Employment Expenses
Posted by admin on Apr 17, 2011 in Personal Income Tax | 5 comments
Many employers in Canada require employees to incur out-of-pocket expenses as part of their daily jobs, and quite often without compensation. Here are some duties that may be involved with your job description:
Use of personal cell phone for business purposes
Driving your personal vehicle, sometimes great distances, to meet clients
Incur travel expenses such as meals and lodging
Operate part of your job from your home
Incur incidental expenses such as office supplies or promotional materials
Purchase new tools such as a mechanic or a tradesperson
If this occurs in your job, you could qualify for your employer to sign a form T2200 – Declaration of Conditions of Employment. Your employer would check yes to the necessary fields to allow you to claim back on your personal tax return the costs you incurred at work as an eligible taxable deduction.
Once you receive a signed T2200, then you can claim your expenses on a form T777 in your tax return. The eligible expenses reduce your taxable commission or employment income therefore lowering your taxes overall.
Wouldn’t it be nice if you were able to “write-off” your expenses? Check with your employer to see if you qualify!
Seianna Financial Services provides tax services to Canadians (except Quebec). Call a representative to give you a free consultation over the phone. See your contact list.
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