![]() While it’s common to refer simply to the “moving expense deduction”, as though it were available in all circumstances, the fact is that there is actually no across-the-board deduction available for moving costs. There is not much that can diminish the stress of moving, but the associated costs can be offset somewhat by a tax deduction which may be claimed for many of those costs. Even where the move is a desired one, moving inevitably means upheaval of one’s life and the costs can be very significant. And, whatever the reason for the move or the distance to the new location, all moves have two things in common - stress and cost. The other driver of changes in the real estate market is less positive - as many Canadians have lost their jobs or had their hours and therefore their income reduced, their changed financial circumstances have forced a move to find new employment.įor any number of reasons, a lot of Canadians will be moving this fall. Now that millions of Canadians are working from home (and the likelihood that such arrangements will continue for some time to come, or even become permanent) it’s become possible for them to move further out from the major urban centres, where it’s also usually possible to buy a bigger house for less money. As well, pre-pandemic, Canadians generally sought to live as close as possible to their workplaces, in order to minimize the cost and time involved in the daily commute. Interest rates are at historic lows - a five-year mortgage can be obtained for a rate of less than 2%. There are a number of possible explanations for the surge in real estate sales. In each of July, August, and September 2020 the number of home sales, especially in major cities, has set a year-over-year record and, in many of the same places, the vacancy rate for rental accommodation has gone up. Please email Shaylonda Martin if you have any questions.One of the more unexpected effects of the current pandemic has been the impact on the Canadian real estate market. Retain the original receipts for your own tax records. Scan all receipts and email them along with the signed and completed BC Expense Report form to Shaylonda Martin ( in the Provost’s Office.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |