Did you know that you can claim moving expenses when filing your taxes in Canada? If you moved to work or to run a business at a new location, or you moved to study courses as a full-time student enrolled in a post-secondary program. This thread is for you.
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Eligible expenses are:
• Transportation costs such as movers, hauling, in-transit storage
• Travel expenses such as meals
• Cost of canceling your lease
• Incidental costs related to your move such as replacing driving licenses.
• Cost of selling your old home
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Ineligible expenses are:
• Any loss from the sale of your home
• Travel expense got house-hunting
• Mortgage default insurance
• Travel expenses for job-hunting in another city.
• Cost incurred in the sale of your old home if you delayed selling for investment purposes.
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If you received a reimbursement or an allowance from your employer for your eligible moving expenses, you can only claim your moving expenses if you include the amount you received in your income or if you reduce your moving expenses by the amount received.
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Eligibility:
• Your new home that you established is at least 40 kilometers closer to your new place of work or business than your previous home was.
• You earned employment income or self-employed income at your new location
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• You are a deemed or factual resident of Canada, and the move was from one place where you ordinarily resided to live in another place where you will ordinarily reside.
• You moved during the year and established a new home to start a new job or a business.
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Since companies are requesting employees to return to the office, a lot of moving is happening. I know you took the advantage of wfh to move to extreme places, now that you are moving back, please keep your receipts for next tax season.
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Talk to your tax consultant for more details. If you enjoyed this, please share and RT.
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