Tax Season Updates: What Canadians Need to Know

💼The introduction of the First Home Savings Account deduction allows Canadians to claim it on their tax return as a deduction.

💻Canadians can now file for the disability credit online, making the process more convenient.

🏢Properties flipped in under a year will now be subject to business taxes, impacting real estate investors.

🏠The flat $2 a day deduction for Canadians who work from home has been removed, requiring them to itemize their expenses.

⏰Remote workers must work at least 50% of the time at home and accurately track their expenses to claim deductions.

What is the new deduction introduced this year?

—The First Home Savings Account deduction allows Canadians to claim it on their tax return as a deduction.

Can I file for the disability credit online?

—Yes, Canadians can now file for the disability credit online, making the process more convenient.

How will the new rule impact real estate investors?

—Properties flipped within a year will now be subject to business taxes, impacting real estate investors.

Why was the flat $2 a day deduction for Canadians who work from home removed?

—The flat $2 a day deduction was removed to require Canadians who work from home to accurately track their expenses and itemize them for deductions.

What is the requirement for remote workers to claim deductions for working from home?

—Remote workers must work at least 50% of the time at home and accurately track their expenses to claim deductions.

00:00Tax season has started, but taxes may not be top of mind for Canadians on this family day in Vancouver.

00:13Canadians can now claim the First Home Savings Account deduction on their tax return.

00:21The disability credit can now be filed online, making the process more convenient.

00:32Properties flipped in under a year will now be subject to business taxes, affecting real estate investors.

00:38The flat $2 a day deduction for Canadians who work from home has been removed.

00:41Remote workers must work at least 50% of the time at home and track their expenses for deductions.

01:10The administrative process of itemizing expenses for those who work from home can be challenging for some.

01:28The deadline to file taxes is April 30th, and Canadians hope for a smooth process.