Did you know that under certain conditions, the expenses incurred for the purchase or sale of your property as the broker’s commission, notary fees, moving costs and many other expenses may be tax deductible? The deduction you can claim is limited to the net income that you earned in the taxation year at your new place of work. You can, however, carry forward any part of the moving expenses you were unable to deduct in the taxation year concerned. Only expenses for moving from one location to another in Canada are deductible, unless they were incurred at a time when you were living outside Canada temporarily. If such is the case, contact us.
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