Posted on: 12-01-05 09:57:36
Is there any option for claiming rebate based on expenses of moving within province from income tax point of view?
Yes !! There is a paragraph which specifies the limitations . Please make sure you are eligible for it .
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Quote:
Orginally posted by Smiley
Yes !! There is a paragraph which specifies the limitations . Please make sure you are eligible for it .
Did you want me to paste the details ?
If u can pls.Thanks
15. Moving expenses
If you moved at least 40km to be closer to a new job, to run a business, or to attend a post-secondary educational institute full time, then you may deduct moving expenses, up to the amount you earn at the new location, or up to the amount of award or scholarship income received in the year. You may carry excess expenses forward to be offset from income earned at the new location in the next year.
Many costs are deductible as moving expenses, including:
-transportation and storage costs for household effects
-travel, including vehicle costs and reasonable costs for meals and accommodations in the course of moving the taxpayer and members of the taxpayers household from the old residence to the new residence
-costs of canceling a lease for the old residence
-real estate commission, advertising, legal and other costs re selling the old residence
-legal fees re the purchase of a new home, and any tax, fee or duty (other than GST or value-added tax) imposed on the transfer or registration of title to the new residence
-costs re maintaining the old residence, up to a maximum of $5,000, while the old residence is either vacant, or not occupied by any person who ordinarily resided with the taxpayer at the old residence immediately before the move, and while the old residence is not rented by the taxpayer to any other person. These costs are deductible as long as reasonable efforts are made to sell the old residence
-change of address costs, such as replacement of drivers' licenses, non-commercial vehicle permits, and costs of connecting or disconnecting utilities
Note that if any moving costs have been reimbursed by your employer, then the moving costs must be reduced by the amount received, unless the reimbursed amount is included as income elsewhere on your tax return
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