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My question is: Canadian-specific
QUESTION: I am moving to Vancouver from Edmonton for employment purposes. Is
the B.C. property purchase tax, a tax deductable moving expense?
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david ingram replies:
With your move to BC, distance should not be a problem, however, your move has to be 40 kilometers closer to your place of employment than the old house.
It is possible to move 100 km and not be 40 kilometers closer.
Let's assume you live 60 km east of your place of employment and you move 100 km west. You are now only 40 km from your new job which is closer but it is only 20 km closer and does not qualify.
However, assuming that you are 40 km closer:
* Real estate commissions to sell your home are fully tax deductible.
* Any mortgage penalty you paid.
* Legal expenses from buying or selling a home
* The B.C. property purchase tax is deductible
* Up to $5000 more to offset the cost of maintaining two homes if you couldn't sell the old one before you moved.
* Renters, who have to break a lease, can claim the cost of the penalty
* Cost of new drivers licenses or license plates
* Utility hook ups and disconnect fees.
* The cost of the movers or a U-Haul or Rent Truck
(one person deducted the difference between what he paid for a truck to mopvbe with and what he sold it for)
* Travel expenses including gas and other vehicle costs, airline tickets, meals, and accommodation.
* 15 days in a hotel plus meals at either end of the
journey OR as an alternative you can deduct 42 cents per kilometer and up to $33 a day in meals per person. You can choose which ever is more.
* Full time students can also claim moving expenses if they move to get a summer job.
* Going back to school they can only claim a move to offset award income like scholarships fellowships bursaries prizes and research grants.
This question came from
http://www2.jurock.com/askexpert/ask.asp?aid=121&cid=63
and the answer is much larger than the question. However, why spoil a chance to get a whole answer in.
Remember that Moving expenses are audited more than any other expense (in my opinion).. KEEP YOUR RECEIPTS FOR THE FUTURE - SEVEN YEARS AT L:EAST
I also suggest that you do NOT EFILE a return with moving expenses. File a nice paper return and send in copies of the receipts with the return even though the form says you do not have to. I guarantee that it is easier to send them in NOW than it is to remember them all three years from now when you have been picked for a routine check, something that will not happen if you mail them in to start with.
David Ingram of the CEN-TA Group
US / Canada / Mexico tax and working Visa Specialists
108-100 Park Royal South
West Vancouver, BC, CANADA, V7T 1A2
(604) 913-9133 - Fax 913-9123 [email protected]
www.centa.com www.david-ingram.com
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