You must first determine if you qualify to deduct moving expenses, either as an individual who is employed or self-employed or as a full-time student by Accountant Brampton. The difference in distance must be at least 40 KM closer to your work place or school from old resident to the new. If you qualify, you can deduct reasonable amounts that you paid for moving yourself, your family, and your household effects. Not all members of your household have to travel together or at the same time.
Eligible moving expenses include:
•transportation and storage costs (such as packing, hauling, in-transit storage, and insurance) for household effects, including items such as boats and trailers;
•travel expenses, including vehicle expenses, meals, and accommodation, to move you and members of your household to your new residence (you can choose to claim vehicle and meal expenses using the simplified method – see the Note below);
•costs for up to 15 days for meals and temporary accommodation near either residence for you and the members of your household (you can choose to claim meal expenses using the simplified method – see the Note below); and
•the cost of cancelling a lease for your old residence, except any rental payment for the period during which you occupied the residence.
When your old residence is sold as a result of your move,
eligible moving expenses also include:
•legal or notarial fees for the purchase of the new residence, as well as any taxes paid (other than GST/HST or property taxes) for the transfer or registration of title to the new residence, if you or your spouse or common-law partner sold the old residence, and
•the cost of selling your old residence, including advertising, notarial or legal fees, real estate commission, and mortgage penalty when the mortgage is paid off before maturity.
If you moved, and your moving expenses were paid in a year after the year of your move, you can claim them on your return for the year you
paid them against employment or self-employment income earned at the new location by accountant brampton.
The same possibility is also extended to students reporting scholarships, fellowships, bursaries, certain prizes, and research grants.
This may apply, for example, if your old residence did not sell until after the year of your move. If this is the case, you may be asked to submit Form T1-M, Moving Expenses Deduction, with the receipts and explain
the delay in selling your home.
You can carry forward any unused amounts and deduct them only against eligible income earned at the new location in the following years.
However, you cannot carry back moving expenses to a previous
year. For example, if you paid moving expenses in 2011 for a move that occurred in 2010, you cannot claim the expenses paid in 2011 on your 2010 return, even if you earned employment or self-employment income at the new location in 2010.
Keep all your receipts and documents supporting your claim.
Instead of claiming your actual expenses (the detailed method), you can choose the simplified method of claiming vehicle and meal expenses by Tax Accountant Brampton. Although you are do not have to submit detailed receipts for actual expenses if you choose to use the simplified method, we may still ask you to provide some documentation to establish the duration of temporary lodging.
Incidental costs related to the move You can claim the cost of:
•changing your address on legal documents;
•replacing driving licences and non-commercial vehicle permits (not including insurance); and
•utility hook-ups and disconnections.
Costs to maintain your old residence when vacant
For more information please call 905-794-8283.