tax return-moving expenses and rent


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derrymalton   
Member since: Jul 05
Posts: 66
Location: Winnipeg

Post ID: #PID Posted on: 12-03-06 19:57:00

Hello Pramod,
I read all your points which you have made on tax return ,all are very informative,
but i have question..
I moved from toronto to manitoba and my company paied me the expenses$5000) but I spent more like on my car registration, driving license, etc.
But I dont have some the bills and how can I show thses expenses .
One more question , I am renting a house for my living ,how can I fill the rental money ( which coulmn ) , and for 5 - month i lived in toronto.
Thanks for your time ,
Jr. Desi



Pramod Chopra   
Member since: Sep 03
Posts: 1284
Location: Pickering, ON

Post ID: #PID Posted on: 14-03-06 15:33:05

Quote:
Originally posted by derrymalton

Hello Pramod,
I read all your points which you have made on tax return ,all are very informative,
but i have question..
I moved from toronto to manitoba and my company paied me the expenses$5000) but I spent more like on my car registration, driving license, etc.
But I dont have some the bills and how can I show thses expenses .
One more question , I am renting a house for my living ,how can I fill the rental money ( which coulmn ) , and for 5 - month i lived in toronto.
Thanks for your time ,
Jr. Desi



Deduction of moving expenses is a little complex exercise and a tax professional may be in a position to help you better as by doing yourself you may claim some deductions which are not allowed and on the other hand you may miss out on certain deductions you can claim. In some cases CRA allows you to claim moving expenses either by actual expenses or by simplified method. Please see this

http://www.cra-arc.gc.ca/E/pbg/tf/t1-m/t1-m-05e.pdf

Hence, you can only claim for car expenses if you used the detailed method and you would need all the receipts while for simplified method if you moved by your car, then you can claim the distance travelled in KMs at the rate specifed by CRA, you would not need the receipts. Similary, You can also claim for up to 15 day boarding / lodging for both sides and food costs for the time during travel and this also can be claimed either by detailed or simplified method. I would say that you should see a professional there if your expenses are way more than $5000 reimbursed to you by your employer.

For claiming your rent, you would be using MB 479 and enter the details for both rental places.

I hope it clarifies.


-----------------------------------------------------------------


Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada





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