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Yes. I am a private in home daycare. I completely recommend getting a good accountant to help you out.

Side note: I do have a registered business name but that has nothing to do with my...

depends on what you make and what your deductions end up being. There are tons of things you can deduct. Keep all receipts and claim it all!

For myself I claim 50% of my hydro, water, food,...

I give out receipts at the end of the year or when a family leaves. All money you receive needs to be claimed. Then you calculate what you owe at income tax time. I suggest getting a good...