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How do moving expenses affect my tax returns to the CRA?
In other words, do I get back a percentage of my moving expenses? If my income is 40K and my expenses were 30K what does that add to what I get back? What if my income is 30K and I used 40K to move?
3 Answers
- SparkyLv 69 years agoFavorite Answer
Moving expenses reduce your taxable income. Essentially, yes. You would get back a percentage of the eligible expenses.
One word of caution... Moving expenses are deductible only against income earned at the new location. If your expenses outweigh the income at the new location, then part of the expense would be carried over into the following year. The expenses carry forward indefinitely until you have earned enough income to absorb the full costs.
- Fred SLv 79 years ago
Depending on the province, and your other income, moving expenses will save you somewhere between 20% and 50% in tax.
If you have $40K of moving expenses against $30K of income earned, you can claim up to $30K this year, and carry forward the balance to future years.
