• Life Events
  • Parenthood
  • Retiring
  • Death of Spouse
  • Divorce
  • Ailing Parent
  • Leaving a Job

The Move

There are many issues to consider when moving into your new home. To cut costs, some people choose to do the move themselves with the assistance of friends and family. Meanwhile, some homebuyers use a professional moving service. A major factor in your decision is obviously the amount of possessions that are involved and the distance you are moving. When looking for a moving company, consider these questions:

• Does the company come recommended?
• What sort of property insurance do they provide?
• How long has the company been in business?
• Will the company put the arrangements in writing?

Moving Estimates

You should get estimates of the moving costs. The mover may provide a ‘binding estimate’ where all costs are listed and no further costs will arise. This estimate should be in writing. When a binding estimate has been given it is assumed that the full payment will be made at the time of delivery by cash, certified cheque or money order. With a ‘non-binding’ estimate the actual cost could be higher. Ordinarily the original estimate is required at the time of delivery with 30 days given to pay any additional costs.

Moving Insurance

Generally, you will be provided with two insurance options by the moving company. Released Rate Liability covers your possessions at a certain amount determined by weight and may not be sufficient for full coverage. For an additional fee, Replacement Value insurance, which provides full coverage for your possessions, can be purchased.

The ‘Bill of Lading’ contract

The bill of lading is the legal agreement between you and the mover. The mover must provide you with a bill of lading whenever a move is made. The person who loads the shipment must provide a bill of lading to the customer who must read and sign it.

The Moving Deduction

If you are making a move and buying a home to assume a new job or move at least 40 kilometres closer to your job you will be able to claim many of the moving expenses as tax deductions.

Your advisor will have further and more specific information regarding moving issues and the tax advantages available.