The Covid-19 pandemic continues to make life difficult for individuals, families, and businesses. As we are currently in another lockdown, both businesses and individuals are looking at potential pandemic tax benefits for the year.
The Canadian government has adjusted many of its Covid-19 policies for the 2022 year. Read this article to find what pandemic tax benefits are still available.
Canada Recovery Sickness Benefit
The Canadian government has extended the recovery sickness benefit for employees. This policy started in 2021 and has been extended till at least March 2022. This policy provides Canadians with 500 dollars weekly income if they are unable to work due to Covid-19 or another illness.
Canada Recovery Caregiving Benefit
The Canada Recovery Caregiving Benefit (CRCB) provides a source of income to employees and contractors who are unable to work due to caregiving requirements. Those who are eligible can receive 500 dollars per week ($450 after taxes withheld) for up to 44 weeks.
The Canada Worker Lockdown Benefit
Those who have lost their jobs due to Covid-19 lockdowns are eligible for the Canada Worker Lockdown Benefit. Under this benefit, employees can receive up to 300 dollars per week for as long as they are out of work due to lockdowns.
Home Office Expense Tax Deductions
The Canadian government supports those who work from home by adjusting the Home Office Expense Deduction. The government is helping those who work from home by increasing the flat deductible tax rate by 500 dollars. Anyone who works from home can use this credit for the 2022 tax year.
The Canadian government continues to adjust and add new Covid-19 benefits for businesses and employees. Our team at NaickerCPA can help you find available pandemic tax benefits.
If you have any questions about this article or business taxes, in general, or you want to make an appointment with an accounting professional at Naicker & Associates, please contact us at (604) 469-9369. We are based in Port Moody, BC.