In 2020, Mr. Kumar moved from Saskatchewan to Prince Edward Island to start a new business. In his 2020 fiscal year, the business generated income in excess of $50,000. Mr. Kumar incurred the following costs of moving: Which one of the following amounts represents the maximum amount that Mr. Kumar may deduct for moving expenses in his 2020 personal income tax return?

Question

In 2020, Mr. Kumar moved from Saskatchewan to Prince Edward Island to start a new business. In his 2020 fiscal year, the business generated income in excess of $50,000. Mr. Kumar incurred the following costs of moving:  Which one of the following amounts represents the maximum amount that Mr. Kumar may deduct for moving expenses in his 2020 personal income tax return?

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The Answer of In 2020, Mr. Kumar moved from Saskatchewan to Prince Edward Island to start a new business. In his 2020 fiscal year, the business generated income in excess of $50,000. Mr. Kumar incurred the following costs of moving:  Which one of the following amounts represents the maximum amount that Mr. Kumar may deduct for moving expenses in his 2020 personal income tax return?