Taxes

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!

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.

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.

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.

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

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?