Tax Tip 25 of 32, Did you move away from home to attend university?
Student moving expenses
If so, you may be able to claim your moving expenses, according to Chartered Accountant Gary Katz, Partner, Logan Katz LLP Chartered Accountants in Ottawa.
“You can deduct your moving expenses against taxable research grants and employment income as long as your move is at least 40 kilometres closer to the new educational institution or place of work. You can also claim all direct travel expenses such as gas, meals and lodging, lease-cancellation charges and some costs related to the sale or purchase of a home.
“Just be aware that your deduction for expenses must not exceed any income you earn in your new location, including the taxable portion of any grant or scholarship received. Any excess expenses can be carried forward and deducted in the following year,” advises Katz.
Brought to you by the Institute of Chartered Accountants of Ontario.
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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>
