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Hi,
We are moving out of the province and I need to close my daycare in March. Parents already informed so wverything is fine on that end. However, I'm not sure if there's anything I need to do in regards to the business..
I'd appreciate any advice. Thanks! :)
If you had registered your daycare as a business then you might what to look into weather or not you have to unregistered. But I am not sure.
Other then that as far as I know you don't need to do anything.
Have you thought of checking out daycares in your area to refer your clients to? When I opened I was blessed with 2 boys from the same daycare. The rest were too young for my ratios but it could be amazing to keep playmates together, easier transition for all.
Some of your issues will come then end of the year when you are doing taxes. Basically you will need to do them separately for the months you were in each place and then add them together to get a total which is the easiest. Meaning keep everything from now till March till you decide if you need it from a reeipt standpoint.
Try to have something in writing such as the letter sent to all parents informing them of the last day of daycare as you will need that for figuring out number of days of daycare for the year since you won't be claiming the time from closing till starting first client in new city.
Anything you had claimed to your daycare that you are going to sell before moving rather than move it with you will need to come off the capital cost allowance if large and claimed there such as playground equipment or sale of item is claimed as income in the year you sell it as the money earned belongs now to the daycare.
Also look into the moving expenses and realize that you can claim some of those costs - especially the cost of moving all of your stuff to the new city.
Hubby is military and I have moved my entire daycare a few times much to the chagrin of the packers/movers.
Thanks everyone!