Can You Claim Tax Deductions for Moving Expenses?

Did you know that the CRA could allow you to have your moving expenses deducted from your taxes as long as you meet certain criteria? In general, the agency allows deductions if you move to another location for a new job or to start a business, provided that your new home is at least 40 kilometers near your workplace or business establishment. Read on if you want to know which of your expenses can be credited in this deduction.

Eligible Expenses

Essentially, you can have your travelling expenses including shipping, transportation, food, and temporary accommodations within 15 days after your move deducted. If you were renting, the cost of ending your lease, as well as other legal fees and land transfer fees can be deducted as well.

Employer Expenses

You can’t deduct the moving expenses that your employer has paid for you. In case he only paid a portion of your moving fees, the eligible expenses that you paid for can be deductible from your income at the new location.

Student Expenses

The CRA also allows deductions for students who are moving for the purpose of getting a job (even if it’s just a summer job) or to start a business. Students who move to attend full-time post-secondary schools could have their expenses deducted only insofar as the extent of their research or scholarship grant income.

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Tips for a Safe and Stress-free Residential Move

A long distance move is one of the most labor-intensive tasks that you can’t afford to mess up.

Plan, prepare, and pack.

Take one step at a time and make sure to start early. You might get overwhelmed and confused when you don’t know where to start and what to do. It helps to create a checklist of possessions you plan to bring as well as items that should already be discarded.

Sort out what to reuse, recycle, sell, give away, and dispose, starting with a particular room in the house, like the kitchen or bedroom. Also, don’t forget to secure the essentials, such as survival or first-aid kits and important documents.

Protect, mark or color-code and put labels (contents and where to go/put) on your boxes, clear plastic bins, and other containers. Also, consider shipping other belongings if you don’t need them right away.

Move with the movers.

There are licensed professionals that can help you with your move, especially if you have plenty of fragile valuables. Hiring a reputable moving company will save you from a lot of stress and unnecessary expenses. Remember to search for trusted and reliable moving experts, particularly when you are in a rush, for a more convenient and hassle-free residential moving experience.

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How to Choose and Hire Trusted Moving Companies in Toronto, Ontario

Shop Around If you want to work with professional moving companies in Toronto, you have to do your research. Ask friends or family members for recommendations. Check online forums or websites for reviews. Obtain several quotes as well, and make sure that the company you're dealing with is registered and insured. Know the Items that Have to be Moved To get a good estimate, inform the mover about the items that need to be packed, moved, or dismantled. An estimate will be provided within a day or two and it should be printed on a company letterhead that includes the moving company's information. Moreover, be precise about the information regarding the destination and give the mover as much detail as possible to avoid extra charges later on.

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What You Must Know About Hiring Toronto Movers and Packing Your Things

Another thing to take note of is that you should always be there when the movers arrive and begin to haul your things into their truck. Observe the workers’ work attitude and professionalism as well, since these factors may also affect the condition of your belongings when they finally arrive to their destination. Always remember to ensure that an efficient mover in Toronto like My Ninja Movers knows exactly how to keep the value and condition of your property throughout the move. It might also be helpful if you get referrals from some people you know.

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What Else to Do Aside from Hiring Moving Companies in Toronto, Ontario

When relocating, one should not simply stop at contacting professional moving companies in Toronto, Ontario as there are many other preparations one needs to accomplish to transfer residences. It is also necessary to plan for the move and have a backup plan in case something goes wrong. Being prepared ensures a smooth transition to the new home even when hindrances suddenly present themselves on the day of the move itself. On his website, Jamie Sarner offers a comprehensive guide to help people overcome possible problems and delays due to poor planning. For example, he advises them to keep weather changes in mind, as these might interrupt one's timetable for relocation. He says: “Always have a second date ready if the weather doesn't allow you to move on that specific date. Get a second date from the movers and see if you can book that date as well just in case, and find out if there are any costs involved.

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Right Toronto Movers Can Be Found By Simply Asking the Right People

However, thanks to advancements in travel and communications, one can now more easily keep in touch with friends and relatives from where they used to stay. Moreover, one no longer has to do the seemingly arduous task of packing and transporting one's belongings alone. These days, there are plenty of professional movers who can make this process a lot easier. There's just the matter of finding the right ones for the job. If one is moving to Toronto, for example, one can hire the right Toronto movers to help with the relocation simply by doing proper research. More often than not, ads may oversell a company's moving services, so it is best to hire a company that has been tried and tested by family or friends.

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