Taxes?

[auntiem26]

Ok, so I'm sure this question has been asked a million times before, and I did scroll through, but dint really find what I was looking for.

I'm new at doing home daycare, and have no idea how to do my taxes in Ontario. Any help would be very much appreciated! Am I supposed to send in the instalments, or just wait until April?? I'm a little confused!

[mickyc]

I personally think the best thing to do is to find a good accountant with experience in home daycare's. I give my accountant all my totals in February and he sends it all it. I then pay CRA what I owe. I usually just make monthly payments as I never seem to save up enough to pay in full. They don't charge much in interest so that is good!

[playfelt]

Go to the revenue Canada site and in the brochures section there is one called using your home for daycare. It lists the things that you can deduct. Unless you make a crazy amount of money you won't need to pay by installments and will just claim in April.