Claiming Moving Expenses
Providing that you are moving at least 40 km’s closer to a new job, business location in Canada or post-secondary institution in which you are in full-time attendance, taxpayers may claim eligible moving expenses.
The moving expenses can be claimed either in the year of the move or the following year and the claim amount is limited to income from the new business or employment or certain student income amounts. For those moving to another location in Canada because of better job opportunities without already having a job lined up are also eligible to claim moving expenses against earned income when you do find and begin work.
Students that are not only in full time attendance at a post secondary institution, but whom move 40 km within Canada for either full time, part time or summer positions can claim moving expenses. This also applies to students the year after graduation.
Below is a list of some of the eligible moving expenses:
·Storage expenses for household items;
·Travel costs, including accommodation for the individual or members of the household, and meals;
·Temporary board and lodging near the residence for a maximum of 15 days;
·Cost of connecting or disconnecting utilities;
·Canceling a lease or selling the old residence as a result of the move;
·Transfer of taxes or taxes for the new residence once the former residence has been sold;
·Any legal fees that occur as a result of the move.
Anyone hoping of taking advantage of this claim should contact Dustin for a further review, as it is impossible to include all situations, circumstances and exceptions. Every effort has been made to ensure the accuracy of the information, however, because of the nature of the subject, no person or firm involved in the preparation or distribution of this commentary accepts any liability for its contents or use.