Why are some of you people deducting office expense on your income tax, and only getting about 30% back, when you could just turn it into your employer and get 100%.
Working From Home
- Thread starter Darts
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Most if not all office jobs involve sitting in front of a computer. Working home part or all of the time just makes sense, but that greatly depends on the job duties.
Personally, I find that I am much more productive at home. Mainly because I no longer have to worry about rushing out at a certain time to catch a train. The only downside is that I have worked longer hours because there is no more rush to leave the office. I've also put in extra hours after work or on the weekends because of lack of anything else to do.
The commercial real estate business will have to evolve or it will die. Real estate companies like Riocan have been hit hard because they own a lot of office and retail spaces. Offices are a slew of never ending costs and a huge liability. Sadly, there will be job losses if companies decide to close down their offices for good. You can scale back or eliminate office coordinators, receptionists, IT staff, etc. From a business continuity point of view it makes no sense to maintain offices. Offices are vulnerable to all sorts of disruptions like power, internet, fire or cyber or even terrorist attacks. Having most or all of your employees at home nearly eliminates those risks.
Personally, I find that I am much more productive at home. Mainly because I no longer have to worry about rushing out at a certain time to catch a train. The only downside is that I have worked longer hours because there is no more rush to leave the office. I've also put in extra hours after work or on the weekends because of lack of anything else to do.
The commercial real estate business will have to evolve or it will die. Real estate companies like Riocan have been hit hard because they own a lot of office and retail spaces. Offices are a slew of never ending costs and a huge liability. Sadly, there will be job losses if companies decide to close down their offices for good. You can scale back or eliminate office coordinators, receptionists, IT staff, etc. From a business continuity point of view it makes no sense to maintain offices. Offices are vulnerable to all sorts of disruptions like power, internet, fire or cyber or even terrorist attacks. Having most or all of your employees at home nearly eliminates those risks.
Looks like the feedback from members is generally positive.
I also claim some depreciation on my overpriced house as a tax deduction but it will be subject to "recapture" if I later sell my house at a gain.
One person in the office I don't miss is "Fred" dropping by and telling me about his sexual and stock market exploits ( I think they are all lies).
BTW: Our corporate lawyers tell us that "working from home" as an employee is not the same as "operating a business" from home so you are still entitled to all company fringe benefits and severance if they fire you.
Question: Is your employer still throwing a Christmas party this year?
I also claim some depreciation on my overpriced house as a tax deduction but it will be subject to "recapture" if I later sell my house at a gain.
One person in the office I don't miss is "Fred" dropping by and telling me about his sexual and stock market exploits ( I think they are all lies).
BTW: Our corporate lawyers tell us that "working from home" as an employee is not the same as "operating a business" from home so you are still entitled to all company fringe benefits and severance if they fire you.
Question: Is your employer still throwing a Christmas party this year?
How is this possible? Are you self employed or operate as a professional services Corp? Everything I’ve read says this is not possible to deduct capital expenses or mortgage interest. If you are employed full time, you would require a T2200 to be issued by your employer. I’ve looked into this and in my case, the savings would be minimal and not worth opening up myself to audit risk.
I'll have to speak to my friend again. I don't claim mortgage interest but he said I can claim reasonable cost of the house. Maybe he confused renting with owning. This tax thing is confusing.
"If the work space is part of a home rented by the individual, a reasonable proportion of the rent is otherwise deductible under subparagraph 8(1)(i)(ii). However, no deduction can be made for the rental value of the work space area in a home owned by the individual."
If you're working contract work or freelance, you're on your own. I say keep your receipts regardless!
I'm not up to speed with latest tax regulations, especially during pandemic.
Is deducting home expenses even possible for regular employees who previously worked in an office, and receive a T4 slip for tax purposes?
I thought that deducting home expenses was only available for business owners and the self-employed.
Has CRA allowed additional deductions during pandemic?
I'd be careful about this.
If you start to claim SOME depreciation on your primary residence, you will, indeed, be subject to the "recapture" upon sale.
However, upon sale of your house, you may not be eligible for the tax-free gains on that percentage that you stated was your home office.
Note that I didn't say that your whole gains won't be tax-free upon sale... perhaps that % that is your home office.
I'm not an accountant, but I would suggest that you consult one on this to be sure.
Depends on the business, the office, the people.
I know people who have been able to negotiate better salaries and one got two days a week a home after the first lockdown and before the second. She will be able to work from home well after COVID. She is a single mom so it is helpful and better for her to be able to work from home.
The problem with working from home is people feel you should do work even if it not during “office hours”. The boss will call up for a quick this or that. Clients feel they can get this paper work done sooner or something “quickly” faxed or emailed.
For me, I use to work all hours of the night when I was first starting my business. I had to seriously stop myself and it was hard but I had to learn to stick to office hours. Keep the office and home separate.
If a job can be done from home, there is a good chance that it can be done anywhere in the world, for cheaper than what companies are paying employees in Canada.
Expect a slow lowering of wages for WFH people and more outsourcing in the future. Just as Third World labor obliterated First World manufacturing, there is now a clearer path to destroy the white collar work-from-home worker class. You might not feel the pinch, but your kids will.
Expect a slow lowering of wages for WFH people and more outsourcing in the future. Just as Third World labor obliterated First World manufacturing, there is now a clearer path to destroy the white collar work-from-home worker class. You might not feel the pinch, but your kids will.
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Thank you and oakvilleguy for bringing this matter to my attention.
I spoke to my acquaintance neighbour to-day and he provided more info. (Yes, I am thee nosy neighbour.) Turns out he rents and doesn't actually own that nice house he and his wife call home. Then he started to complain that he "lost" a million dollars because they started renting instead of buying a house 10 years ago.
His wife has been working from home for years. That explains why they have so many Staples deliveries. I think she is technically operating a business from home and not an employee. (No, I do not think she is an escort.)
I know a bit about depreciation and recapture because years ago I purchased a small 8 unit apartment building. I quickly learned that I am not cut out to be a rental landlord. I finally got fed up with my tenants complaining about their personal and financial problems. The final straw was when I got a call at 3AM because a pipe burst. That ended my career as a rental landlord.
For an 8-unit apartment building, that's why you hire a property manager to handle those midnight calls. Eight tenants is a lot to manage on your own, and apartment renters are sometimes a different kind of people. Best to put a property manager in between the tenants and the landlord, especially for multi-family properties.
High-profile Indian techies flooded with overseas job offers for remote work as WFH becomes effective
Hiring companies like Instahyre, Interviewbit, Rocket, Techfynder, CIEL HR Services and Pesto Tech said firms from the US, Europe, Australia and the Middle East were now hiring, especially for contract roles.
www.timesnownews.com
For every action, there is a reaction.
Not thrilled with working from home, miss seeing the people in the office.
I work for the federal gov't, it's super shocking that we took our computer equipment home, since they're so sensitive about information security. Most people in my office prefer working from home, but I don't.
I work for the federal gov't, it's super shocking that we took our computer equipment home, since they're so sensitive about information security. Most people in my office prefer working from home, but I don't.
Anyone else here worried that since we’ve all successfully been working from home, that our employers realize that they an sell off their real estate and offshore our jobs?
I can work 100% remotely but I’m also getting to the age where it would be difficult to find meaningful employment if I was let go or “retired early.”
While my job is rock star (geology) there are also a billion people half a world away that can be trained to do my job and they are 25 yrs younger.
Me being paranoid?
I can work 100% remotely but I’m also getting to the age where it would be difficult to find meaningful employment if I was let go or “retired early.”
While my job is rock star (geology) there are also a billion people half a world away that can be trained to do my job and they are 25 yrs younger.
Me being paranoid?
I had not thought about that, but you are correct.
I have a friend who is an electrical engineer. P.eng, 20 some odd years working in systems engineering. Maybe 10 years ago, he was making 180 grand a year and then one day they got the bright idea that they really didn't need him as they could get people in India to do his job (since his work didn't really need to be done by a Canadian and didn't need a Canadian seal) for maybe 10 grand a year. They offered him a chance to reapply for his job, but at 40 grand a year. He ended up suing them and got a decent settlement, but he never found a job that paid as well as he had. He ended up opening a landscaping company, and doing a bit of contract work, but not good overall.
The thing is, a huge amount of money is spent maintaining the office culture and you eliminate that money from the overall economy, there will be repercussions, big ones, in the job market. People think they're so clever by working from home, but really, they are just shooting themselves in the foot. Plus let's be honest its easy to goof off at home when the boss isn't keeping an eye on you.
Me, I still am working both in the field on projects and in the office. I hate working from home. Since I live in Toronto, and work in Toronto, I've never had commuting issues. I truly feel that my job is best done in the office because of collaboration with my colleagues.
Guys who work at home in my industry will end up being out of sight and out of mind and it will be career suicide.
Anyone working from home or maintaining a home office should get a T2200 form from their Employer.
You claim for % of all costs - heat / hydro / Mtg / rent / water / internet / supplies etc.
I believe you will see many Companies realize they do not need XXX floors of expensive office space depending how work results happen with Staff working from home
We will see a number of “office towers” become - Condo / Boutique Hotel / mixed use.
We will see a number of “office towers” become - Condo / Boutique Hotel / mixed use.
The future will be interesting. Condo prices are dropping now. Residential rents are also dropping. However, there are still projects in the pipeline. Somebody paid $300mm for 1 Yonge Street, CIBC is building CIBC Square, the new Honest Ed's (or whatever its called) is going up as we speak, now there is talk of tearing down Rogers Centre.
Years ago, I bought a small condo downtown to "entertain" women. Now I rarely go downtown. Sold it for a small profit a while back.
