Are you moving as a result of a work transfer? There are some exceptional tax savings for you….
People are increasingly having to move either because of new job opportunities or transfers to other locations.
If you’re facing a similar situation, you may be thinking about selling your current home and moving closer to your new workplace. Let me share with you some great TAX BREAKS you can take advantage of…
Federal and Provincial tax regulations say that when an individual moves because of a job relocation within Canada, they can deduct eligible expenses, including the broker’s retribution, notary fees, penalties from early reimbursement of mortgage, moving costs, etc.. so long as the move is a minimum of 40 km away from your existing house.
The move does have to take place the same year your workplace changed and even better, if it occurred in the last few years you are still eligible to claim a deduction!
So if this is you or you know someone who is experiencing this new adventure, call me or send me a note! I will be happy to give you more details!