Back to school refresher on "Eligible deductions for relocations & landlords"

It seems that every few months, I realize that many people are NOT aware of the some of the tax benefits of moving for work or school reasons AND that being a landlord is 100% tax deductible on your claimed rental property.

1. RELOCATING 40+ KM FOR WORK OR SCHOOL

The Government of Canada allows you to claim your moving expenses when moving for work or school if more than 40km. If you dont think its a big deal, check on the km difference between Pickering and Ajax on Google...in one case, you can deduct your selling costs....the other, not so much!

ELIGIBLE MOVING EXPENSES:

You can deduct reasonable amounts that you paid for moving yourself, your family and your household effects. Not all members of your household have to travel together or at the same time.
  • Travelling expenses from old residence to new residence (automobile, Transportation and storage costs for household effects (packing, hauling, in transit storage and insurance).
  •  Costs for up to 15 days for meals and temporary accommodation near either residence for you and the members of your household (you can choose to claim meal expenses using the simplified method)
  •  Cost of cancelling the lease for the old residence.
  •  Cost of selling the old residence (advertising, notarial or legal fees, real estate commissions and mortgage penalty when the mortgage is paid off before maturity.
  • Cost of purchasing a new residence (legal fees, taxes paid for the transfer or registration of title)
    NOTE: You can only claim these costs if you or your spouse are selling or have sold your old residence.

 Here is a direct link to the forms you will need to fill out.

 

2. ADVERTISING  & PROFESSIONAL SERVICE EXPENSES WHEN RENTING OUT YOUR SPACE

Imagine having the absolute best of the best services available to you while renting out your property and be able to claim it as a tax deduction against your rental income? That is what makes Canada so great!

This reason alone should be enough to call me right away. As an added bonus, I offer the most comprehensive list of options (including access to criminal checks, at your expense) to ensure you have every tool available to you.

Not only do I have a 99% success rate on the 200+ rentals I've handled in the last 10 yrs, I even offer Air Miles Credits to landlords that can be used in future purchases or sales together.

Bottom line on being a successful landlord is that you CANNOT afford to have the wrong people in your property or in your corner. Become a UniqueToronto.com member and let me handle the rest. Here is a quick blog about what happens when you DO NOT have the right kind of help in this process.

DISCLAIMER: It is always recommended that you consult with your legal & accounting advisors anytime you wish to rent out your property.

For more info on other blog posts involving landlords or tenants, just click on the TAGS on the left of the screen.

 

Paul Indrigo

Paul Indrigo

Sales Representative
CENTURY 21 Regal Realty Inc., Brokerage*
Contact Me

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