Other Personal Deductions

Question 1

Moving expenses are deductible

Answer 1

Deductible if new residence is at least 40km closer to new work/study location Not required to have a new employer, just new work location. Deductible limited to income earned at new work location. Excess CF and deducted in following year to extent of income earned at new work location.

Question 2

Conditions for deduction:

Answer 2

• The move must result in the new residence being at least 40 kilometres closer to the new work location / school than the old residence. The 40-kilometre distance is measured by the nearest land route. • Moving expenses that exceed income from the new work location / school in the year of the move may be carried forward and deducted from income earned at the new work location /school in subsequent years. • The moving expenses must have been paid. The taxpayer must not have been reimbursed for the moving expenses.

Question 3

Moving costs eligibility for deduction:

Answer 3

• Travelling costs to new home, only after new home was purchased/lease signed
• Meals limit 15 days, not incl travel day. daily limit is $51/person
• Mileage - km * prescribed rate in originating province
• lease cancellation on old home
• Transportation to new home
• Storage costs
• selling costs of old home
• cost of maintaining old vacant home (mort int, prop tax, insurance)
  
  • limit 5000K
• cost of changing address on legal documents
• utility hookup/shut off