Using Your Oshawa, Ontario Relocation Expenses For A Tax Break

When relocating to Oshawa, most residents will look for any way to save on moving costs. You can always save money by using budget-friendly moving supplies or renting a cheap U-Haul box truck for a DIY relocation project. Aside from focusing on affordable moving truck rentals in Oshawa, there are additional options to consider. Another way to save money or rather get money back for your relocation is through tax deductions.

Can you claim moving as a write-off on your taxes?

There are some cases in which you can actually get a refund, or at least a tax deduction for moving expenses. If you have to move in order to take a job, then you can claim some or all of the expenses involved with relocation on your tax filing for the year. The same holds true for those who need to relocate to Oshawa in order to attend school. That means you can get some money back for your moving truck rentals in Oshawa. Of course, you will need to speak with a local tax professional for full details about your situation.

What Oshawa moving expenses can be claimed?

In order to be able to claim any deductions for moving truck rental fees, packing supply expenses, and other costs, you need to meet the minimum requirements. To start, your new home must be at least 40km closer to your place of work, or the educational institution you will attend in order to qualify. Things that can be claimed as an expense aside from moving truck rental costs and packing supply fees are storage costs, utility transfer fees, cleaning costs, and a few other services.

When can you file moving expense tax claims?

Residents moving to Oshawa for work can claim the expenses on their taxes as long as they remain employed by the same company. That applies to self-employed residents as well as those who work a 9 to 5. It is worth noting that only the income earned in the new location will be eligible for tax breaks within the same year of relocation. You can however deduct a portion in the following year if you choose to carry some of the balance forward.

Moving as a full-time student can also bring with it some tax breaks. The student will have to be enrolled in a post-secondary program in order to qualify. Mainly this is to help those who move in order to claim their new residence as their primary residence a break. Just keep in mind that not every moving expense is deductible. Your moving truck rentals in Oshawa are on the approved deductions list however.

Deductible expenses for moving to Oshawa

To be specific, here is a list of some of the moving cost that qualify for deduction:

• A maximum of 15 days for the cost of living expenses.

• Commissions for selling a home.

• Moving, packing, and hauling expenses.

• Moving truck rentals in Oshawa, usage and insurance.

• Legal document replacement or creation cost (moving related only).

• Storage cost for goods and vehicles during the relocation period.

• Accommodation, food, and vehicles cost for a family during the relocation period.

• Taxes, title transfer, legal fees, and realtor expenses, if any.

• Lease cancelation fees incurred, if any.

Some things are not allowed to be used as a deduction when moving. If you lose money when selling your home or pay for cosmetic repairs, they can’t be claimed for a deduction. The cost of looking for a new job or home in the destination city is also not covered. If there are any personal items lost during the move or to repair a home, it is not eligible for deductions.

Saving money through tax rebates for Oshawa relocations

Moving is never free and if you are moving to Oshawa, Canada, then you can expect the expenses to stack. Preparing your budget in advance and looking for deals on moving truck rentals in Oshawa, packing supplies, and moving services in advance can help. Thankfully, another option to help offset the expense of relocation is using the available tax breaks to recoup some of your relocation expenses.