Canadians Who Moved In 2021 Can Save A Bunch Of Money At Tax Time & Here's How

To make the stressful experience of moving a little bit easier, you can claim a whole lot of expenses in Canada to help you save money on your taxes in 2022.

And, with the guidance of H&R Tax Expert Josée Cabral, understanding what you can claim if you've moved is actually not that challenging.

The first thing you should look at is the distance you've travelled and the reasons why you relocated. If you've moved over 40 kilometres for work or school, and have started making an income in this new location, you'll probably be eligible to claim a moving expense deduction.

And, if you moved for school and are unsure if you've made any money, Cabral confirms that for post-secondary students, "The taxable portion of scholarships, fellowships, bursaries, etc., are all considered income."

If your move qualifies, there are a ton of expenses that you'll be able to claim on your taxes. A lot of which are super surprising.

The most common moving expenses that are claimed are transportation and moving costs. But, you can actually claim much more than that. You're able to claim the cost of breaking a lease or of maintaining your old home while waiting to sell it, too.

You can also claim vehicle and meal expenses that you have racked up over the moving process, which can be done the simplified way — a flat rate per km or per meal with no receipts necessary — or the detailed way — going by exact amounts spent using receipts.

No matter how you intend to expense, Cabral points out that keeping track of receipts is super important.

"Come up with a system to keep them safe, such as a designated folder," said the tax expert. "Or, take photos of each receipt as you incur them in case they get lost or damaged."

Depending on the income you made in the new location, you might be able to carry excess costs over to the next year, too. For this expense, you can only claim moving costs up to the income you've made in your new location. So, if your move cost more than what you've been paid, the difference is automatically put towards the next year.

"You can then use this amount to lower your tax payable," explained Cabral.

So, if you picked up your life and moved across the country, or just to the next town over, you might be able to claw back some, or owe less money come tax time.

That's not the only tax benefit for homeowners, there are tons of benefits and credits available depending on your situation that can get you some money back from the beds.

Or, if you're a student who's moved and is looking for some more tax help, there are plenty of great ways to come April 30.

This article's cover image was used for illustrative purposes only.