28 Village Centre Pl, Unit 208, Mississauga, ON, L4Z 1V9

416-318-6789

Deduction for expenses related to working remotely due to COVID-19 – Line 207

If you worked from home in 2020 due to Covid-19, you may be able to claim work-space in the home expenses and supplies. You can choose simplified method to claim upto $400 without any receipt or you can choose detailed method with all the receipts to claim work-space in the home expenses and supplies. New form TP-59.S has been included for claiming these expenses.

Incentive Program to Retain Essential Workers (IPREW) – Line 151

If you received benefits under the Incentive Program to Retain Essential Workers, review the instructions for Line 151 to report it.

Farm worker bonus – Line 154 Point 2

If you received a farm worker bonus under the IPREW, it will be reported on Line 154.

Canada Emergency Response Benefit, Canada Emergency Student Benefit, and Canada recovery benefits – Line 111 / 154

If you received the Canada Emergency Response Benefit, the Canada Emergency Student Benefit, the Canada Recovery Benefit, the Canada Recovery Sickness Benefit or the Canada Recovery Caregiving Benefit, it will be reported on line 154. However, if you received Employment Insurance benefits under the Canada Emergency Response Benefit, it will be reported on line 111.

Tax credit for childcare expenses – Line 455

Effective January 1, 2020, what it means to be attending a qualified educational institution has changed for purposes of the tax credit for childcare expenses. Effective January 1, 2020, you can take courses offered by a qualified educational institution at a distance without any virtual presence at a fixed time or interaction with the professor or the class being required. However, presence (either physical or virtual) will remain mandatory for courses offered by a secondary school.

Dividend tax credit – line 128 and 415

Effective January 1, 2020, to be entitled to the full tax credit for dividends received or deemed received in a given year, you must have been resident in Québec on December 31 of that year (or on the day you ceased being resident in Canada). The rate of the dividend tax credit applicable to the actual amount of ordinary dividends went from 6.3825% to 5.4855%. The rate of the tax credit applicable to the actual amount of eligible dividends went from 16.2564% to 16.1460%.

Virtual currency transactions (Cryptocurrency) – Line 24, 139 and 164

To report your income related to these transactions, you must determine whether it is considered as capital gain(loss) or business income (loss).

Tax credit for caregivers – Line 462 Point 2

The tax credit for caregivers now has two components. The first is for caregivers providing care to a person 18 or over who has a severe and prolonged impairment in mental or physical functions and needs assistance in carrying out a basic activity of daily living. The second is for caregivers providing care to and living with a person 70 or over.

Tax credit for interest on a loan granted by a seller-lender and guaranteed by La Financière agricole du Québec – Line 462 Point 30

The tax credit for interest on a loan granted by a seller-lender and guaranteed by La Financière agricole du Québec has been extended for five years. You may therefore be eligible for the credit if you received a loan under a contract signed after December 2, 2014, but before January 1, 2025.

Tax credit for volunteer respite services and tax credit for respite of caregivers – Line 462 Point 21

Because of the changes to the tax credit for caregivers, the tax credit for volunteer respite services and the tax credit for respite of caregivers were cancelled as of January 1, 2021. However, you can still claim them for the 2020 taxation year. In addition, beginning in 2020, you may be able to receive an additional amount (which is not subject to a reduction based on your family income) for expenses paid to receive specialized respite services. However, you cannot claim the tax credit for volunteer respite services or the tax credit for respite of caregivers in respect of an eligible care receiver for whom you are you are claiming the tax credit for caregivers.

Tax credit for career extension – Line 391

Work Chart 391 has been replaced by form TP-752.PC-V, Tax Credit for Career Extension.

Disability supports deduction – Line 250

Expenses incurred after December 31, 2019, to obtain goods and services allowing you to take distance courses from a designated educational institution or a secondary school qualify for the disability supports deduction.

Tax credit for taxi drivers – line 462 point 3

The maximum tax credit for taxi drivers has been changed to $594.

Quebec prescription drug insurance plan

On July 1, 2020, the contribution rates for the Québec prescription drug insurance plan were increased. Consequently, the maximum premium has been raised from $636 to $648. The maximum premium for 2020 is therefore $642.

Change in provincial non-refundable tax credit

Provincial non-refundable tax credits have been increased resulting in more tax savings for you. Here is the summary of changes:

  • Deduction for workers on line 201 increased to $1,190 ;
  • Basic personal amount on line 350 increased to $15,532 ;
  • The amount for a person living alone increased to $1,780 on schedule B ;
  • Age amount increased to $3,267 on schedule B ;