Some tax saving strategies in real estate

• There are no structural changes done for income generation

• There is no capital tax deduction on the secondary suite (You cannot write off the cost to build the suite)

If one or any of these criteria are not met, then, upon sale, the secondary suite portion of the property will be taxable. You can only claim some expenses if you rent a part of the property. If the basement apartment is 1/3 the size of the property, you can claim 1/3 of the utilities, mortgage interest, property taxes, insurance, etc.

Buy a rental property. Let’s assume that you have $100,000 saved up as a downpayment to buy an investment property and that your principal residence has a remaining mortgage of $400,000. It’s better to use the $100,000 to pay down your principal residence’s mortgage and then borrow $100,000 from the property for investment. You must set up a Home Equity Line Of Credit (HELOC) on the principal residence to borrow. The interest paid on the HELOC is tax deductible. With an investment property, an investor can write off the interest on the mortgage, rental insurance, some legal costs to purchase the property, property taxes, and other related expenses.

Split your rental income. If you are in a high tax bracket, consider splitting your rental income with your spouse or adult child. The party with the lower income must be actively involved in the day-to-day activities of the rental property. Some duties include bookkeeping, communicating with tenants, and col- lecting and depositing rent.

Claiming an expense on a rental property. There are two types of expenses, and they are called operating and capital expenses. Operating expenses are expenses incurred in the day-to-day operation such as accounting fees, maintenance, minor repairs, management fees, etc. Capital expenses are called capital improvements. For example, when you install a new roof. You can claim Capital Cost Allowance (CCA) and deduct the cost over time.

Claiming a rental loss for the property. When the gross rental income is lower than the rental expense for the year, that is known as a rental loss. You cannot claim rental loss when you rent the property to a family or friend below fair market rent. If a tenant has been living in the property for a long time and the rent is lower than reasonable market rent, that loss can be considered a rental loss. Rental losses that originated from a tenant who failed to pay rent are also tax deductible.

There are many more tax-saving ventures available. The government of Canada website, www.canada.ca, is resourceful. You cannot claim your labor and services in real estate, and it is better to use the services of a professional. I recommend finding an accountant who specializes in real estate taxation. The accountant’s fees are tax deductible.

7 Chores Kids Can Do In The Garden

Gardening is an ideal opportunity to learn, observe nature and develop a sense of responsibility. Include your children in your gardening activities by having them take care of these seven tasks.

1. Planting seeds. From designing the plot to planting the seeds, these steps can be the beginning of a great adventure.

2. Digging holes. This task is an opportunity for your kids to learn how to use gardening tools. They can also just use their hands.

3. Composting. Although it’s recommended to keep dead leaves on the ground to make the most of their benefits, adding them to a compost pile is also an excellent initiative for your kids.

4. Harvesting. Harvesting helps your children understand where their food comes from and teaches them to recognize when a fruit or vegetable is ripe enough to be picked.

5. Weeding. Using gardening gloves or a tool to pull weeds can be a fun activity. You can add to their enthusiasm by rewarding them for each weed they remove.

6. Watering. It only takes a quick lesson to teach a child how to correctly water various plants.

7. Spreading mulch. Your youngest will have a great time spreading mulch with their hands. It’s also an excellent opportunity for your older children to learn to use a rake.

There are loads of ways for your children to help you in the garden. Just be sure to assign them age-appropriate responsibilities.

Refresh your deck: paint or stain?

Are you building a new wooden deck? Do you want to rejuvenate the one you already have with a few brush strokes? If you’re undecided between painting and staining, this information could help you make the right decision.

Stain

Stain preserves the natural appearance of the wood, regardless of its level of opacity. Plus, you can choose from a variety of different colours. The more transparent the stain, the more pronounced the knots and wood grain patterns. If you go for a milkier option, you can hide some imperfections. Stain doesn’t flake, but it can change shade over time.

Paint

Paint is ideal if you like bold colours. You can choose a hue that works perfectly with your decor. Latex paint comes in particularly rich, vibrant shades. Be aware that some paints require you to use a primer to seal the wood.

Ultimately, the choice between stain and paint comes down to a question of preference. Consider the results you hope to achieve, and then find out which techniques will help you get the best outcome from your selected product.

How to choose a pair of pruning shears

You may need to do some pruning to keep your plants healthy or change their appearance. If so, you’ll need a good pair of pruning shears. Equipped with a sharp convex blade and a concave support blade, they’re a must-have tool for every gardener. Here are a few tips on how to find a pair that suits your needs.

Features

Pruning shears come in several types, with prices ranging from $20 to over $100. The blades are typically made of stainless steel. However, the shape can vary depending on the type of plant you’re cutting. First, determine the diameter of the branches or stems you’ll be trimming. This will allow you to narrow down your choices. The cutting capacity is usually indicated on the product packaging.

You’ll notice that most pruning shears have springs between the handles to reduce the workload and minimize hand fatigue. Many models also have safety latches to lock the blade when the tool isn’t in use. This mechanism is essential if you have young children.

Some models have non-slip handles, which reduce the risk of injury when you’re cutting, especially if the plants are wet. If you have arthritis or compromised fine motor skills, look for an ergonomic model to prevent discomfort while you’re gardening.

Happy shopping!

HOW TO PLAY :

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Each 3x3 box is outlined with a darker line. You already have a few numbers to get you started. Remember: You must not repeat the numbers 1 through 9 in the same line, column, or

WEEK OF APRIL 9 TO APRIL 15, 2023

The luckiest signs this week: CAPRICORN, AQUARIUS AND PISCES

ARIES

You’ll feel deeply inclined to take a trip abroad or explore your local area. Some people could make it difficult if you’ve planned to go on this adventure with a group.

TAURUS

Some people will abuse your generosity. Fortunately, your outspoken nature will ensure the record is set straight so you can get the respect you deserve.

GEMINI

You must prepare for a negotiation. Whether for work or to make a significant acquisition, you must gather the necessary information. This will require much patience.

Cancer

This is an excellent week to resolve conflicts and wrongdoings. You’ll get your way. You’ll also have to consider various details to regain harmony around you.

LEO

Buying a property requires time and money. It’s a very profitable project that will help you gain selfesteem. You’ll feel a great deal of pride for this accomplishment. This isn’t some thing everyone can do.

VIRGO

You’ll enjoy beautiful moments with your family this week. You’ll have to work on a project with your loved ones, such as moving homes because of a new job. You may also be told about a birth.

LIBRA

Spring is in the air, and you’re ready to spoil yourself, especially with a new wardrobe. Your social life will be in full bloom. You have several outings planned.

SCORPIO

You have to look at home renovations as an investment. Emotional sharing is essential to a harmonious married life. Don’t lend money to a friend to keep the relationship cordial.

SAGITTARIUS

You’ll have a burst of energy, allowing you to undertake several initiatives. Each one will be more exciting than the last, despite certain time restrictions or a particular financial situation.

CAPRICORN

If you don’t take the time to relax, you may find yourself under a lot of stress. Try to adopt a more spiritual lifestyle that aligns with your values to regain your sense of wellbeing.

Aquarius

Although you tend to be shy and discreet, you’ll be in good company this week. You could be in charge of an important meeting at work or a family get-together.

Pisces

You’ll be entitled to a promotion at work. If you’re looking for a job, you’ll land one with good prospects and quick advancement.