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  1. #1

    Buying private daycare with 14 kids and more. Question for expense write-off/deductib

    Hi,
    There an daycare on sale with currently 14 kids and we would like to buy it. I live in Montreal, QC.

    I got some question regarding expense write-off and tax deduction.
    I was reading the Revenue Canada and also the Revenue canada.

    For the Revenue Canada, i only see Home daycare. not a commercial daycare with more then 5 kids. Does this apply to my daycare for expense I can deduct since it only mention Home Daycare. Mine is not in an home, but in an office building.
    https://www.canada.ca/en/revenue-age...your-home.html

    Revenue Quebec for small business mention i can do some deduction expense:
    https://www.revenuquebec.ca/en/citiz...ting-expenses/

    So i am trying to find out exactly what expense i can deduct/write off.

    Also, they provide me with their financial result. In the financial result, there is no row for expense deduction/write-off, like telephone, electricity, etc..

    I presume for a financial result, you normally put your revenue, all expense and that it.

    thanks!

  2. #2
    Euphoric !
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    CRA's home day care guide allows totally different write offs and tax deductions than it would for a commercial, licensed, day care center. Everything is different.

    You'll need to have proper business records/accounts which are connected to your business name which is registered in your province and has a BIN # - Business identification number. Personally, I'd be interviewing/finding an accountant/book-keeper and asking them. Odd are you'll need their services anyway.

    That's all the help I can offer. This forum is home based day care so none of us will have commerical day care centers. Good luck.

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