Deductible Moving Expenses in Canada
When you are moving within Canada, there are moving expenses that you could be eligible for deducting on your next tax return. Many people are not aware of this but there are costs such as transportation, packing, and storage fees that you may be able to claim on your Canadian Federal income taxes. In this article you can learn about what expenses can be deducted and whether or not you are eligible for these tax returns.
Standard moves include costs for hiring a moving company to move your belongings, hotel stays and meals for long distance moves, service fees to disconnect/ re-connect home utilities, and even fees such as the cost for breaking a lease on short-term notice. Additional costs such as closing costs and commissions on the sale of a home, legal fees for homeowners, etc. may be accounted for as well.
Two groups of people may be entitled to deduct some of these moving costs; students and employees moving for the purpose of school or job relocation.
To be eligible to claim any of your moving expenses on your next tax return, you must meet the below circumstances:
· You moved from one place to another (within Canada)
· You moved to your new home for school or work; to attend a full-time basis educational institute or start a job or business
· Your new home must be at least 40 km closer to your school or workplace than your previous home
If you are a full-time student and meet all the criteria above, then you can be entitled for deducting moving expenses from your award income such as scholarships, bursaries, grants, etc. Your moving expenses have to be greater than your award income in order to deduct them from your tax return. If you are a student and did not receive any award income, then you can deduct your tuition fees from your tax return.
If you are moving for work; either relocation of a job or new job, then you can qualify to deduct your moving expenses.
Expenses you can deduct:
· Moving transportation costs for your household goods
· Storage fees
· Travelling expenses such as vehicle costs, meals and accommodation costs for up to 15 days
· Any cancellation fees for terminating a lease, if short term notice was given and if any fee applies
· Any legal fees for the purchase of your new home
· Any legal fees for the costs of selling your home; real estate commissions, advertisement fees, lawyer fees, etc.
*Be sure to remember to keep all records and receipts of all moving costs and expenses to support all your claims.
For more information follow the link to the Canada Revenue Agency’s website for further details and instructions for claiming moving expenses on your next tax return:
Labels: canada, container moving in canada, deductible moving expenses, flexible move, taxes
posted by Flexible Move @ Friday, June 17, 2011 3:45 PM
Steps to Protect Your Goods in Transit
Follow this link through the Canadian Association of Movers for additional steps that you can take to protect your goods through out your move:
Labels: container moving in canada, flexible move, moving, protecting your goods, transit
posted by Flexible Move @ Wednesday, June 8, 2011 11:14 AM
Truck Rentals VS Moving Containers - face off!
So you are moving across Canada or into another province and you want to move your own things? You may have explored full service pricing (and quickly looked for a cheaper alternative) or you want the comfort of knowing that your belongings were handled by you or family / friends. Either way, you have 2 primary options.
1) Rent a truck or,
2) Rent a container
Flexible Move is breaking down the pros and cons to help you make the decision!
Renting a truck
Pro: Less expensive than full service moving
Pro: Comfort of knowing your goods are with you!
Pro: Scenic tour of Canada?
Con: Gas prices!! A lot of customers forget to factor in the price at the pump when comparing the cost of truck rentals to Flexible Move. (This can be hundreds and hundreds of dollars you weren't expecting)
Con: Driving that big truck! If you aren't used to driving a truck, this can be a bigger problem than you anticipated.
Con: Hotel and Meal costs. If you have to stop for 2 or 3 nights on your journey to a new home, you probably have to pay for a hotel and meals along the way. (This can add up to hundreds if not thousands of unexpected dollars)
Renting a container
Pro: Less expensive than full service moving
Pro: Exclusive use of the container(s)
Pro: Your own lock ensures your goods are kept private and secure
Pro: No driving! Once you load the container(s) up, our professional drivers will take your belongings to your new home.
Pro: Flexible storage options. If you want to paint or do any renovations while awaiting your container(s), feel free! On top of some free storage, we offer additional days of storage for as low as $12.97 / day.
Pro: Use the same equipment that the full service moving companies use. Each of our containers come fully stocked with blankets, skins (a burlap type of blanket) and straps at no additional cost.
Con: Can't think of any :)
Now that you have the non-biased facts, we hope you'll pick Flexible Move (it's the stress free choice).
Labels: do it yourself moving, flexible move, long distance moving, moving container canada
posted by Flexible Move @ Tuesday, June 7, 2011 1:55 PM
It's Moving Season!
Did you know that the summer months are the busiest (and usually most expensive) times to move? Most major moving companies would say that they do more than 70% of their business during the summer. The last week in June and July are the most chaotic. We call it 'peak season' at Flexible Move.
Most people and families try to move in the summer months for a number of reasons:
1) The weather. (Who really wants to move while battling mother nature?)
2) School schedules. As children and young adults usually have the summers off, it is a lot less disruptive on their lives.
So why is the last week of June and July even busier?
Traditionally, house closings or rental agreements start on the 1st of the month so many people are trying to move out right beforehand.
If you are trying to save money with Flexible Move or any moving company for that matter, you can avoid higher prices by selecting a date before June or after September. If you need to move in the summer - try to avoid the month end rush. A lot of moving companies will tack on additional charges because they are in high demand.
Labels: container moving in canada, do it yourself moving, long distance moving, moving companies
posted by Flexible Move @ Monday, June 6, 2011 1:56 PM