A penny saved is a penny earned!

Eligible moving expenses can be deducted if you move at least 40 km closer to a new job or to carry on a business.

Eligible moving expenses include:

• transportation and storage costs
• travel expenses including vehicle expenses, meals and accommodations
• costs for up to 15 days for meals and temporary accommodation
• the cost of cancelling a lease at your old residence (exceptions apply)
• Legal fees on sale of previous residence and purchase of new residence
• mortgage penalties
• Legal fees and land transfer tax for purchase of new residence
• Utilities disconnection/reconnection costs
• Mortgage interest, insurance, property taxes and utilities associated with your old residence while it was vacant, while attempting to sell it, to a limit of $5,000 for maximum 3 month period (exceptions apply)
• etc.

Expenses that you cannot deduct are:

• expenses incurred for work done on your home to help to sell it
• losses incurred from the sale of your home
• expenses incurred while looking for a new home
• expenses for job hunting while in the new city
• mail forwarding costs
• etc.

This is to be used only to provide a little insight into potential savings that you may not be aware of. Readers should work closely with certified or chartered tax advisors to ensure that they reduce their yearly tax bill.

For more information click on the following link:

http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/ddctns/lns206-236/219/menu-eng.html