If you are in an industry in which most of the incomes are paid through commission then this checklist for you. It is important to know what you can claim tax deduction from your income. Commission income usually reported in T4 with a report code 42 and in T4A as self employed commission income. Reporting income only in invoice is also common in this industry.
| Income Record | Yes | No |
| T4 Slip | ||
| T4A Slip | ||
| Payment Invoice | ||
| Expense Record | Yes | No |
| Accounting and Legal Fees Advertising and Promotion Automobile Expenses Food, Beverage and Entertainment Lodging and Travel Supplies – see which supplies can be claimed https://cantacfinancial.com/claiming-employment-expenses/ Cell Phone Expenses License Fees Liability Insurance Premiums Office Rent Salaries paid to Assistant Training and Development |
||
| Work Space of Home Expenses in Detail | ||
| Utilities Home insurance Property Taxes Home Internet Access Fees Rent and Condo Fees |
||
| Work use of Home Expenses – Temporary Flat Rate | ||
| Total number of days worked from home in 2021 due to Covid-19 x $2 flat rate = Total claim (maximum of $500) No documents or form required to support claim |
||
| Expenses that can not be claimed | ||
| Mortgage Interest Capital Expenses other than minor repair and maintenance Furniture Cost of Equipment unless the equipments are on lease Home phone |
||
| Required Documents/Forms | ||
| T2200 Declaration of conditions of employment T2200S Declaration of conditions of employment Special |
