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Did You Know Moving Expenses May Be Tax Deductible?

Before getting into the details, let’s make it clear: this isn’t expert tax advice, or any tax advice for that matter. This post only points out details already made available on the Canada Revenue Agency (CRA) website.

September – and Labour Day Weekend in particular- is a popular time for moving, to say the least. Across the country, university and college students are moving back to their schools and many families also time a move to coincide with the beginning of a new school year. There may be reasons of employment that have caused a change in address.

In some cases, and according to current Canadian tax legislation and guidelines, some people may be able to claim a tax deduction for moving expenses. Eligibility depends largely on the reason for the move.

• Are you a student moving to attend college, university or other post-secondary institution on a full-time basis?
• Are you moving to take on a new job?
• Are you moving your business to a new location and therefore also your residence?

And:
•Is your new home at least 40 kilometres closer to the new educational institution/job/business location than your current location?

If the answer is yes to any one of the first three and yes to the second, then moving expenses are typically considered tax deductible. Naturally, each individual would need to consult the appropriate tax guide and/or a tax professional for specific advice.

Eligible Expenses

The range of expenses you may be able to claim is actually quite diverse. It includes:

•Transportation and storage costs for all household effects, including items like boats and trailers
•Travel expenses, including meals, accommodation and vehicle-related expenses like gas
•Temporary living expenses for up to 15 days for meals and lodging for you and members of your household as you move and settle in
•The cost of cancelling a lease on your old residence
•Incidental costs such as change of address fees, new utility hook-ups and more

You may even be able to claim the cost of selling your old house, including advertising and legal fees AND the cost of buying a new residence if the old home was sold as a result of the move.

The Movers Choice

You pick up. You move. It’s that simple. The Movers Choice makes moving easy. It doesn’t matter if you are moving across the hall or across town - our plastic moving box rentals are reliable and eco-friendly and help you get the job done with ease.

Call 905.670.2778 or contact us online for the best in plastic moving box rentals in The Greater Toronto Area, Mississauga and beyond…

http://www.themoverschoice.com/ContactUs 

The presentation of information in this blog post is not individualized legal tax advice and should not be relied on as such. Articles are intended to offer general comments on developments of concern to individuals and are not intended to provide legal or expert tax opinions. Readers should seek professional advice on the particular issues that concern them.