Your move could mean more money back
Your move could mean more money back
Medical school is challenging, but did you know that moving closer to your school or residency program could save you money on taxes? If you’ve moved at least 40 km, you can claim a variety of moving expenses like flights, gas, hotel stays, and more. Keep reading to learn more.
Starting your medical journey, whether as a student or resident, is no small feat. If you’ve moved at least 40 km closer to your school or residency program this year, we’ve got good news: you could save on your taxes by claiming your moving expenses.
Here’s what you might be able to claim:
- Flights, gas, or mileage for your move
- Hotel stays and meals while in transit
- Moving van rentals and storage fees
- Cost for updating your address or driver’s license
- Fees from disconnecting utilities at your old place and hook-up fees at your new home
- Temporary living expenses if you couldn’t move in right away
- Real estate commissions and legal fees from buying or selling a home
- Vehicle safety inspections for moving provinces
Essentially, if it helped you get closer to your school or program, it could count.
And hold on to all your receipts and records, you’ll need them to claim any expenses come tax season.
Need help figuring it out?
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