Can I Claim Moving Expenses As A Tax Deduction?
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Can I Claim Moving Expenses As A Tax Deduction?
Canadians can claim their moving expenses and get a tax deduction as long as they move at least 40 kilometers closer to their new place of work or educational institution..Can I Claim Moving Expenses As A Tax Deduction? Home About Contact Subscribe Pennysaverblog Smart Finance and Money Saving Tips Can I Claim Moving Expenses As A Tax Deduction? by Pam on May 8, 2010 It is important for Canadians to educate themselves on any and all possible tax deductions. As Canadians pay more than 40% of their annual salaries to taxes through income tax and sales tax, it is key for us to save on taxes wherever possible. Believe it or not, there are times when a Canadian can actually claim their moving expenses and receive a tax deduction. For instance, if you moved during the year and established a new home to start a new job or business, or if you are a full time student you may qualify for the tax deduction. Eligible moving expenses include transportation and storage costs for hou sehold items, traveling expenses such as meals and accommodations, etc. You can also claim some expenses related to the selling of your previous home such as advertising costs and legal fees. The key is that your new home must be at least 40 kilometers closer to your new place of work or education institution, and your move must be from one place in Canada to another place in Canada. Some ineligible moving expenses include job hunting expenses, any loss from the sale of your home, mail forwarding costs, etc. If you are planning on moving and you want to know more about the rules regarding claiming your moving expenses in order to get a tax deduction, check out the CRA website. Related posts:Claim Your Medical Expenses Lower Your Income Tax It’s Not Too Late For The Home Renovation Tax Credit The Costs of Buying And Selling A Home Donate And Get An Income Tax Credit Extra Costs To Consider When Becoming a Homeowner Leave a Comment Name * E-mail * Website Anti-spam word: ( Required)* To prove you're a person (not a spam script),! type th e security w...
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