📢 Attention Canadian taxpayers! Are you prepared for the tax changes this year? Here’s what you need to know:
1️⃣ Deducting Home Office Expenses: No more $2 a day flat rate. You can now deduct expenses if you worked from home more than half the time for at least a month, with Form T2200.
2️⃣ Paying Late? Higher Rate: Interest on overdue income taxes has increased to 10%. File on time to avoid penalties!
3️⃣ Savings for First Home: Canadians can contribute up to $8,000 annually to the First Home Savings Account, with tax-deductible contributions and tax-free income earned inside.
4️⃣ Multigenerational Home Renovation Tax Credit: Renovating for family? You may qualify for a 15% tax credit up to $7,500.
5️⃣ Property Flipping: Profits from selling residential properties owned for less than a year are now taxed as business income.
6️⃣ Reporting Trusts: More taxpayers need to report trusts, including bare trusts, with new filing rules.
7️⃣ Tool Deduction: Tradespeople can now deduct up to $1,000 for tool-related costs.
Stay informed to maximize your tax benefits! 💰 #TaxTips #Canada #FinanceAdvice
Tax changes you need to know about this year, from home offices to house flipping https://t.co/FA5XSiV9FG pic.twitter.com/GqSKLdleIU
— paNOW (@princealbertnow) March 14, 2024
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