Contrary to popular belief,the average uninformed home owner CAN have a say in their average renovation project and even do it themselves as a way to gain skills and save money.
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It’s challenging enough to try and get the nail straight into the baseboard without hurting yourself, but what many people find just as problematic is staying within budget when it comes to re-painting the house, or installing a deck in the backyard, but also for surprise costs and projects like mold removal. A local Ottawa bookkeeper or accountant can help you organize and realize what can and cannot be written off for different home improvement projects and having this service on your side is an excellent way of saving money and time.
Almost all of your raw materials for your renovation project can be written off and used as tax deductible fodder on your final annual tax return. While you may know this, a professional bookkeeper in Ottawa can make sure this is implemented correctly. Hoarding your receipts and hoping they all come together tax time is not a very good strategy and you can likely write off much more than you think. For example, gas used to haul materials back and forth does count and you should definitely keep those receipts. Also, any expense on contractors or consultants used to implement your design or home improvement goals can certainly be written off as well, so make sure you keep these papers as well.
At PNSA, we like to make it a standard operating procedure to consult an Ottawa accounting service before implementing any bigger renovation projects. We, and we’re thinking the same is with you, want to save every single penny and not give the government or contractors anymore than we’d like. Getting the opinion of a financial expert before undergoing a big job like a basement renovation, or landscaping project can give you an excellent idea for the type of costs you can and cannot write off and the consequences for your end of year tax return.
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