Did you know that if you move within Canada to start a new job or business, some of your moving expenses may be deductible from the income you earn in the new location. Expenses that can be deducted include hiring movers or renting vans to move, furniture storage, meals and lodging for you and your family, and the cost of breaking a lease or selling your home. Expenses are deductible from the income earned at the new location in the year you move. Expenses that are not claimed in the year of the move can be carried forward and claimed in years after you move against income earned at the new work location.
For example, if you move from Montreal to Toronto for a change in employment, there are many tax deductions you may be entitled to. Consulting with an Accountant is strongly recommended
Contact us for more information on how this can benefit you.
Source: Canada Revenue Agency http://www.cra-arc.gc.ca/menu-eng.html
