Moving expenses – a primer

Have you recently moved to Victoria or Oak Bay?  Will you be earning income in Victoria from employment or a business?  Have you moved at least 40 km closer to your new place of employment?  If you answered yes to all of these questions then you may be eligible to deduct many of your costs of moving, including some costs of selling your former residence, actual moving costs paid to movers, renting trucks etc… as well as many other qualifying expenses.

Generally the move must be from one point in Canada to another point in Canada but moves outside the country may qualify if you are a deemed or factual resident of Canada.

If you do not generate sufficient income at the new location to use all your moving expenses, then the unused portion may be carried forward to apply against future years income from employment or self-employment.  Investment income and employment insurance earnings are examples of two types of income that cannot be used with moving expenses.

Moving expenses are claimed when you file your personal tax return using a special form T1-M.

This is also a category of expense that is frequently reviewed by CRA so be sure to keep all your receipts and invoices to support your claim.

Not all expenses that you may think will qualify and many you may not think of will qualify.  Consult your tax professional for assistance if you find yourself in this situation.

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Information contained within this blog or on this website, either expressly or by reference, does not constitute professional advice and is designed strictly for general information purposes. As individual circumstances vary widely anyone seeking assistance with either their accounting or tax situation are strongly encouraged to seek appropriate professional advice.

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