Part 1:  Personal Federal Taxes Changes

7.  Home Relocation Loans Deduction

Currently, when an employee receives a low interest loan because of their employment, the loan may be considered an eligible home relocation loan if they meet certain conditions and if they need to use the loan to acquire a residence in Canada in the new employment location.  With such loan, the employee is entitled to claim a deduction to help offset the taxable benefit from the home relocation loan.

Starting 2018 and subsequent taxation year, such deduction is eliminated.

For more information, please contact us @ 604-639-3229 or info@theresalocpa.ca

Note:  All information relating to the credit above is available from the government website.

By Theresa Lo, CPA, CGA

February 21, 2018