CRA Tax Tip: Deducting Moving Expenses

The Canada Revenue Agency posted a new tax tip on its web site today reminding Canadians that moving expenses may be tax deductible.

If you move within Canada to start a new job or business, some of your moving expenses may be deductible from the income you earn in the new location. Expenses that can be deducted include hiring movers or renting vans to move, furniture storage, meals and lodging for you and your family, and the cost of breaking a lease or selling your home. Expenses are deductible from the income earned at the new location in the year you move. Expenses that are not claimed in the year of the move can be carried forward and claimed in years after you move against income earned at the new work location.

For more information see:
http://www.cra-arc.gc.ca/newsroom/taxtips/2005/0202moveon-e.html