People are increasingly having to move either because of new job opportunities or transfers (whether voluntary or not) to other locations.
If you’re facing a similar situation, you may be thinking about selling your current home and moving closer to your new workplace. And if that’s the case, there may be some great tax breaks you can take advantage of…
For starters, your real estate broker’s commission and all moving expenses may be 100% deductible from any future income earned in your new location. Let’s take a closer look at the rules.
According to federal and provincial tax laws, when a person moves to a new home because he is or will be employed in the new community or will be launching a business there, all eligible moving costs are tax-deductible – including the real-estate brokers commission.
This is true as long as the new home – be it a house, apartment or condo – brings him at least 40 km closer to his full-time or parttime employment.