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. Such expenses are related to the sale of a former home. They are the broker’s retribution, notary fees, penalties from early reimbursement of mortgage and moving costs. On the buying side, the notary fees and transfer taxes are deductible expenses. Also eligible are moving and storage costs. Even meals and temporary accommodations can be deductible expenses!
To qualify, your new job must be a minimum of 40 km away from your existing home. The move does have to take place the same year your workplace changed. But even better, if it occurred in the last few years you are still eligible to claim a deduction!
So if this is you or someone you know, call me or send me a note to see if you qualify! You can also check out REMAX QUEBEC for more details.