It’s tax season once again, but this year, due to the pandemic, there are some significant changes for filing that people should know about.
Gerry Vittoratos is a National Tax Specialist with UFile.
He explains that this year there are two big changes to the return process.
The first is a new flat rate for home office expenses, which essentially makes it easier for those who worked from home to claim associated expenses up to $400.
Vittoratos describes the other change as a “warning” for those who received benefits associated with the pandemic, such as CERB.
He says taxes are usually deducted as part of your payroll with a company.
However, with CERB that money was not taken out, meaning people will likely have money owing to the government as a result.
He says that will be a shock to a lot of people because people who are used to having refunds will now end up owing money.
Story Courtesy of VOCM.