I seem to remember from last year that if I only worked for a portion of the year after moving I could only claim some of my moving expenses. But looking at my 2008 tax return it’s rather ambiguous. How do I figure it out?
On last year’s return, take a look at form T1-M. There are three lines that are important here.
Net moving expenses is thee total amount of moving expenses that can be claimed.
Net eligible income is the amount of income earned after moving to the new location.
Allowable moving expenses is the lower of the two amounts above.
If the Allowable moving expenses is less than the net moving expenses, the difference is a carry-over, and can be claimed on your 2009 return, as long as you continue to have earned income from the new location.
2 Responses
wrighttax
2010 Feb 27 1If you had someone due your return last year, in your copy of your return there should be a sheet called moving expense deductions, on it you will find all the information you are looking for.
References :
Sparky
2010 Feb 27 2On last year’s return, take a look at form T1-M. There are three lines that are important here.
Net moving expenses is thee total amount of moving expenses that can be claimed.
Net eligible income is the amount of income earned after moving to the new location.
Allowable moving expenses is the lower of the two amounts above.
If the Allowable moving expenses is less than the net moving expenses, the difference is a carry-over, and can be claimed on your 2009 return, as long as you continue to have earned income from the new location.
References :
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