Bookkeeping Services From $150 Per Month

No Catch Up Fees & Free Incorporation

Get Started

One of Edmonton’s highest rated Bookkeepers!

Edmonton Bookkeeping Icon 5 Stars

Read Reviews

Edmonton Bookkeeping Preferred Bookkeeper

Many people think that if they are moving for business reasons that they can claim those moving expenses says Edmonton bookkeeping. However, this is not necessarily the case. Because they need to satisfy several requirements. Canada revenue agency has outlined. In order to claim those expenses.

Even if a person is moving for work. If they are not moving 40 km closer to their work. It may not be considered a valid moving expense.

They also must ensure that they are moving domestically. And it does not matter if it is in the same city, the same province or simply anywhere in Canada. Even if they are Canadian citizens. If they are moving from outside the country they are not eligible to claim those expenses.

And finally, people need to ensure that they are not getting reimbursed from another organization. In order to be able to claim these expenses on their personal taxes.

However, the Canada revenue agency also specifies that people need to sell their homes if they own it. In order to be able to claim their moving expenses. However, if people can show documentation. That proves that they made a reasonable effort to sell their property. They can not only claim their moving expenses. But claim the expenses associated with trying to sell their home as well.

Once a person has met all of those requirements. They also need to keep in mind that there is a maximum amount that they can claim in moving expenses. This is limited to the net income that they earned in that year.

Although, since people are able to carry forward their moving expenses to the future year. If they are not reporting a full year of income. It may be more advantageous for them to claim their moving expenses in the upcoming year. So that they can claim the maximum amount possible.

Ultimately, this strategy is up to the person and their Edmonton bookkeeping company. Who should definitely be consulted in order to help ensure that they are going to be claiming the most eligible expenses?

When it comes to the actual moving expenses. Many people are aware that they can claim the fuel that they buy, the meals that they purchase along the way. As well as accommodations if they need to stay in them.

However, there may be many other moving expenses that they are not aware of. That they can claim on their personal taxes.

An example of this would be paying for additional insurance that they would purchase to protect them on their journey. As well as paying for new tires or oil changes as part of their travel expenses.

People who have had to stay in temporary accommodations either before their move, or after they are done move. If their home is not ready for possession for example. People have up to fifteen days of living expenses that they are able to claim.

By understanding all of the various moving expenses that they are entitled to. As well as meeting the requirements from Canada revenue agency. Can help ensure that people are claiming as many moving expenses as possible. And that they are utilizing and Edmonton bookkeeping company to help them do that as efficiently as possible.

Going Online To Learn How We Can Help You Find Edmonton Bookkeeping?

Many people try to claim as many expenses as possible on their personal taxes says Edmonton bookkeeping. So that they can minimize the taxes that they end up owing the government at the end of the year.

And if they have moved, and met all of the requirements to claim those moving expenses. Then they should be aware of all of the various expenses that are able to be claimed.

Because there are so many expenses, and they might be not what many people assume are eligible. Edmonton bookkeeping suggests that people keep all of their receipts. Or keep copies of all of their receipts. And let the experts figure out if those expenses are valid moving expenses or not.

For example, there are a number of incidental costs that can be claimable. Such as the utility disconnection fee. And the utility connection fee at the new residence. These can be claimed as moving expenses. As can the cost of getting a new driver’s license with their new address on it.

Other expenses that might be less known than others. Would be if people have to store their belongings somewhere. In case there moving van gets their belongings to their home. Before the home is ready for possession.

Even if they have hired a moving company to move their belongings. They may not realize that if they hired packers to pack up their home, and people to move those things into the moving van. All of those expenses can be claimed. In addition to the insurance on their belongings for the journey.

It is very important that no matter what a person is claiming is moving expenses. Is that they keep their receipts or copies of those receipts. The reason why, is because the Canada revenue agency may request to see proof of the moving expenses.

This is even if they have used the simplified method. Which calculates an amount per person plus travel kilometers. They need to be able to prove that they incurred those costs. So keeping receipts or copies of receipts is very important.

If a person has moved. And they would like to claim those expenses. The best thing for them to do is to find and Edmonton bookkeeping company that they want to work with. And give them copies of all of their receipts. So that they can go through all of them and figure out not only which ones are the valid moving expenses. But how much they can claim for moving expenses.

It might be advantageous for them to claim some of their expenses in the current year. And then carry forward what else they cannot claim in the current year to the next year. So that they can maximize the benefits of those expenses.

However, this is best done by consulting and Edmonton bookkeeping company. And let the experts figure out the rest.