How to get the most out of your MicroFIT contract

Capitalize, capitalize, capitalize.

No, I don't mean your sentences. I mean your investment. MicroFIT income is taxable personal business income. That means you pay income tax on your MicroFIT income at your highest marginal rate. That's bad and may take a large chunk out of your MicroFIT benefit. But you can fight back:

If the income is business income, then the cost is a business cost. Your investment in your MicroFIT system is a capital expense that generates business income. You can write off your entire investment, over time, against the income. It's called 'depreciation' or, in Canada Revenue Agency language, Capital Cost Allowance (CCA). Every year you can take a portion of your initial investment and deduct it from your income at tax time, thus pay less tax. And that's a good thing. Right?

We're not tax accountants here at Generation Solar, but we want you to get the most benefit you can. Talk to a tax adviser for a full understanding on how it would benefit your particular situation. Be sure to *include* the total system cost, utility connection cost, in the CCA calculation.

And don't forget to deduct any system operating costs (maintenance, service calls, additional insurance costs, etc.) from MicroFIT revenues on an ongoing basis.

If you get yourself an HST number you can claim back the HST on all system costs. If not, then HST can be included in the CCA calculations, too. Note: Getting an HST number will allow you to maximize the return on your MicroFIT investment.

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It has been a great pleasure working with you, the project has gone very smoothly. We are very pleased and we look forward to continuing our relationship with you over the next 20 years as we generate power.
I was a great relief to find Generation Solar, after having numerous unpleasant dealings with my initial installer. Their responsiveness and professionalism were top notch. They represented me in dealings with my equipment manufacturer over a warranty issue and produced results that I don't feel I could have on my own. Most importantly, they did what they said they would and kept me informed every step of the way. I would not hesitate recommending Generation Solar and look forward to a continued relationship with them.
I just wanted to let you know how pleased we are with the system you and your team installed. Things have been running great. Checking the inverter for the daily output has been part of my routine, and I enjoy counting the kW. Thanks so much for all the work, professionalism and guidance on this project. You and your team are great.
Wanted you to know that Jackson and Geordie were Amazing and very helpful, hard working in the heat. They did an Awesome job and were very tidy, a hot weather bonus is probably in order though they did say they love working for you.

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