Comments Off on Capitalize On Your Rental Property With Home Renovations
As a bookkeeper and tax consultant I am often asked the question “Is there a way that I can save money on, or claim a tax deduction for, my home renovations?”
In relation to claiming a tax deduction on the house in which you live, in most cases my answer is “no” unless you are a sole proprietor and you work from home. In this case you are able to claim the cost of renovating your home office (and only this portion of your home) as a tax deduction.
However, there are many deductions that you can claim if you own a rental property. Some which subsequently allow you to receive a write off for any home renovations you complete.
The following is a list of write-off’s you can claim against your rental property income:
Advertising expense – You can write-off any costs associated with advertising that your property is for rent.
Interest expense – Any interest accrued on the mortgage for your rental property is tax deductible.
Office expense – You can claim any administration costs associated with renting out your property.
Legal/accounting – You can claim any legal or accounting fees that are associated with the property.
Management fees/Strata – Fee’s that are associated with owning a condo.
Repairs and Maintenance – Any costs associated with fixing issues with, and maintaining your property.
Capital Improvements – This is the category that any renovations would fall under. If you renovate your rental property you can claim the expense over a number of years.
Salaries – for a property manager
Travel – if your property is out of town you can claim the cost of travelling from your place of residence to the rental.
Please be aware that rental properties are considered a business, and will therefore be charged at the Business Tax Return rate.
If you budget correctly renovating your rental property can be a wise decision, it can increase the value of the property and the value of your rent as well as provide you with some great tax deductions.
Teya Mali is the lady in charge at Homeroom Small Business Solutions Inc., a company built to be exactly what you’d expect from cool chicks doing books. They are meticulous, organized, detail-oriented and accurate. Homeroom’s mission is to serve the needs of small business owners by streamlining their businesses, bringing clarity to their financial records and by providing them with the tools they need to ensure a prosperous future.
Comments Off on Set The Mood Right With Perfect Lighting
Lighting is functional and transformational. Innovative lighting trends are taking luxurious home design to the future. If you are planning a kitchen renovation, or any type of home renovation make sure you explore lighting. Kirsten Sutton, reVISION’s head designer shares different types of lighting which can be used:
1. Layered Lighting For Your Kitchen Renovation- Largest lighting trend of the year. Creates flexibility through intensity, and lighting up the right areas when you need it most. Transforms the kitchen into a functional area for the entire family. Combined styles include: under cabinet LED lights, track lighting and wall sconces, etc.
2. Brass, Nickel and Chrome – Metallic accents add unique detail, texture and luxury. Light bounces and glistens off of metallic fixtures or metallic accents. Metallic window frames accents the natural light beaming into your home.
3. Abstract – Large, sculptural fixtures create an artistic statement and function. Abstract shapes and patterns bring character. Coloured lighting can evoke a mood or feeling. Get creative with uniquely shaped windows.
4. Rustic – Country meets urban; rustic finishes are combined with modern shapes and fabrics. A relaxed, but refined look for your kitchen renovation.
5. Crystal – It’s safe to say, this is a classic trend. From contemporary to transitional designs, there is something for every style and budget. DIY: Decorate existing light fixtures with crystals to transform your room.
5. Elegance – Think clean lines with luxurious materials. Simple shapes become more detailed with metallic and unique glass. Sheer or opaque metallic curtains let you play with lighting intensity. Each trend can play a design role in your home renovation.
Which trends suit your style most? Contact us to help cater these trends to your home or have our experts give you guidance with your renovation.
Kirsten Sutton is the head designer for reVISION Custom Home Renovations. She creates designs that are both functional and meaningful for each of the clients she works with. Kirsten received formal training in Architecture and Structural Drafting from the British Columbia Institute of Technology. Her combined education, background and passion allow her to transform her clients’ dreams into a reality.
Comments Off on 3 Ways To Keep Your Renovation Out Of The Courthouse
A recent research from TD insurance showcased that majority of homeowners are not considering the insurance implications of their renovation. Renovators share 3 common homeowner myths and offer advice for homeowners to consider before doing a DIY renovation or hiring a Vancouver contractor.
1. Renovation coverage under original insurance policy – 56 percent of homeowners believe they will be covered by their original insurance policy during their renovation. This is incorrect, depending on the type of renovation you may be required to change your policy to “building under construction”. Keep in mind if you are moving out during the renovation for more than 30 days you may require a vacancy permit during this time.
2. Homeowner’s are not responsible for any contractor injuries. Vancouver contractors are trained professionals but accidents do happen. Some homeowners incorrectly believe that they are not responsible for any injuries which take place on site. If a contractor or their employees are injured on site the homeowner can be responsible for their medical issues and bills. Ensure your professional vancouver contractor shows you their liability insurance certificate to prove that they are covered incase of any injuries on your property.
3. Insurance coverage does not change due to renovations – Majority of homeowners do not know which simple renovations can increase or decrease their premiums. Installing granite countertops or fixing your electrical work may increase your premium. On the other hand, renovations such as installing security devices or fixing your weathered roof may decrease your premium and save you money in the long term.
Insurance coverage is tricky, always ask your Vancouver contractor or insurance coordinator questions before starting your renovation. Protect yourself and get the best bang for your buck.
Comments Off on Press release reVISION Custom Home Renovations
For Immediate Release
reVISION Custom Home Renovations Inc Announces Partnership with Kevin Parenteau
Vancouver BC – July 16,2013
reVISION Custom Home Renovations Inc is pleased to announce the recent Partnership with Kevin Parenteau to lead reVISION’s sales and marketing department.
Kevin Parenteau comes with over 15 years of Operations, Sales and Marketing experience within the construction industry. Most recently, he held the position of CMO and Co-owner of Wolfgang Commercial Painters in Vancouver. Kevin Parenteau was instrumental in growing Wolfgang from a small owner-operator into one of the largest painting contractors in BC and made regular appearances on BIV’s Fastest Growing Companies lists. reVISION Renovations is confident that Kevin’s background is perfectly suited to drive its growth and operational strategies.
Comments Off on Pairing The Antique With The Sleek – Tasteful & Beautiful Interior Design With The Help Of Vintage Light Fixtures
There are multiple reasons why you should “mix it up” and pair antique lights with your brand new remodel, namely it looks amazing, but here are few to start the conversation:
Hook & Ladder Restaurant – Omega Lighting Design
1.) This is a big one: It helps transcend time periods & trends. There is nothing worse than 5 years after you’ve redecorated to feel like you are surrounded by yesterday’s news. Think of it like technology. If you put in the latest tube TV set of its day, and then everyone evolves to flat screens, you’re bummed. But if you had a smokin’ groovy retro TV set in the corner to begin with, it would still be a fun conversation piece. ( Not the tightest analogy, but you get the idea.)
2.) It adds depth & texture to a room. You’d be surprised how many folks respond to visually interesting things when they walk into a room. The last thing you want them saying is “I saw that in the catalog too.” or “I know where you got that.” What you really want them to say is something like “OMG, where on Earth did you find that?!”
3.) Defy tradition.( A.K.A. Have fun.) As most any Interior Designer will tell you, it is boring to do what’s already been done. Put your own twist on it, or use it as a starting point, but don’t aim backwards. Be open minded and a little spontaneous.
The only rule really is that you like it. Not that it looks just like the picture your thinking of copying.
Omega Lighting Design, started in 1991 as ‘Omega Too’. A place to buy beautiful lights that didn’t quite fit in at the historic Ohmega Salvage Yard down the street. Omega Lighting Design ( O.L.D.) has thrived in a community that appreciates the old and beautiful. Custom work is their passion. Whether it is custom iron work or an idea someone wants to bring to light, Mark and Vanessa Bell can help.
We have undertaken several projects over the past couple of years using your company’s services and have found you to be attentive to our needs and concerns, responsive to our requests, and as efficient as the busy construction industry can under existing conditions.
Christopher T. Wilson – President, Faireharbour Strata NW 649
We’ve been so happy with our beautiful new space and have such a feeling of contentment every time I walk in the door now, when I see our “new” house. We were also very appreciative of your flexibility in managing the expense of unforeseen items. We’ve had nothing but enthusiastic, glowing reactions from everyone who has seen the work and have already recommended reVision to a few friends who are planning renovations of their own.
Thanks for the follow up. Happy to report that all is well and our family is enjoying our home very much. There is always lots of compliments whenever we have guests over.
We are enjoying the house and have received dozens of compliments with the way things turned out. I especially like showing people the before and after pictures of our house. What was once the ugliest house on the street is now the best looking one.
The overall organization and speed at which the project has progressed has been wonderful….we love the transformation we are seeing in our home. Thank you!