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What's New For Tax Year 2020?

Tax law changes that affect most taxpayers:
  • Other employment expenses
    If you worked from home in 2020 due to COVID-19, you may be able to claim certain employment expenses. You may choose to claim home expenses based on supporting documents including receipts and employer signed certificate form T2200s, or claim up to up to $400 expenses without any supporting document.

  • NetFile Access Code
    For the 2020 tax year, prior to filing your tax return electronically, you will be asked to enter an Access code. This code does not apply to you if you are filing your tax return for the first time. Click here for more information.

  • Digital news subscription expenses
    For the 2020 to 2024 tax years, you may be able to claim a non-refundable tax credit for expenses you paid in the year for a digital news subscription with a qualified Canadian journalism organization.

  • Canada Training Credit (CTC)
    This credit is refundable, it is 50% of your tuition fees paid and your credit limit, whichever is less. For most people, the credit is $250 in 2020. You can find the limit from your last year Notice of Assessment. Tuition and educational tax credit will be reduced by CTC (except Yukon residents).

  • Donations and gifts
    For 2020 and later tax years, you may be able to claim a non-refundable tax credit for donations made to registered journalism organizations.

  • Amounts received related to COVID-19
    During the year, you may have received federal, provincial, or territorial government COVID-19 payments such as the Canada Emergency Response Benefit. If these amounts are taxable, you will have received a slip, such as a T4A or T4E. Unless you are exempt from income tax under first-nation treaties, entering the slips is all you need to do to declare the income.

    If you received the Canada Recovery Benefit (showing on T4A slip box 202), you may have to repay all or part of it if your net income is more than $38,000. Tax Chopper will calculate the repayment automatically for you.

  • Home Buyers' Plan
    If you are not considered a first-time home buyer for the purposes of the HBP, and you experience a breakdown in your marriage or common-law partnership, you may be able to participate in the HBP under certain conditions. For more information, go to canada.ca/home-buyers-plan.
Provincial Tax Changes
  • Alberta
    The Alberta tuition and education tax credits have been discontinued. Students can continue to claim any unused amounts carried forward from previous years.

    The Alberta investor tax credit has been eliminated but unused carry forward amounts can still be claimed.

  • Manitoba
    Manitoba Finance mailed an advance payment of $200 to seniors in May or June of 2020. Seniors who did not receive the $200 advance payment may claim this credit on their 2020 income tax return.

  • Newfoundland and Labrador
    The Temporary Newfoundland and Labrador deficit reduction levy has been discontinued as of December 31, 2019.

  • Saskatchewan
    There are three new non-refundable tax credits available to eligible volunteers beginning January 1st, 2020: the volunteer firefighters' amount, search and rescue volunteers' amount, and volunteer emergency medical first responders' amount.

  • Yukon
    The labour-sponsored venture capital corporation tax credit has been discontinued.

Other Highlights
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