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themilkguy

T2202 as well as self-employed home office

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Sorry if this seems pedestrian, this is the first time I've had a home business...

 

My employer issued a T2202 and I am claiming a percentage of my home as office space.

 

I have a separate office space that I use for my home business.

 

When it comes to defining the personal property percentage, how do I arrange it?

 

Example:  If 20% of my home is for my FT employment home office, and 10% of my home is my self-employed home office:

 

Under Employment Expenses I claim 80% of my home is personal space.

Under Self-Employed Income should I claim 90% of my home as personal space, or should I claim 70%?

 

Thanks,

C

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If you operate your business from your home office, you can deduct certain expenses from your business income.
 

Before entering your expenses, you must determine the portion of your home that is used for your business.

To enter your expenses, please follow these steps:
 

1- In the "QuikClik Navigator" on the left-hand side of the screen, select the page "Home office expenses" under the item "Self-employment income".

2- Enter the portion (%) of the home that is used for personal purposes.

3- Enter your home office expenses in the appropriate fields.
 

If you want to enter additional expenses that are not listed in the "Home office expenses" page, such as rent paid, enter the amount in the field "Other home office expenses - specify".  Enter a description and the amount.
 

The amount eligible for your home office expenses will be carried over by the program to line 9945 of federal form T2125 and, for Quebec residents, to line 258 of form TP-80.
 

NOTE :

The amount you can deduct for Business-use-of-home expenses cannot be more than your net income from the business before you deduct these expenses. In other words, you cannot use these expenses to increase or create a business loss. However, you can carry to subsequent taxation years any portion of the amount that you cannot deduct for the given taxation year because of this limit.

For more information regarding home office expenses, please consult the following links:
 

For the CRA:

http://www.cra-arc.gc.ca/E/pub/tg/t4002/
 

For Revenu Québec:

http://www.revenuquebec.ca/en/sepf/publications/in/in-155.aspx

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