Today (April 30th) is usually the last day of the lease for students, especially those about to graduate.
The trick most landlords get students to do is to sign their lease so that they must pay for the summer months if they want the rental for the next school year (and except in a few University towns, there is little chance of subletting those rentals), thus their lease usually ends on April 30th.
The one thing for those graduating students to remember is that if they are moving out of their University living quarters and are moving to a new city to get a job, that is a deductible moving expense (unless your employer reimburses you for it, then it also becomes income too).
What does the CRA say exactly about this?
Who can claim moving expenses?
If you have moved and established a new home to work or to run a business at a new location, you can claim eligible moving expenses.
You can also claim moving expenses if you moved to take courses as a student in full-time attendance enrolled in a post-secondary program at a university, college, or other educational institution.
To qualify, your new home must be at least 40 kilometres (by the shortest usual public route) closer to your new place of work or school. Complete Part 2 of Form T1-M to determine if you meet the distance requirement to claim your moving expenses. If the result on line 3 is less than 40 kilometres, you do not qualify to claim your moving expenses.
You must complete a separate Form T1-M for each eligible move and enter on line 219 of your return, the total of all amounts from line 23 in Part 4 of each form.
Can you claim this every year if you move back home and then back to school? I don’t think so, however, if you graduate from one school and then start at a new school (in a different city) that might be a very different story.
Oh and your taxes are due very soon as well!
