Working from home has perks, but did you know you can deduct some of your home office expenses from your taxes and lower your tax bill?

With more and more business owners, selfemployed individuals and freelancers working from home, it's crucial to understand how you can save money on your taxes by claiming home office expenses.

However, to qualify to deduct home office expenses, there’re some criteria you would need to meet and in this video, we dive deep into eligibility criteria for deducting home office expenses, the expenses you can claim, and how to calculate the amount you can deduct.

This video is perfect for freelancers, selfemployed individuals, and employees with home offices. Don't miss out on the chance to maximize your tax savings.


Key Moments In This Episode
========================
00:00 Intro
0:27 General tax deductibility rule
1:28 The 2 Criteria that qualify you to claim home office expense
2:18 Criteria 1 Principle place of business
6:13 Criteria 2 Used exclusively to earn business income AND used on a regular and continuous basis to meet clients
7:36 Definition of “meeting clients” according to CRA
8:55 What home office expenses can you deduct?
9:31 What is the actual amount you are qualified to deduct?
10:35 What is considered minor repairs?
11:46 Restrictions to deducting home office expenses
13:03 Will claiming a home office deduction affect your primary residence exemption claim?


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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