Certain relocation expenses are tax deductable. Revenue Canada in most cases allows the deduction from total income relocation expenses you incur when going to a different location for the purpose of starting a new job or going to school. See below to see if you qualify:
*Your new home is at least 40 KMS closer to your new work or school location using the "shortest normal route" to calculate distance.
*The move is from one place in Canada to another place in Canada.
Please keep receipts of your travelling expenses (gas,meals etc),your household move costs (from Taylor Moving),your costs of selling your old home (real estate comissions etc),the cost of purchasing/leasing your new home and any other cost that you gather that relates to your relocation you will be able to calculate a total eligble deduction. This will often times be in the thousands of dollars.
Please remember if you are a relocating employee and your company has given you a lump sum for relocation expenses,you need to include this as income then deduct the moving expenses.
The following are not deductable:
*Any loss on the sale of your home
*Any costs in upgrades (paint,carpet etc) to make your old residence ready for sale.
It is highly suggested before your start your relocation that you check with your accountant or Revenue Canada to learn more.