Sorry Guys One more question regarding write offs/claimed expenses

Hello, Erinn once more :unsure:

Here's my plan: I am on Mat leave and finishing in June. I want to begin my home daycare at that time. I have started purchasing items now that I need to start up: highchairs, pack & plays, books etc. Because I am technically starting in June of 2013 when can I claim these items for expenses? Would I be saving the receipts for 2013 income tax claims, as I am not operating and on mat leave in 2012? ...A tad confused. Will they let me do this with receipts from now?

Also, If I am operating from 7-7:30 - 5:30 daily and taking on children 4 and under is 40$ a day fair? I would be providing the essentials except diapers and wipes. Again I am in the Ancaster area/Ont

Thanks again guys

Erinn~

Ask away Erin, that is one of the reasons this forum exits! :) I believe you will be able to claim your 2012 purchases on your 2013 tax return since you are not open for operation till 2013. It can be confusing at first so please speak to an accountant and/or there are some daycare providers associations that offer tax seminars for us. I've been to a couple and they are very informative.
Your hours are similar to mine 7:30 - 5:30 and $40.00 is what I have been charging for 3 yrs now. I am thinking of increasing to $42.00 as I have been operating for 7 yrs now and have invested alot into my daycare (quality equipment and meals) and have a good rep. If someone thinks you are charging too much, remind them you do get what you pay for.
I ask my clients to provide diapers, wipes, diaper creams, sunblock, swim diapers and the like.
Stay tuned to this forum and ask lots of questions. I wish I had this forum when I started so I could have been more confident in my operation and policies. I still have learned so much in the short time I have been here. Good luck :star:

Thanks Mimi, I think this forum is fantastic and I appreciate your advice!

Erinn :)

Erinn, What you charge is dependent on what the area is charging. As a newbie, try not to be at the top end, but don't be on the low end either! Check out this website, and put in your postal code to see what others are charging in your area.

If you would like some help, please PM me, and I'll be happy to help you out! I opened a daycare before I had kids, so now will be going on Mat leave. You should have a manual/handbook and a contract ready (at least 3-4 months before you open up). Also have a backbone and don't be afraid to use it!

I started out 3 years ago at $35/day, and run from 7:30-5 p.m., but my clients have contracted hours - so usually 8-4 or 9-5 is what I had. Now my new rates are $40/day for full time clients, and $42/day for part-time clients (2-3 days/week). In our area rates are between $25-40/day. Just depending on location and what you're offering/qualifications!

Thank you Play and Learn! I will look into this and see what my area is charging, You may hear from me as I'm sure I'll have more questions along the way :)

Erinn~

Erinn, I also wouldn't go too crazy on purchasing items for the daycare - wait till you see garage sales, and you'd be surprised what people get rid of!

Like Mimi, I ask parents to provide certain items: Playpen, bedding, extra clothes, diapers, wipes, etc. I do provide cots and booster seats. We don't have a lot of space in our home, so think storage and what you want to see when you're on holidays etc! lol

You think like me, I will also not have alot of space in home. I love mom to mom sales, and I scored some pack & plays and some other things from the Zellers liquidation. I did invest in some storage items that look nice as our family space will be shared. The only thing I have left that I will need is a quad stroller....so expensive :ohmy:

We have a park minutes away that I want to use as much as possible, so the stroller in a necessity for walks etc. Just saving up for that one!

Oh yes, try and get some good quality second hand stuff. Value village, Once upon a time and like P and L said garage sales. Also Keep an eye on Toys r us flyers. Seasonal stuff is greatly reduced and I go to Michaels craft store AFTER the holiday event and pick up craft items for very little for next year.

Definately, and Micheals always has some great coupons! I find deals for my boys on toys r us all the time :)

You are in Ontario as well so check out your local OEYC for its toy lending library options ... honestly why buy and store items that you can BORROW in order to get variety ;)

I didn't even know of it! Thanks Reggio :D I love this forum. After having spent hours upon hours on google looking for the right answers and direction and finding no real answers this site is a life saver*

Thanks people,

Erinn~