If you moved before the start of the tax year but started earning income from your new job or educational program in the current tax year, you can still claim your moving expenses. Here's how to report it in Wealthsimple Tax:
- Add the Moving Expenses Deduction section to your tax profile
- Enter January 1st of the current tax year as the date of move
- Report all eligible moving expenses, even if they were incurred in the previous year
Important notes:
- You can only claim moving expenses in the year you start earning income at the new location
- This approach is acceptable to the CRA for moves that occurred just before the start of a new tax year
- If you earned a small amount of income at the new location in the previous year, you can still use this method
Remember:
- Keep all receipts and documentation related to your move
- Ensure the move meets the CRA's criteria for eligible moving expenses
- You must have moved at least 40 kilometres closer to your new work or school location
Eligible moving expenses may include:
- Transportation and storage costs for household items
- Travel expenses (including meals and lodging) to your new residence
- Temporary living expenses near the new or old residence (up to 15 days)
- Costs related to selling your old residence and purchasing a new one
If you have questions about the eligibility of specific moving expenses, consider consulting with a tax expert. If you need assistance entering this information in Wealthsimple Tax, please contact Wealthsimple support.
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