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I just wonder if I can get some advices on how to get a helpful accounting person with great knowledge on dayhomes bussiness. I need somebody very professional and willing to do all that work for my business.
Thank you for any contact information.
I forgot to mention, i'm in the Calgary area.
Ask your friends, bank manager or any other professional you know for a referral. You can also call a few accounting firms and ask if they have someone familiar with home daycare accounting. It is not a difficult business to account. It will keep your accounting costs down by organizing your receipts for the accountant.
Hi there - I'm not sure where you're located. I'm in Ottawa and there is a super organization here called Child Care Provider's Resource Network - the name pretty much says it all. ;D Do you have a similar organization in your area ? Tthey might be able to forward you to someone. Or even better, if you have a caregiver's association they may offer workshops that teach you how to do your own daycare taxes. I'm relatively new to this field (2 years) and I've done my own taxes both years. It's not hard, the CRA website if fairly clear about what you can claim, and it's not nearly as scary as you might think it is. =) Good luck !
I have a question. Do you need to be a registered business? I am running privately and have not registered yet. Do I need to before tax time?:unsure:
I forgot to mention I'm in the Calgary area. Thank you for your reply
Well I'm running it privately but I just want to have the income from the business separate from my own income..so I'm paying my salary monthly. And then do the taxes separate as well.
Not sure if it is any help but my son is living in Calgary and studied accounting at school. He is working for a company in Calgary in their accounts department. He has only been in Calgary since he graduated in May so won't know a lot of other accountants yet. He has done some work privately before. He might be able to give you suggestions of how to set up your books. He knows daycare from what I do but I am a little confused by your last post in the sense that we don't draw a salary from our business in the sense of how some businesses usually do partly because our personal and business is so intertwined. Mostly whatever you make is your income and then you subtract expenses and pay taxes on whatever is left.
Hi, I don't think you're incorporated, so any income you earn will be yours as a self-employed business, completing the T2151 with your tax return. It's important to collect your revenue and expenses, and to attribute home related expenses to the business. I do this for my wife and my own business. You can get an accounting package but a spreadsheet does the job too.
If you want to track the income and expenses separately from other income then start with an accordion folder to file your paperwork (invoices, receipts, bills).
Jaylup, Check your with your province's legislation: http://www.child.alberta.ca/home/1159.cfm It may depend on the size of your daycare and the services you provide.