For non-registered accounts, the interest paid on borrowing money for investment purposes is generally tax deductible
“If the money is used to generate investment income, interest, dividends, rental income … as long as there’s potential to earn income from the investment,” it can be claimed under the same place as advisor fees, he says.Taxpayers can write off their transport, storage, related insurance, travel expenses and other related items if they move, but there are some specific“It matters how far you move and for what purpose,” he says.
The main qualifiers for this deduction are if the person is moving to earn income for an employer, going to school full-time or starting a business, he says. Another sticking point is the move must be a minimum of 40 km closer to your new work location or school.
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