Exactly how are moving expenses claimed against your taxes ?

[nbriggs2016]

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.

[TurboTaxMary-Ann1 · Accepted solution]

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.

https://turbotax.community.intuit.ca/replies/2648075