What's New for 2021 - Canadian Taxes

canadian tax Feb 21, 2022

Stay up to date with the latest for your Canadian tax return for 2021

Here are the some of the changes specific to COVID that you should be aware of:

COVID-19 benefit repayment - If you repaid all or part of COVID-19 benefits received in 2020 or 2021, you're able to choose the year to deduct the repayment amount. You should receive a slip reporting repaid amounts for EI (T4E) as well as CERB, CRB, CRCB, and CRSB benefits (T4A).

 *You must select the year to claim the repayment

Work-from-home expenses - If you had to work from home due to COVID-19 closures in 2021, you're able to make claims in the Employment Expenses section on forms T777 or T777S, under the same rules introduced in 2020.

Provincial COVID-19 assistance - One-time provincial payments to help you through COVID-19 are not taxable and should not be reported as income on your 2021 tax return.

 There have been some general tax changes as well to consider:

Disability Tax Credit - The eligibility requirements for...

Continue Reading...

50% Complete

Two Step

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.