Hey, just wondering if it's necessary to formally register my home daycare as a business with a business #. Have any of you registered yours? Thanks!
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Hey, just wondering if it's necessary to formally register my home daycare as a business with a business #. Have any of you registered yours? Thanks!
Google for the link, we all do the research and print out the receipt for our taxes. It's only Ontario I think that has the BIN, but I'm not positive.
Unless you are giving your daycare a name like Happy Kids Home Daycare or such you do not need to register your daycare as a business. While some have said they can use the number for taxes others have said no. Remember it is a BN you are looking for and not the BIN. BIN is for a business that imports supplies and collects HST.
I registered my business name and recieved a BIN #, not a BN # and I definitely do not import goods are pay HST! Maybe this is backwards?Quote:
Originally Posted by playfelt
Sorry yes got them backwards. The BN is from the federal governement and is only needed by business that import, export or collect GST/HST.
The BIN is from theOntario provincial government and used only when communicating with the Ontario government which is why Revenue Canada will tell you that they won't accept it and want the SIN on the receipts. There have been conflicting reports on that too as to whether we have to include it or not or if parents can claim without.
We had the HST for 2 years and after much protest our provincial government went back to the PST/GST system. What rate is the HST at?
GST is 5% and PST is 8% so in Ontario HST is 13%
Each province has different rates. I am guessing you are in BC because I used to charge HST 12% on sales of my felt products to BC but heard as of April that it will be only GST 5% I will have to charge as I don't charge the provincial portion when I ship out of province except for HST provinces.
Good thing about daycare is that we don't have to charge GST/HST on our daycare services.
Yes, I'm soooo thankful!
Thanks for all of the advice,,, I have named my daycare,,, but I heard that if the parents give you a cheque they can just put your personal name and you don't have to register- is that correct?
If you are using a name for your daycare for advertising, etc, then you do need to register. I have a name and I registered it, but I still get parents to make cheques out to just my name, not my daycare name because I don't have a business account.
Quote:
Originally Posted by Fearlessbaby
Unless you are opening a bank account in the name of the business you will need the cheques made out to your personally rather than the daycare name to be able to deposit them.Quote:
Originally Posted by Fearlessbaby
I have the same question myself.
I also have a registered business name but parents pay me personally. I just wanted to be able to secure a super cool name ha ha!