Taxes

[mom123]

Hi everyone. This is my first year as a daycare owner. My question is about how much percent do you save to pay taxes? It's 20% of your monthly income enough?
Thanks in advance!

[Suzie_Homemaker]

I ave 20%. Income from one of my 5 saved in separate account. It always been enough for me for tax and CPP. I not opted in for EI so that would be more.

[mickyc]

For me I had way more expenses my first year than my income so I didn't worry about it too much. My accountant told me what to expect for future years and he has been bang on. My best advice is get a good accountant that knows daycare and save ALL receipts and claim everything you can.

[Meimei]

A good friend of mine does my taxes and he breaks down to me my budget for the year on a monthly basis. He also tells me that I need to save "$X" every 3 months to pay my taxes in instalments because the government always want your money in advance.

My advice is to go seek professional help.

[RoseMomof2boys]

depending on your income best to put aside at least 20-30% to pay for taxes at the end of the year

[babydom]

Is that 20%-30% a mth? Is it safe if u put away one wks pay every mth and live off the other 3 wks per mth?