Moving is generally expensive so utilize this opportunity to save money. Certain moving and relocation expenses are tax deductible. As tax regulations frequently change, please check with your local tax advisors for the latest information on qualified deductions. Remember to keep all receipts to verify your expenses.
The following information is for general reference only and details might vary for your specific circumstances.
In order to qualify for tax reductions, your move must take you to a new job, your own business, or post-secondary education.
Some of items that may qualify for tax reductions are:
Packing supplies
Moving company fees
Cost of insurance for goods you transit
Storage of household effects for a limited time
Transportation to the new location
Temporary accomodations while travelling to the new location
Disconnect and reconnect fees
Prorated taxes, interest, and pre-paid interest often reffered to as discount points maybe deductible
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