Question
On December 12, 2020, at the request of his employer, Mr. Sol Gudman moves from Moncton to Montreal. He has always lived in a rented
On December 12, 2020, at the request of his employer, Mr. Sol Gudman moves from Moncton to Montreal. He has always lived in a rented apartment and will continue to do so in Montreal. The total cost of the actual move, including the costs of moving his personal possessions, was $9,269. In addition he spent $2,010 on a visit to Montreal to find suitable accommodation. He also had to pay $1,971 as a penalty to cancel the lease on his Moncton apartment. During 2020, his salary was $64,000 of which $1,622 was earned from his new work location in Montreal. His employer will reimburse him $5,502 for his moving costs in 2020.
Mr. Gudman claims the maximum amount as a moving expense when calculating his net income for tax purposes in 2020. What amount of his moving expenses will he have available to carry forward?
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