Trusted Tips and Resources

Trusted Tips & Resources

Trusted Saskatoon Accountants Hounjet Tastad Harpham Share Changes To Accelerated Capital Cost Allowance.

Trusted Saskatoon Accouontants Hounjet Tastad Harpham is a locally owned and operated accounting firm in Saskatoon. While they are based in Saskatoon, they serve clients across the entire province. Hounjet Tastad Harpham has spent decades gaining the trust of the people of Saskatchewan and has gained a reputation as one of the most knowledgeable and consistent accounting firms in the city, and province. They provide accounting and tax services for small, medium, and large businesses, as well as individuals and non-profit organizations. Hounjet Tastad Harpham is a partnership between Roseline Hounjet, Allyn Tastad, and Dustin Harpham.


Accelerated capital cost allowance is changed.


With the tax changes announced in the federal government’s fall economic statement, farmers can get more capital cost allowance sooner on the purchase of equipment.

Some equipment dealers are using this accelerated investment incentive property (AIIP) as a sales tool. Here’s what has changed and what it means in actual dollars. Taxes are certainly not my area of expertise. Thanks to Saskatoon accountant Allyn Tastad of Hounjet Tastad Harpham for walking me through the changes and the implications.

The changes apply to property acquired after Nov. 20, 2018, that becomes available for use before 2028. Farm equipment qualifies. One exception is a property that was previously owned by the taxpayer or by a non-arm’s length person or partnership.    

 The incentive accelerates the amount of   capital cost allowance that can be deducted   from taxable income. First of all, the half-year   rule has been suspended. Until now, you   could only claim half of the regular allowance   in the year that something was purchased.   Now you can claim 100 per cent of the   applicable capital cost allowance in the year   of purchase.

In addition, the first year of capital cost allowance has been bumped up by 50 percent. In practical terms, a producer will have equipment in various capital cost allowance categories. Net additions to any class will be increased by a factor of 50 percent for calculating the first-year capital cost allowance.

 

For subsequent years, the allowance deduction returns to normal. 

So how does all this work in practice? Let’s say you buy a new or used tractor for $100,000. Tractors and other self-propelled equipment are in Class 10 and eligible for a 30 percent capital cost allowance.

If you purchased the tractor before Nov. 20, the capital cost allowance in the first year is 15 percent or $15,000. This is half of the 30 percent allowance in the first year of purchase.    

     

If the tractor is bought after Nov. 20, the half-year rule is suspended, plus the amount is bumped up by a factor of 1.5 times. Rather than a capital cost allowance of 15 percent, you can deduct 45 percent, which is 45,000.

 

How does this affect your tax bill? If you’re running an incorporated farm with a federal tax rate of 12 percent, the $45,000 capital cost allowance reduces your tax bill by $5,400. The same tractor purchased before Nov. 20 would generate a reduction in taxes of only $1,800.

 

This is a federal incentive to buy equipment and stimulate the economy. However, remember that when you’re allowed to claim more allowance in year one, it reduces how much is left for subsequent years. The total amount of deduction hasn’t been increased. You just get to claim deductions sooner.             

 Farmers who are old enough may remember the tax credit that existed on new equipment purchases back in the 1980s. You actually received an extra tax credit over and above the capital cost allowance. That’s been gone for decades and this new incentive should not be described as a tax credit. It’s merely an acceleration of the expense you can claim. 

There is value to receiving more of your tax deduction earlier, but when you work through the numbers, this shouldn’t move the needle very much when deciding whether to upgrade equipment. Other considerations remain much more important.


If you are looking for a Saskatoon chartered professional accountant for your personal taxes or business accounting needs, contact the team today.


Check out their listing here: Hounjet Tastad Harpham are Trusted Saskatoon Accountants


Information sourced from  https://www.producer.com/2018/12/accelerated-capital-cost-allowance-is-changed/  By Kevin Hursh

Electric Fireplace Benefits From Trusted Saskatoon Fireplace store Wheatland Fireplace Kitchen & Bath

Wheatland Fireplace, Kitchen & Bath are successful for a reason!  This really is where your outdoor living and indoor fireplace, bathroom & kitchen dreams meet in spectacular surroundings! 

Visit their website or stop by their warm, stunning and friendly Saskatoon showroom! You will feel the warmth and comfort of their amazing selection of fireplaces and more! Wheatland Fireplace Kitchen and Bath are a Trusted Saskatoon Fireplace store.   In their latest tip, they share some great benefits of electric fireplaces! 

Check out their range of electric fireplaces on Wheatland's their website here : 


The Benefits Of An Electric Fireplace

Many homeowners think that installing and maintaining a fireplace is an unaffordable luxury. What if you could get warmth and comfort on a budget? Installation and operation of an electric fireplace cost a fraction of wood-burning and gas alternatives. Read on to find out why an electric fireplace is a  perfect option for your home.


There are two main types of electric fireplaces: plug-in inserts and built-in inserts. Neither of these options requires any certification, and the installation process is typically quick, cheap and easy. 


Plug-in inserts 

These plug into standard outlets and are typically installed into a pre-existing mantel or mounted on a wall. As long as you have an outlet within range of your installation site. If not, an electrician can install one in no time. If you go with a wall mounted option, a handyman can mount it safely.


Built-in inserts.


These can be built into a mantel, an entertainment centre, or the wall. This option can heat a larger area and typically offers a sleeker look but is more expensive. A high-end built-in unit will cost between 800 and 900 dollars, which is still significantly less than wood and gas alternatives. To install a built-in fireplace, you’ll need the help of an electrician. A general contractor can also design a more complex wall unit for your fireplace, which we recommend if you plan on making it the focal point of your room.



Electric Fireplaces are Energy Efficient

Electric fireplaces are also a great way to lower your heating costs through supplemental heating. You can use electric fireplaces to heat specific high-traffic areas of your home without engaging your central heating system. This means come winter, you can turn down your thermostat and instead turn up your fireplace. A built-in model can heat an area of 800 square feet, and only costs between 7 and 13 cents per hour when running.



Low-Maintenance & Safe

One of the best things about an electric model is that they don’t produce soot, ash, or fumes, meaning they don’t require ventilation. This makes them safer and they require significantly less maintenance than real or gas-burning fireplaces. An electric fireplace is also less susceptible to rust and can go a decade without repair. That being said, make sure you have the proper electrical setup and be sure to have it inspected regularly by a seasoned electrician or home inspector.    


If you’re concerned about the safety of fireplaces, an electric model is for you. Electric fireplaces remain cool to the touch, which is great for homes with curious children. They also can be run on a timer, meaning you don’t have to worry about shutting them off before leaving the house. 


Resale Value

What many homeowners don’t realize is that fireplaces are high up on potential buyers’ wish lists. Though most buyers prefer a wood-burning or gas model, a well placed and high-quality electric fireplace is also valuable. Considering the low cost of purchase and installation, there is ample opportunity for a relatively high ROI when your home goes on the market.    

As you can see, electric fireplaces are the best option for anyone who wants to maximize style and savings and minimize  risk. With tons of models on the market, we’re positive you’ll be able to find a stylish option  perfect for your home. If you act fast, you can have your fireplace up and running before the real winter hits.


Check out their listing hereWheatland Fireplace is your Trusted Saskatoon Fireplace store and much much more!


Trusted Saskatoon Home Stagers Fresh Living Shares A Kitchen Staging Tip

You know those spotless, clutter-free, amazing looking rooms you see in magazines? That can be your home. Seriously! Fresh Living’s founder, Chantal Moloney created the company out of her combined love and talent for interior decorating and home improvement which paved the way to a career in Home Staging and Interior Redesign. Chantal is an International Staging and Redesign Professional, bringing her talents directly to your door..and she is a Trusted Saskatoon Interior Decorator and Home staging expert!


MAXIMUM EFFORT KITCHEN EDITION - Ways to open your kitchen for more convenience!


That confused, forlorn expression you see on a “before” victim in an infomercial, before some revolutionary product swoops in to save the day: it’s that expression we all wear when we’re in the middle of meal prep, and find that we’ve run completely out of room.

 

Sucks, doesn’t it?

 

We all have our essentials: coffee maker, sometimes vitamins, the toaster (I’m looking at my kitchen for inspiration with that one), but even still, the team at Fresh Living love to make your lives easier, and we may have just a few tips to help straighten out the most important room in your house! 


See this space to the left here, in the boxes? That’s underutilized kitchen space. We’ll call it “negative space” for now. This example shows a few kitchen cabinet-oriented zones, but many kitchens have something similar, where the counter intersects a wall, that’s it. Between the two images we’re using, hopefully, you can see for yourself where extra space can be made available!


These areas can be cleanly modified (more on the “clean” part later) – but what to add? Well, if you’re okay making a few holes, a blank wall (or a decorated one) can be made to look very sharp with industrial shelves. Just about every kitchen can benefit from a nice set of stainless steel shelves, and they’re great for those easy-to-move accessories.



This may not answer our questions regarding counter space, however – what if we need to work with what we’ve got, there are still plenty of solutions. If you   don’t need to use the stove-top right away,  you can use that as your cutting board   surface, and better yet, a couple of quick   cuts later, you can put a hole nearer to the   side of a wooden cutting board, put it over   the sink, and voila – the scraps can fall on   in there for the time being. One less thing to worry about!



Earlier one, we mentioned “clean attachments” – that would be Command Strips. You may think of these solely for hanging pictures, but the hooked variety can also be used to, say, organize measuring cups on the inside of a cupboard door, or hang a basket on the cupboard beneath the sink. There are endless ways to improve cupboard space.

Lastly, the shelves we’re given don’t always need to be the shelves we’re stuck with.  Consider applying shelf options: put shelves inside of shelves – beats the heck out of stacking those cans!


We hope this has provided you with some helpful insight, and hopefully some insights into tipping your kitchen in your favour! Stay fresh!

 

Fresh Living strives to create clean, positive, uplifting environments that you can enjoy and feel proud to live in. Fresh Living are TRUSTED SASKATOON INTERIOR DECORATORS &  HOME STAGER'S 




 

Trusted Saskatoon Home Stagers Fresh Living's Can’t Miss Staging Tip On Feature Walls

You know those spotless, clutter-free, amazing looking rooms you see in magazines? That can be your home. Seriously! Fresh Living’s founder, Chantal Moloney created the company out of her combined love and talent for interior decorating and home improvement which paved the way to a career in Home Staging and Interior Redesign. 

Chantal is an International Staging and Redesign Professional, bringing her talents directly to your door..and she is a Trusted Saskatoon Interior Decorator and Home staging expert!


NOW FEATURING: FEATURE WALLS


While paint can be a fabulous way to dress up a whole room, why not let the paint dry on a feature wall for your home?

 

Feature walls are an amazing way to make statements about yourself, and the space you live in; they can be bold, and are never subtle! The feature wall is meant to draw the eye, and combine your furnishings with your personality. Below are some of the types you can choose from, including the pair below, from our own staging collection


We took inspiration from the two above to create “personalities” for these spaces using features that were already there; the fireplaces! In fact, if you have a fireplace with a mantel as well, you’re already halfway there. On the left, we see a carpet that matches the feel provided by the stonework of the fireplace, and on the right, an area rug is used to complement the mantelpiece, the surrounding cabinets, and the railings (back left; you may need to enlarge this one!). Both of these have other features that help create a centering wall; not just the fireplaces. On the left, we see a set of windows, and on the right, the cabinets and our little touches, like the symmetrical picture frames. It’s all meant to draw the eye.

 

More could be done, though, as we’ll see below:

 

 

 Paint is of course the primary element that feature walls are done with; usually, a lighter or contrasting colour is used to achieve the desired effect, but in some cases, texturizing (see above) can be done in order to work with a given texture that already exists in the room. This is a dramatic and usually well received effect.

 

As with fireplaces, textures can be applied to walls, as well; this earthly wall is lovely and dramatic, but tiling can also be used, in the right space.

 

Lastly, a few tips.


  • Wallpaper can be a great option for adding to a feature wall!
  • Rooms that are already “busy,” whether by home design, furnishing or size, likely don’t need much in the way of a feature wall; it can create an overwhelming effect. In the case of room size, small rooms are rarely suitable.
  • Choose the wall carefully; this is meant to draw the eye toward space it would already be drawn!
  • Consider using plants! Wall vines may be a bit of extra work on a rough-edged wall (the stone above comes to mind), but the overall effect can be magnificent!

Fresh Living strives to create clean, positive, uplifting environments that you can enjoy and feel proud to live in. Fresh Living are TRUSTED SASKATOON INTERIOR DECORATORS &  HOME STAGER'S 

 

Trusted Saskatoon Carpenter Wood FX Shares Why Monitoring Humidity In Your Home Is Important

Wood FX Contracting is Saskatoon family owned and operated with over 18 years experience. Their carpenters and renovation team consist of hardworking individuals ready to tackle your interior home renovations - big or small! They are on site daily ensuring client satisfaction. In this article, they share why it's important to keep an eye on the humidity in your home especially in our cold Saskatchewan winters! Wood FX are Trusted Saskatoon Carpenter and Renovation Pro!

Home Humidity Tips From Wood FX

Wood is a natural material and because of this, it reacts to changes in humidity and temperature. If you have hardwood floors in your home or a lot of wood you should monitor your humidity. When there is high humidity in home moisture is absorbed into the hardwood floors and too much moisture can cause warping of the floorboards. 


During the summers moisture levels are higher and if relative humidity is not maintained within a stable range than warranty might be void.

During the dry Saskatchewan winters when humidity levels are low, it is important to use a humidifier in your home which helps to keep humidity levels maintained. This will prevent the loss of moisture from your hardwood floors. Loss of moisture leads to problems such as splits, gaps etc. The recommended humidity range for hardwood floors is between 45% and 55%.

A hygrometer can monitor the humidity levels in your so that you don't have to worry and you can keep your new hardwood installed by Wood FX Contracting looking beautiful for years to come!
 
Any questions about hardwood installation or maintaining your hardwood contact Wood FX Contracting! 

Wood FX is a Trusted Saskatoon Carpenter and Renovation Pro!

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