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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

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 Landscaper Break the Contracting Stereotypes

Trusted Saskatoon Landscaping Professionals looks to break the stereotype of contractors who overcharge, fail to show up, and do not complete the job on the time! By constantly pushing the envelope and increasing the expectations of contractors everywhere they  explains in 4 easy points how THEY go about doing business!

  • They make sure to hold every project they do to a  leading standard without rushing it to get paid.
  • They never quote low to get a job which in turn would force them to hit you with up charges.
  • Along with this they will be upfront, honest, and prompt on communicating any changes in cost or extra needs.
  • If they give you a quote and nothing is changed, requested, or added during the job they will stay authentic to our quote.

Saskatoon Trusted Partners by hold true the 5 Trusted Guarantees! If you are in need of any landscaping service, don't hesitate to contact our partners! They are waiting to help!


The Trusted Saskatoon Finance Talk To The Experts show 2014

Trusted Saskatoon.com THE Saskatoon Directory   is proud to be hosting a Talk to the Experts show " The Trusted Show' Monthly on Newstalk 650 ..the first show aired June 9th.  Find them all here in our tips library or on our Trusted Channel on You Tube which is a fabulous resource of Tips , Interviews, Demos and Tours.

What this means is you can listen to all the shows ON DEMAND, you can share them with friends who may be interested in the shows subjects and this makes sure you never have to miss a Trusted Show - we think out of the Box when it comes to marketing, so we can provide the BEST Possible service for YOU the public- we are the Ony Local Directory that works for you...and the only  place to offer this kind of service in Saskatoon !  

This latest show we are featuring is the TRUSTED SASKATOON  PERSONAL FINANCE SHOW

 

 

Trusted Saskatoon directory Saskatoon Health & Fitness Show

Trusted Saskatoon.com THE Saskatoon Directory   is proud to be hosting a Talk to the Experts show " The Trusted Show' Monthly on News Talk 650 ..the first show aired June 9th 2012.  Find them all here in our tips library or on our Trusted Channel on You Tube which is a fabulous resource of Tips, Interviews, Demos and Tours.

What this means is you can listen to all the shows ON DEMAND, you can share them with friends who may be interested in the shows subjects and this makes sure you never have to miss a Trusted Show - we think out of the Box when it comes to marketing, so we can provide the BEST Possible service for YOU the public- we are the Only Local Directory that works for you...and the only  place to offer this kind of service in Saskatoon!  

The Trusted Saskatoon Health & Fitness Show 2014 

 

We have 3 amazing Trusted Saskatoon partners who answered our Facebook Fan questions on their specific industry... the BEST question won the fabulous $350+ prize package!!

This months experts are :

1- Kathy from Saskatoon Pilates -Answering questions specific to Pilates, Yoga, exercise and wellbeing - Prize - $100+Gift Basket

2. Rod & Blaine from Culligan Saskatoon- Answering all your Water questions- $150 Gift Certificate .

3. Garry from Fitness Solutions- Answering all your FITNESS EQUIPMENT Questions- Prize - a $100 Gift Certificate

 

 

ENJOY the show!! 

 

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