Storage Units, Moving and Your Taxes

Tax deadline is April 30

The tax deadline (April 30) is fast approaching.

As you collect and claim your T4 slips, RRSP contributions and childcare expenses, keep in mind that – in some instances – you can claim your storage units from Ten Mini Storage as a tax deductible expense.

In fact, self-storage costs are one of the most commonly overlooked tax items Canadians miss out on each year.

There’s also a form dedicated just for moving expenses: the T1-M Moving Deduction Form.

Of course, in order to actually claim your storage space, certain conditions must be applicable.

Moving expenses

If you move within Canada, your moving expenses may be tax deductible if:

You’re employed

Your new home is 40 kms closer to your place of work (NOTE: This isn’t measured by how the crow flies, rather it’s the shortest possible route you can take)

You moved away to start a business

Storage rentals can qualify as a claimable expense if you’re storing things like furniture and appliances during your move (or during the process of selling your home).

Moved for school?

Moving for education

Did you move for school? Or did you help your children move to attend college or university?

If so, you can claim those back to school storage fees.

The same principles as regular moving expenses also apply for students too, plus these other conditions:

The student must be enrolled full-time (not part-time or night school courses)
They must be attending a legally certified post-secondary institute, college or university

Something else to consider; when moving (either for work or school), the following storage items may also be tax-eligible:

Moving supplies such as packing or wrapping items, bubble wrap and boxes

Extra storage insurance to protect your belongings

The use of trailers for transporting and utilizing things like boat storage or RV storage

Claim business storage expenses

Business storage

If you’re using commercial storage to house things like:

You should be able to deduct them come tax time.

There are a few caveats, though:

Firstly, the items that you’re storing must be kept in a separate location.

So you can’t write off the storeroom in your retail location, but you can claim an off-site self-storage unit.

Secondly, whatever you’re storing must be intended for future use.

In other words, they must have a tangible impact on your business (either by selling them or by using them yourself).

In the market for a self-storage unit? Contact us

Whether you plan on moving near or to Caledon, Ontario (where we are located) – or if you just need a storage space for your personal or business needs – we can help.

We have a wide range of self-storage units for you to choose from.

And they’re all clean and monitored with 24/security.

Or you can ask us any questions you have about our facilities.