Moving expenses may be tax deductible for you..
We’re not going to sugar coat it: moving can be a pain. While it’s our business to make the experience as effortless as possible, there are a lot of issues to contend with. However, in light of the season we all dread, let me fill you in on a secret. Moving for work or for education may be tax deductible.
When moving, most people do not think to hold on to their invoices. They think, “what for? I am not going to be doing this again for a looong time”. But you never know when that dream job is going to come up 2000 miles from home, or maybe you decide to go back to school spur of the moment? Whatever it may be, hold on to your moving invoices they may come in handy down the road and save you some money and it is easy….see below.
CRA’s - Line 219 - Moving expenses
You can claim eligible moving expenses if you move and establish a new home to work or run a business at a new location, or if you move to take courses as a student in full-time attendance enrolled in a post-secondary program at a university, college or other educational institution.
To qualify, your new home must be at least 40 kilometres (by the shortest usual public route) closer to the new place of work or school.
For further information visit Canada Revenues Website or speak with your accountant.
!!! MAKING THE WORLD BETTER ONE MOVE AT A TIME !!!