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Tax Tip 24 of 32, Start a new job or business, you can deduct some of the costs

Employee moving expenses

By Inst. of Chartered Accountants ——--February 24, 2009

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If you moved to another part of Canada to start a new job or business, you can deduct some of the costs on your 2008 tax return. But your new home must be at least 40 kilometres closer to the new place of employment or business than your previous home was.
“If you didn’t earn enough income in 2008 at the new location to absorb all of the moving expenses, any excess may be deducted next year,” notes Chartered Accountant Gary Kopstick, Senior Tax Partner, Soberman LLP in Toronto. “Furthermore, if you moved outside Canada but still retained Canadian residency, you may also claim moving expenses." Brought to you by the Institute of Chartered Accountants of Ontario.

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Inst. of Chartered Accountants——

The Institute of Chartered Accountants of Ontario is the qualifying and regulatory body of Ontario’s 33,000 Chartered Accountants and 5,000 CA students. Since 1879, the Institute has protected the public interest through the CA profession’s high standards of qualification and the enforcement of its rules of professional conduct. The Institute works in partnership with the other provincial Institutes of Chartered Accountants and the Canadian Institute of Chartered Accountants to provide national standards and programs that are used as examples around the world. </em>

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