page 14 March 31, 1976 North Shore Nows

From The Instituto
of Chartered Accountants
of British Columbia

In most cases the costs of a
move to a siew work location
may be — .
deducted from the income
you carn in the new location.

Detalis of such moving
costs must be submitted on
Form T1i-M, which you can
get from your local district
taxation office.

The phrase ‘‘In most
cases’’ is used: because
certain types of expenses are
not deductible and because
certain tests must be met in
relation to the move before
any expense may be deduc-
ted,

There are also additional
ruies which apply to some
students. Let us now deal

with the tests concerning the |

move itself:

© You must have given up
your employment at the old
location or ceased to carry on
business at your old location
‘(a' period of unemployment
before or after the moove will
not affect your ability to
claim the deduction.)

e You must earn income at
the new location, either from
employment or self-employ-
ment, irrespective of
_ whether you were employed
_or self-employed at the old
location. You may even work
at the new location for the
‘ same employer doing the.
same type of work or
establish a business similar
to the one carried on in the
old location.

‘@ Your new residence
must be at least 25 miles
nearer to your new work
location that your old resi-
dence would be, and the moe

- must be made entirely within
Canada (except for certain
students; see below), |

© You must also establish
the new residence as the
place in which you will now
ordinarily reside on working
ays. ”

© You must also establish
the’ new residence as the
place in which you will now
ordinarily reside on working
ays,

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MACHINES *

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ARPAIREDON ‘I

If your move meets the
above requirements, then
you must determine which
_ expenses are deductible in
moving yourself, your house-

hold and possessions to your
new residence: ..

e All travelling expenses
qualify, whether Y land, sea
or air, as weil as the coste of
meals and ledging for you
and your family en route.

® The costs of removing,
storing,
refitting or re-installing your
household possessions are
also deductible, along with
any incidental costs such as
altering drapes and carpets.

© Gas and oli bills also
qualify if you travel in your
own car. | . |

/ © You may also deduct the
cost for upto 15 ‘days of
meals and lodging at temp-.
orary quarters near either
your new or your old
residence, if you are delayed
in buying or selling elther
residence.

_© The costs of cancelling *
your oid lease or selling your
oo
advertising, legal fees. and:
sales. commission) .aré de-.:

old residence, (suc

ductible.

e No amount may. be:
.deducted for any loss on. the .

sale of your old residence nor

any amount -of penalty’

interest which you may
suffer when you pay off your
old mortgage.

residence
deductible.

are not

© Expenses are not de-

ductible to the extent: they .

‘are paid by your employer or
to the extent you are
rolmbursed by your em-
ployer. ‘

e All expenses must ‘be
‘reasonable’ to qualify.’

transporting and °

boat
agit
Woo

_ Your! ne ipio
‘business Income at

New Apartments. __

FOR RE
fete and Bt. Andrews":

_' North Vancouver |
Family oriented, children welcome

® Receipts for the deduct-
ible oxpenses need not be
included with your ‘tax
return, However, you should
keep them handy in case the
tox authoritles wish to seo
them,

If you do not know the
amount of an expense which
is deductible by the time you
have to submit your tax
return (for example,’ if the
sales commission payable on
a delayed sale of your old
house is not it known by.
you) you should omit {t from
your list of expenses, | —

af,

‘When you: do know the
amount send the details and
the receipt together with a

“letter of explanation, to your

district taxation office, ask-
ing them to adjust your
return’ by allowing the
additional deduction.

- There Is one other. overall
limit to the amount of
movin

new. employment’ or
} > at the now
location. in the immediately
following year.)

- “As indicated carller, there

y ' . + are a few additional rules for
-.@ Costs of purchasing your —
“new

sonic students. who also
qualify. to..deduet’, moving
expenses. oa

If you have been, : in
full-time attendance at. ‘a
post-secondary ' school’ in

anada and move to work. or
to carry on a business at a

‘new location in ‘Canada you | a
', may deduct moving expenses

, Canadian

costs. 4 at hs ee

““attordable tempting | a>
fashion eg

Tho move may bo elther at
the tormination of your
studios or at the beginning of
a recess betweon two aca»
demic yoars (i.¢., to undor>
take a summer job), —

. At the boginning of your 7
post-secondary schooling you

may also’ qualify for a
deduction of moving costs. If
you move to attend a
_ post-secondary
school on a full-time basis,

from elther inside of, or

outside of Canada, or if yy
leave Canada to attend a
forolgn

may deduct your moving

expenses from the taxablo |

part of your Income from any
scholarship, fellowship, or
research grant,

" Any excess of the moving -
over scholarship,

costs
fellowship, or rosoarch ‘grant

income cannot be deducted |

from other types of income.
This rule ‘also applies on
your return to full-time

post-secondary school from a
summor job whenever n
actual:move is made which
moots all the above required
ests,

pee at
be

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‘Gre not out above.

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SHORT OF DOWN PAYMENT BUT WANT °
TO “OWN YOUR OWN?” = THEN OUR:

- L7.0, (LEASE TO.OWN) PLAN 18 FOR YOU '
— LET YOUR RENT BECOME YOUR DOWN
PAYMENT! EXAMPLE = IF YOUR MONTH:
LY RENT 18 8200, THEN BY MAROH 1977 |
YOU WILL HAVE PAID $3,600 AND THAT |
BECOMES’ YOUR DOWN PAYMENT.
AGAINGT THE GUARANTEED PRIGE AND »
MORTGAGE RATE FOR THE HOME YOU -

_ WANT, Sy

" S0W.9RDS,
NORTH VANCOUVIR =
(McKinnon House)

Brand now 1 &@ & Bedroom GolfsOwned Condominiums.
Many with gorgeous views, all with luxury epsilanses,
plush carpeting and sheer drapes,

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JUST NORTH OF SQUAMISH

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80' « 120" wooded lots, private yards; lose to recreational arene (skling, boatin hi ing one
@t0.); wall to wall carpet, outdoor patios, architect designed. wenling, a o Mihings

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OUR OWN, PREMIBEA - Lbedroom - $230.° | -
—. i permonth

| 2bedroom - 6280.” |

=e | ae an am | full pre a
TP |.  permonth “sone O° 5 — prinoipal and interest’
Mardh Chara TE .. Gown paymen gs tow as 69@a per he
North Shore “free parking | AP with 61000 8.0. grant om ae 19S. Per
| oofice [| SABRES, | PME crt rotenttoee mont
TEOUIPRAENT | | Greater,Vanoouver Housing ‘Corporation — - _ L ky R SG lty. a t
1022 Pemberton. -. , Manoouver V6K 210 - for Information call. Anne Notvoy ©. i
’ 1 a Ad ! i ae sob d re
“i Sarees trom MeDenald's . for rental Information phone 112-892-3027 | 112-892-3664 ra
pot 731-1166 . f Ore

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Bay id Spb da.

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980-7333 _ “os Monat, |
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