Summer is almost here and its the most popular moving time of the year. During this period and tax time we get this common question about the moving expense tax deductions.
Many have a misconception of being able to claim the entire amount spent on moving. This is not true. Below is a summary of who and at exactly you can claim
Individuals who moved for work , to run a business at a new location or for full time studies at a recognized post secondary institute can claim moving expenses.
Your new home must be 40km closer to your new work or study location.
Most taxpayers deduct transportation and storage costs but there are numerous other expenses listed below
Read more at CRA website
Have questions on your eligibility or if an expense can be claimed? Or on how to file in general - Contact us at Canatax pros by calling 604-373-0788 , emailing us at commercial@ctpros.ca or by simply filling in the contact form
Disclaimer: This article only provides general information which is not construed as professional advice. Readers seeking professional advice must consult an experienced and a qualified professional in the respective field.