Home Relocation Loans Deduction
Notice to the reader
This measure has received Royal Assent.
Under changes proposed by Budget 2017, the home relocation loans deduction will be eliminated for 2018 and subsequent years.
1. What is the home relocation loans deduction?
When an employee receives a low interest loan because of their employment, in order to acquire a residence in Canada in the new employment location, and they meet certain conditions, the loan may be considered an eligible home relocation loan. The employee was entitled to claim a deduction to help offset the taxable benefit from the home relocation loan.
2. What is changing?
For 2018 and subsequent taxation years, Budget 2017 proposes to eliminate the deduction.
3. Where can I get more information about this change?
The CRA is committed to providing taxpayers with up-to-date information. The CRA encourages taxpayers to check its Web pages often.
In the meantime, please consult the Department of Finance Canada’s Budget 2017 documents for details.