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Are you considering moving to accept a new job?

June 03, 2013 at 10:00 AM

Taxpayers moving to start a job or business or to begin full-time attendance at an educational institution may be entitled to claim eligible moving expenses.

When taxpayers move, they commonly incur significant costs, many of which are deductible as moving expenses, including:

  • Transportation and storage costs (packing, hauling, in-transit storage and insurance) for possessions and household contents;
  • Reasonable travelling costs (vehicle expenses, meals, accommodation) to move you and your family;
  • Temporary living costs near the old or new location (meals, accommodation) for up to 15 days;
  • Lease cancellation costs;
  • Temporary home costs while trying to sell your vacant residence (interest, property taxes, insurance premiums, heat and utilities) after you have moved out to a maximum of $5,000;
  • Transaction costs of selling of your old house (real estate commissions, advertising, legal fees, and mortgage penalties);
  • Transaction costs of buying a new house (legal fees and land transfer taxes excluding GST/HST) if the old house is sold due to the move;
  • Costs incidental to the move (connecting and disconnecting utilities, changing legal documents such as a driver’s license or automobile registration).

TAX TIPS & TRAPS 2013

The preceding information is for educational purposes only. As it is impossible to include all situations, circumstances and exceptions in a newsletter such as this, a further review should be done by a qualified professional.

Although every reasonable effort has been made to ensure the accuracy of the information contained in this newsletter, no individual or organization involved in either the preparation or distribution of this letter accepts any contractual, tortious, or any other form of liability for its contents.