What can I expect to be paying out each month for various expenses? I'm trying to work out how may kids I need to take in order to cover expenses and still earn enough to be comfortable/cover living costs. Thanks!
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What can I expect to be paying out each month for various expenses? I'm trying to work out how may kids I need to take in order to cover expenses and still earn enough to be comfortable/cover living costs. Thanks!
Check provincial regs because most are limited between 6 and 4 children and some provinces, that includes your own.
I provide food, milk and I find my expenses average about $8 per child, per day. That include all day heat, we not have water bill because we on well, property tax, insurance, maintenance, food, toys and crafts.
I was actually coming onto this board to ask the same question! Approximately how much per day or week do you spend on operational costs?
Anyone else want to share?
Insurance 150 a month, food 500, crafts 100, monthly replacements 10 a month per child, steam cleaning 25 a month, and about 500 a year for things like a new stroller a year. then the increase to hydro water ect thats about 100 a month, 50 a week for house cleaning
What about paying taxes? Do you pay at the end of the year or save a little each month/make contributions throughout the year?Quote:
Originally Posted by 33 Daiseys
SElf employed pay end of year. Set aside income from one child and it should be plenty. When you do your tax return, it tell you what you owe for CPP, taxes and EI if you opted in to EI. Pay when you submit tax return.Quote:
Originally Posted by Britishmum
Just curious 33 daiseys...do you write-off 50.00 a week for housecleaning? and 25 a month for steam cleaning?
I have a cleaner too and my accountant says I am only entitled to write off the portion of the house used for daycare, so he only uses a portion of my weekly bill based on the square footage of daycare space.
I'm also curious to know what you have steam cleaned monthly :)
ok...so if I am understanding this correctly....at 50.00 a week....that's 2,600 dollars a year....and one can write of a portion of that?
Suzie-Homemaker....could you define "maintenance" for me....I just want to ensure I am not missing out on any write-offs...thx
@sandylynn-"maintenance/repairs" could be 100% writeoff if it pertains to daycare space only ie. painting or drywall repair/replacing gates/safety locks/replacing lightbulbs/fire alarm or fire extinguishers in daycare room/any damage or repairs done to daycare room/replacing broken blinds/I write off mulch around my climber, as it's for safety reasons/caulking/bee spray/winter shovel/ice melter/plumbing parts for daycare only bathroom etc. The other maintenance costs pertaining to your whole home will be based on a percent of your total home repairs. It depends on how many square feet you use for daycare versus home, and your operating hours, how many days a week you work etc. You can find the calculation on the CRA website.
I have a cleaner come in every Saturday morningto clean all of the toys. And the last saturday of the months she steam cleans the 6 carpets that are in he daycare and pulls up and wipes down all of my interlocking mats.
I have a second cleaner that comes every Monday to clean the 2 upper floors. I don't claim her expences.
I wait until I get my assessment then pay it off in March and April.
I write off the whole thing as she only cleans the day care space.Quote:
Originally Posted by sandylynn
Maintenance is anything you have repair during year. But it claimed as same percentage you claim for utilities etc. based on being shared space for family and daycare use. So if I paint room, I claim my percentage for paint but not my labour. If driveway re-sealed, same percentage claim. If central air vents cleaned out, same percentage. If carpet steam cleaned, same percentage. If deck stained or rotten handrail replaced, same percentage. Literally any household maintenance can be claimed as percentage due to higher wear and tear on home from daycare. Just need make sure you have receipt showing total cost of paint, deck material, deck stain, carpet clean company. Cannot claim upgrades or renos as that not maintaining what was there but replacing with better and likely increasing value of asset (family home).Quote:
Originally Posted by sandylynn
I should maybe clarify - I not have dedicated daycare space. All my house is shared space except my own bedroom which private space. If I had dedicated daycare space, I could claim 100% of maintenance in dedicated day care room as never use by family and solely for daycare so all damages/maintenance would be 100% daycare cost.
Because my space is all shared, I only able claim my normal percentage because family and daycare benefiting from maintenance of shared space.