Published On Mar 21, 2021
🇨🇦 2020 TAX TIPs - Work from Home Tax Credit, Flat Rate Method or Detailed Method
It's that time of year again, and time to talk about a boring, adult topic in taxes. But they are a very important thing to know if you want to grow wealth. This isn't a comprehensive video on taxes but i'll focus on topics specific to 2020 because it's been a unique year.
Do you pay tax on government assistance like CRB or EI? What's the difference between a tax deduction and a tax credit? I'll cover the Work from Home Tax Deduction, we'll talk about the Flat Rate Method vs Detailed Method for filing expenses related to working from home.
To pay back CERB:
https://www.canada.ca/en/revenue-agen...
Info on what you can claim: https://www.canada.ca/en/revenue-agen...
Chapters:
Intro (0:00)
Do you Pay Tax on EI? (1:03)
New Boxes on your T4 (2:43)
What is a marginal (progressive) tax system? (4:02)
Tax Deduction vs Tax Credit (4:54)
Flat Rate Method vs Detailed Method (5:49)
Outro (9:16)
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Background Music Provided By:
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Questrade Links:
Get a $50 credit in trade commissions for a Questrade account or have $10,000 managed for free in a Questwealth portfolio for one year:
https://www.questrade.com?refid=5d45286293e32
#imseansolo #seansoloinvests #flatratemethod #2020taxtips #2020t4 #2020taxdeduction
Sources:
Tax Deduction vs Credit: https://www.nerdwallet.com/article/ta...
Marginal Tax System: https://www.investopedia.com/ask/answ...
New T4 Boxes: https://www.advisor.ca/tax/tax-news/c...
Please Note: I am not a certified financial planner, I am just sharing things that I've learned through my own experience and hope it helps you out.