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It’s official, the 2021 tax season is here, and the pandemic brings with it new tax guidelines. For starters, those who have been working from home could see a return, and anyone who collected benefits could end up owing money.

For those who had to switch to working remotely, the CRA has introduced a simplified home deduction. This is a flat-rate method that makes taxes easier to calculate. The flat-rate method allows employees to claim a tax deduction of $2 for each day they worked from home, up to a maximum of $400.

And, yes, for all of you long-time self-employed workers, the more detailed version still exists. Those of you familiar with calculating the percentage of your household expenses to apply to your business are still able to utilize this option. Choosing the right method can come down to whether you are an employee or self-employed.

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Employees can’t claim mortgage payments, which makes the flat-rate method ideal. It’s a simple calculation that takes mere minutes. If you’re self-employed, claiming things like mortgage payments, electricity, and your internet connection can make or break your business, and so the choice is a bit more complicated.As far as benefits are concerned, the government failed to withhold taxes on CERB or CESB collected in 2020, which means Canadians are in the hot seat for any outstanding amount owing.

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Is it all a bit too much? Perhaps some accounting or financial training is in order. Understanding the basics of statements, debits, credits, even payroll can help you prepare for the unexpected and improve your overall outlook. Consider the 2021 Accounting Mastery Bootcamp Bundle.

With a 4.5-star rating, this program will grow and expand your knowledge base of accounting and bookkeeping so you can manage your finances with precision, in and out of tax season. Running business? No problem, you will explore all the nuances of payroll, learn business math 101, and much more.

The 2021 Accounting Mastery Bootcamp Bundle retails for over $2k and is on sale for $37.99, a discount of 98 per cent.

Prices subject to change.