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How To Claim Home Office Expenses (2024 Update)

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RealEstateTaxTips

Working from home? Save money on taxes by deducting home office expenses!

In this video, learn about recent changes, the T2200 form, who qualifies, and how to claim deductions correctly. We'll cover eligible expenses and tips for documenting your workspace to maximize your tax savings!

Watch now!

T2200
https://www.canada.ca/en/revenueagen...

T777
https://www.canada.ca/en/revenueagen...

Key Moments In This Episode
========================
00:00: Introduction
2:21 Home Office Deductions Updates
4:42 T2200 Form
7:03 Working From Home? You May Claim Expenses!
9:24 Claim Home Office Expenses Correctly
11:45 Deducting Expenses on Your Tax Return
14:06 Eligible vs. Ineligible Deductions
16:27 Proof of Home Office Space (Floor Plan)


If you have any questions or thoughts after watching this video, leave a comment below, and I’ll respond as soon as possible.

Don’t forget to subscribe to my channel for more videos on Canadian real estate and taxsaving strategies so you don’t miss a thing!



Please make sure to speak to a professional that knows your personal situation before making a decision.

If you need to talk to someone on my team, email us at [email protected].



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DISCLAIMER:

Real estate Tax planning is a personalized decision and will depend on your situation, priorities, and risk tolerance. Consult with your legal and tax advisors to ensure you get the best personalized advice.
The information contained in this video is for general information purposes only.
The information is provided by ECRB Consulting Inc., RealEstateTaxTips.ca, Cherry Chan Professional Corporation and Cherry Chan.
While we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability of the article or the information, products, services, or related graphics contained on the presentation for any purpose. Any reliance on such information is, therefore, strictly at your own risk.
In no event will we be liable for any loss or damage, including, without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of or connected with the use of this information.

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