In June 2020, Mr. Smith moved from Calgary to Vancouver to start a new job. In his
Question:
In June 2020, Mr. Smith moved from Calgary to Vancouver to start a new job. In his 2020 fiscal year, he earned employment income of $50,000 in his new job. He was not reimbursed by his employer for any of the moving costs. Mr. Smith incurred the following costs of moving:
a. Transport of household effects $5,000
b. Travel - self, spouse, and three children 2,000
c. Legal fees - house purchase in Vancouver 900
d. Cancellation of the lease on a condo in Calgary 750
e. Temporary accommodation while waiting for a new house
at $70 per day for 30 days 2,100
f. House-hunting trip to Vancouver in May 2020 500
What is the maximum amount that Mr. Smith may deduct for moving expenses in his 2020 personal income tax return?
Canadian Income Taxation planning and decision making
ISBN: 9781259094330
17th edition 2014-2015 version
Authors: Joan Kitunen, William Buckwold