People are increasingly having to move either because of new job opportunities or transfers (whether voluntary or not) 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. And if that’s the case, there may be some great tax breaks you can take advantage of… For starters, your real estate broker’s commission, the notary fees, the moving tax, plus all moving expenses may be 100% deductible from any future income earned in your new location. That is if a house if being sold and that another is being acquiered. Let’s take a closer look at the rules.
ReMax as prepared a detailled brochure for that purpose. Call me to ask for a copy.
According to federal and provincial tax laws, when a person moves to a new home because he is or will be employed in the new community or will be launching a business there, all eligible moving costs are tax-deductible. This is true as long as the new home brings him at least 40 km closer to his full-time or parttime employment. Some rela important incom tax savings could happen for the deduction of these fees incurred. Per example, two spouses with a family income of 95000$ and cumulating $15000 of moving expenses, could expect a $5900 income tax saving. Simply a blessing in the sky!