Old school accounting:)

Saving up for an awesome accounting program like some of you have mentioned but, in the meantime, I am logging everything in a ledger style book...and have been remiss of late. Well, to be honest, other than faithfully enterring my Paid In's...I hadn't even faced the box of receipts/bills to log them. Well, I set a goal of bonding with my new teapot and box 'O' receipts...and 'Tada!' DONE!
Need a refresher...I can claim percentages of: House Insurance, Heat, Electricity, Water. Here's where the old brain gets foggy...what do I get to claim Mortgage related...the interest, right? And just a percentage? And Re: Car...I didn't claim any car related expenses last year as I didn't use it. This year, about once a month I transported my 1 'late pick up' child with me...since it's a rare occasion...do I bother claiming.
Also, could use the Rev Can link pretty please:)

Ah ~ I am guilty this year too ... I have recorded all my revenue coming in but my receipts are all sitting in their envelopes waiting to be recorded too at this point I am just going to wait until a cold icky day in January and get it all done than!

Mortage wise my understanding is that it is the shared use of home equation ... aka the square footage of your home / the square footage used for daycare X the number of days in a year / number of days you are open x 24 hours in a day / number of hours you are open = % you may write off on the MORTGAGE INTEREST AND PROPERTY TAX paid for 2012 only.

As for the car ~ depends on if you like doing math or are using a program that does it for you if it is worth it to you ... every $1 in legitimate expense you can find lowers your taxes paid by at least $0.20 cents ;)

Here is the Daycare in your Home link ...

http://www.cra-arc.gc.ca/tx/bsnss/tp.../menu-eng.html

I am behind in my expense receipts too, they are all in the book, just not entered in my ledger yet. Probably will end up being a Christmas break project.

Inputting receipts is one of those things I usually start sometime over Christmas when I get a break and promise to have it all done by end of January as well as have new year all up to date so I don't have this issue the following year and every December/January is the same....maybe this will be the year things are different.

ops me too! that box need my attention. I am old school too, just using ledgers and arranging receipts to food, office supplies, toys, craft supplies, etc.

I might end up spending christmas break facing those receipts.

I use square footage of my daycare, percentage of what we use in the home. I guess that is what Quicktax do for youu?Enter number of rooms used: living room, basement, mud room, etc?

Best of luck everyone, we tend to lag behind these paperwork!

My one advantage is because of my other felt business I do have the receipts in three month packages so nicer to only deal with 3 months at a time. I have to do this so that I can determine the HST I have to submit to the governement for my felt - before anyone panics no we do not collect or remit HST on daycare but I do collect it on my felt orders and have to send them a cheque every 3 months.