What at first blush may seem a generous new tax deduction from the Federal government may well come with a hidden agenda.
A no-questions-asked $400 Home Office Expense Deduction that require only that taxpayers self-identify, will allow the government will collect the data it needs without disclosing what it intends to do with this information.
Renfrew-Nipissing-Pembroke Member of Parliament Cheryl Gallant has some questions she thinks ought to be posed, if not answered:
How will establishing a home office affect the value of your property?
Will the government require capital gains to be paid on that portion of the home being deducted as work space?
Will it form part of a new calculation the Liberals are working on called “Imputed Rent?”
Already the Feds are encouraging municipalities to convert vacant office space into residential housing- and what seems like a generous new personal income tax deduction may well come with a hidden price tag attached.
