Canadian Taxation On September 1 st , 2018, Mr Payton moves from Sudbury to Ottawa (Ottawa is 484 kilometers from Sudbury) for a new job He lived in a rented apartment in Sudbury and purchased a house in Ottawa The total cost of the actual move, including the costs of moving his personal possessions, was $16,500 He paid $500 to the cleaners to clean the rented home and hand it over to the landlord as per his tenancy contract He spent $750 on a house hunting trip to Ottawa, but he did not decide on a house until his return to Sudbury He also incurred a $2,000 penalty for breaking his lease in Sudbury He also incurred $150 of mail forwarding cost to his new address He also paid $200 expenses for various utilities connections at his new address in Ottawa During the year, his salary totaled $60,000, of which $45,000 was earned in Sudbury and the remaining $15,000 was earned in Ottawa As Payton is hired at a junior level, his new employer is not reimbursing any of the moving expenses Required Determine Mr Paytons maximum moving expense deduction for 2018, as well as any carry forward available in the assignment excel spreadsheet Moving expense deduction Yes No Amount Should the total cost of actual move, including cost of moving personal possessions be 1 deducted 2 Should the cleaning fees be deducted 3 Should house hunting trip expenses be deducted 4 Should lease breaking penalty be deducted 5 Should mail forwarding fees be deducted 6 Should utlities connections fees be deducted Amount Calculation of maximum moving expesnes deductions Show your calculation here Total deductable moving expesnes Amount of Carry Forward, if Any (if no carry forward, enter 0)

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 10, 2024

Canadian Taxation On September 1 st , 2018, Mr. Payton moves from Sudbury to Ottawa (Ottawa is 484 kilometers from Sudbury) for a new job.

Canadian Taxation

On September 1^st, 2018, Mr. Payton moves from Sudbury to Ottawa (Ottawa is 484 kilometers from Sudbury) for a new job.
He lived in a rented apartment in Sudbury and purchased a house in Ottawa.
The total cost of the actual move, including the costs of moving his personal possessions, was $16,500.
He paid $500 to the cleaners to clean the rented home and hand it over to the landlord as per his tenancy contract.
He spent $750 on a house hunting trip to Ottawa, but he did not decide on a house until his return to Sudbury.
He also incurred a $2,000 penalty for breaking his lease in Sudbury.
He also incurred $150 of mail forwarding cost to his new address.
He also paid $200 expenses for various utilities connections at his new address in Ottawa.
During the year, his salary totaled $60,000, of which $45,000 was earned in Sudbury and the remaining $15,000 was earned in Ottawa.
As Payton is hired at a junior level, his new employer is not reimbursing any of the moving expenses.

Required: Determine Mr. Paytons maximum moving expense deduction for 2018, as well as any carry forward available in the assignment excel spreadsheet.

image text in transcribed

Moving expense deduction Yes/No Amount Should the total cost of actual move, including cost of moving personal possessions be 1 deducted? 2 Should the cleaning fees be deducted? 3 Should house hunting trip expenses be deducted? 4 Should lease breaking penalty be deducted? 5 Should mail forwarding fees be deducted? 6 Should utlities connections fees be deducted? Amount Calculation of maximum moving expesnes deductions Show your calculation here Total deductable moving expesnes Amount of Carry Forward, if Any (if no carry forward, enter 0)