Am I Eligible to Deduct Home-Office Expenses?
Allan Madan, CPA, CA
So you are probably asking yourself can I deduct home-office expenses? Those who run a home office and use a portion of their home as a designated office space are eligible to claim relevant tax deductions. The primary condition is that the home must be your primary place of business.
In order to be eligible, you must meet one of the two following criteria’s. The first is that the home must be your principal place of business. Secondly you must use a designated space of your home exclusively for earning income from a business and you must regularly and continuously use this work space for meeting with clients or patients.
So if you’re eligible, keep a tab on all your home expenses so you can claim this on your return and save taxes. While it may seem like a small amount initially, the savings can add up year to year. For more answers to your questions, make sure to check out our Canadian tax forum.
Disclaimer
The information provided on this page is intended to provide general information. The information does not take into account your personal situation and is not intended to be used without consultation from accounting and financial professionals. Allan Madan and Madan Chartered Accountant will not be held liable for any problems that arise from the usage of the information provided on this page.
ABOUT THE AUTHOR
ALLAN MADAN
CPA, CA
Allan Madan is a CPA, CA and the founder of Madan Chartered Accountant Professional Corporation. Allan provides valuable tax planning, accounting and income tax preparation services in the Greater Toronto Area.
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