Moving Anyone?

Did you move recently or are you planning on moving. As long as you moved at least 40 kilometers and you are now closer to where you work or go to school you can claim moving expenses. Eligible expenses include transportation, storage costs, traveling expenses (including vehicle, food & lodging), cost for up to 15 days of temporary accommodation and food, and any lease cancellation fees if you rented your old residence. If you owned your residence and sold it you can deduct the costs associated with selling the residence, including real estate commissions, legal fees, advertising and mortgage payout penalties. If the residence you are moving from is still vacant you may claim up to $5,000 of overhead costs. If you are purchasing the new residence you are moving to you may also deduct any of the associate costs with the purchase. You may also deduct incidental costs associated with moving, such as new licenses and address changes. The amount of moving expenses you can claim in a year is directly proportionate to your employment or self employment income. If your moving expenses are higher than this income, then you will only claim moving expenses up to the amount of your income and then carry forward the amount that is over your income to future years. As you can see moving expenses can be a quite large tax deduction, so if you move ensure you deduct all your expenses!