-the-home expenses is limited to the amount of employment income that is left after you have deducted all other employment expenses (if you have these expenses.) You cannot use work-space-in-the-home expenses to create or increase a loss.
If you cannot claim all of your work-space-in-the-home expenses, you can carry forward the expenses, and use these expenses in the next year as long as you are reporting income from the same employer.
Also, you need to separate the expenses between your employment use and non-employment (personal) use of your home. You will need to determine the size and use (employment and personal) of your work space to calculate the work-space-in-the-home expenses.
Reference:
www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-22900-other-employment-expenses/work-space-home-expenses/work-space-use.html
(Disclaimer - Please note that my comments are provided for general informational purposes only. Also, I have no liability or responsibility over your tax return.)
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