For example if I spent $50,000 on moving expenses in 1 move (realtor commission and other expenses etc) would I get the total of $50,000 back as a tax refund spread over the next few years ?
Or does it work differently ?
I am not sure how the process works.
I know that may seem a stupid question, I have hunted all over the internet trying to find the answer.
I would really appreciate any assistance.
Thanks in advance.
Moving expenses are claimed as a deduction against your taxable income on your income tax return. For example, if your taxable income is $50,000 and you have moving expenses to claim in the amount of $7000, your taxable income would now be $43,000. The benefit of lowering your taxable income is that it may put you in a lower tax bracket on the Federal Schedule 1 and the Provincial Schedule 1. There is no definite way to calculate based only on moving expenses whether you will receive a refund as a result. For more information on moving expenses, please see the following FAQ.
Moving expenses are claimed as a deduction against your taxable income on your income tax return. For example, if your taxable income is $50,000 and you have moving expenses to claim in the amount of $7000, your taxable income would now be $43,000. The benefit of lowering your taxable income is that it may put you in a lower tax bracket on the Federal Schedule 1 and the Provincial Schedule 1. There is no definite way to calculate based only on moving expenses whether you will receive a refund as a result. For more information on moving expenses, please see the following FAQ.