In my career as a Real Estate Associate, I have come across clients that were not aware of the "Moving Expenses Deduction" offered by Canada Revenue Agency
According to Canada Revenue Agency "You can deduct eligible moving expenses if you move and establish a new home to be employed or carry on a business at a new location, or if you move to study courses as a student in full-time attendance at a university, college or other educational institution that offers courses at a post-secondary school level. However, you can only deduct moving expenses from the part of your scholarships, fellowships, bursaries, certain prizes, and research grants required to be included in your your income."
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 educational institution."
A few examples of eligible deductions are:
- Cost of Selling Old Residence, ie. Real Estate Commission
- Temporary Living Expenses
- Transporation and Storage Costs
- Travel Expenses
- Some Costs relating to the Purchase of New Residence, ie. Legal Fees
For more information and or questions relating to this topic, contact the Canada Revenue Agency or your trusted Tax Accountant.
Posted By Bibian Constantinoff, Real Estate Associate, Century 21 A.L.L.Stars Realty Ltd.