ACC 742 Lecture 9 - Part II Fall 2010

ACC 742 Lecture 9 - Part II Fall 2010 - Chapter 9-Part II

Info iconThis preview shows pages 1–9. Sign up to view the full content.

View Full Document Right Arrow Icon
Chapter 9-Part II Other Deductions subdivision e
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Moving Expenses – S. 62 Can deduct moving expenses if: move to get at least 40 kms closer to new work  location  move must be within Canada or for full time attendance at university, college,  other post-secondary institution  move must bring individual at least 40 kms closer need not be within Canada
Background image of page 2
Moving Expenses Can claim if following conditions met: expenses are not paid by employer expenses are not deductible in previous year or by  virtue of other section of Act Deductible only to extent of income from work or  research grants or scholarships in new location Any reimbursement or allowance received is  included in income
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
What can be deducted? 62(3) a) travel costs (includes reasonable amount for  meals  and lodging) moving family from old to  new residence (may claim $17 a meal to a  maximum of $51 per day per  person without  receipts rather than actual costs; flat  rate for  auto expenses - $.54/km for Ontario for 2009) b) cost of transporting or storing household  effects c) costs of up to 15 days for temporary board and  lodging  near old or new residence (as above  may  claim $17 a meal to a maximum of $51 per  day per  person) d) cost of cancelling lease for old residence
Background image of page 4
Cont’d e) selling costs for sale of old residence; includes advertising, legal  fees, real estate commissions but excludes work done to make  property more saleable or any loss on sale; f) where old residence sold because of move, legal expenses for  purchase of new residence and any taxes (other than GST)  imposed on transfer or registration of title to the new residence. a) cost of replacing driving licenses, auto permits and obtaining  utilities connection and disconnection;  b) Cost of maintaining vacant former residence for up to 3 months  (including mortgage interest, property taxes, insurance and heat  & power) for up to $5,000; reasonable efforts to sell need to be  made.
Background image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Moving Expenses Employer  reimbursements  not included in income if  reasonable except for: 50% of payments > $15,000 for loss on sale of  house for eligible losses Amounts paid to subsidize higher mortgage  payments on new residence Moving  allowances  are taxable [6(1)(b)]
Background image of page 6
Non-deductible moving expenses House hunting trips Legal fees for purchase of new house if  no house in old location sold Meals and accommodation in excess of  15 days
Background image of page 7

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Child Care Expenses – S.63 Generally claimed by lower income spouse – if  spouse does not work, no child care expenses  can be claimed. Limited by formula in 63(1)
Background image of page 8
Image of page 9
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 12/14/2010 for the course ACC 742 taught by Professor Sydor during the Fall '10 term at Ryerson.

Page1 / 47

ACC 742 Lecture 9 - Part II Fall 2010 - Chapter 9-Part II

This preview shows document pages 1 - 9. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online