Tax Write Off for Moving... - Calgarypuck Forums - The Unofficial Calgary Flames Fan Community

HOOT · 06-29-2006, 01:51 PM

I just moved from Calgary to Victoria because I wanted to be back at home with family and friends after spending 3 years in Calgary.

I was told because I am staying with the same company that I could write off my move at tax time.

My question is does anyone know if there is a MAX? or how it works?

Work won't pay for it because I was the one who asked for the transfer. But figure I should take advantage of it at tax season.

Thanks in advance for your help!

Bobblehead · 06-29-2006, 01:59 PM

You can deduct moving expenses as long as you move at least 40km closer to your place of work or business. You can claim it against income you earn at your new location, and and unclaimed can be carried over. You fill a T1-M with your tax return. Just search "moving" on the CRA's website to find a PDF of the form if you wnat to see the details. (Canada Revenue Agency)

ken0042 · 06-29-2006, 02:01 PM

I've moved X-country a few times and each time wrote it off. As long as it is a move over 40km that brings you at least 40km closer to work or school, it's a write off. (Meaning a move from Cochrane to High River won't fly if you are going to U of C.

(Edit- dang you again Bobblehead!)

I don't think there was a max. But as for how it works, if you have an income of $50K, and the move cost you $2K, you only pay tax as if you earned $48K.

HOOT · 06-29-2006, 02:06 PM

Bobblehead and Ken0042 THANK YOU!

Just printed off those forms and reading them... A LOT IS COVERED! More than I thought I didn't think I was going to be able to write off my hotel when I stayed in Kelowna for the night...

Great information!

HOOT · 06-29-2006, 02:10 PM

I havne't read the whole thing yet but do you happen to know if lost wages can be written off? or would it just be considered I didn't work so I don't pay taxes on it either

ken0042 · 06-29-2006, 02:12 PM

Quote:

Originally Posted by HOOT

or would it just be considered I didn't work so I don't pay taxes on it either

I think you hit the nail on the head with that one.

HOOT · 06-29-2006, 02:15 PM

Awesome just wanted to screw the government as much as I could

calf · 06-29-2006, 02:59 PM

Quote:

Originally Posted by HOOT

I just moved from Calgary to Victoria because I wanted to be back at home with family and friends after spending 3 years in Calgary.

Quote:

You can deduct eligible moving expenses from employment or self-employment income you earn at your new location if you move and
establish a new home to be employed or carry on a business.

I dunno, I see a bit of a disconnect there...you state that you moved to be with family and friends...you didn't move to establish a new home so to be employed/carry on a business.

If you were to take a new job with a different company, they would be deductible. If your current employer said "you're moving to Victoria or you're fired", they'd be deductible.

Know what I mean?

GreenTeaFrapp · 06-29-2006, 03:04 PM

So if you move but you work from a home office, can you write things off? After all if you move more then 40 km away, you're moving to be closer to be near your new home office.