Moving can be stressful and expensive. Neither of these two facts are news to anyone. But the Canadian Government does have tax deductions for movers who qualify for them. If you are experiencing a corporate relocation or are just moving neighbourhoods anywhere in Canada. You can take advantage of the following deductions. Here is what the Government says about moving expenses:
“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. 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.”
Moving in Canada is all about good planning and knowing how to make the most of the situation. For more on Canada’s moving tax educations visit the Canadian government site at www.cra-arc.gc.ca.