Author Topic: Hello - from Edmonton, Alberta  (Read 281 times)

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Offline nobdyspecial

  • Posts: 5
Hello - from Edmonton, Alberta
« on: September 13, 2020, 03:50 PM »
Good day everyone. I'm thrilled to have finally joined the Festool club.

First tool was a Domino 500 set, with the new CT15 (the price was right on the vac).

A few weeks ago at work, a colleague found out I do woodworking and asked if I could make a set of built-in storage cabinets in her basement. By the time I got to her house to take some preliminary measurements, she now wanted to add on a closet organizer, entertainment center built-in, and possibly a bookcase! (She's also mentioned refinishing her kitchen cabinets, but that's for later.)

This was the impetus for getting the Domino, which I've wanted for a while.
In short order, I'm planning on getting a TS 55, router (either 1010 or 1400), the LR32 system, and maybe, just maybe a conturo (if I think I'll do enough work with laminates to make it worth while.

As I'm about 10-15 years away from retirement, I'm strongly considering building up a small custom cabinet business over the next few years. As I don't need the cash flow from a business right now, the plan is to invest any earnings back into professional quality tools.

Jonathan
Jonathan

TS55, OF1010, Domino DF500 w/TSO Big Foot, Conturo set w/MFT table, MFK 700, Kapex K120, CT15, LR32 kit, 2x FS1400//2-LR32 rails, FS1400/2, custom 7' x 3.5' MFT style table

Offline ChuckM

  • Posts: 2785
Re: Hello - from Edmonton, Alberta
« Reply #1 on: September 13, 2020, 04:05 PM »
Consider registering for a GST account so you can charge your future clients sales taxes, and run it as a small side business (provided it isn't in conflict with the terms of of your day-time employment).

Benefits?

You can buy your tools and claim tax deductions (CCA) against your revenue. The GST you pay on purchases are input tax credits, too. Consult an accountant if you decide to go down this path.

Of course, you can still run a small business, buy tools and enjoy the tax benefits without having a GST account, but collecting and remitting taxes makes it more business-like just in case a tax audit is done on you.
« Last Edit: September 13, 2020, 04:12 PM by ChuckM »