Tax Tips: Deducting Moving Expenses

Did you know that if you moved at least 40 kilometres to be closer to work in the last year, you can deduct some of your moving expenses?

Included on that list of eligible expenses, according to the Canada Revenue Agency, is:

Transportation and storage costs (such as packing, hauling, movers, 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.

Temporary living expenses for up to a maximum of 15 days for meals and temporary accommodation near the old and the new residence for you and members of your household.
Cost of cancelling a lease for your old residence, except any rental payment for the period during which you occupied the residence.

Incidental costs related to your move such as changing your address on legal documents; replacing driving licences and non-commercial vehicle permits (not including insurance); and utility hook-ups and disconnections.

Cost to maintain your old residence (maximum of $5,000) when it was vacant after you moved, and during a period when reasonable efforts were made to sell the home. It includes interest, property taxes, insurance premiums and heat and utilities expenses.

Cost of selling your old residence, including advertising, notary or legal fees, real estate commission, and mortgage penalty when the mortgage is paid off before maturity.

Cost of purchasing your new residence if you or your spouse or common-law partner sold your old residence as a result of your move.

Just be sure to keep all your receipts and documents in case the Tax Man comes calling!