Question about cheques

[playfelt]

My felt business is registered because the BIN is also my GST/HST number for collecting and remitting taxes. My daycare is not registered since Revenue Canada has not been as open about home based businesses in the past. Now it is much more commonplace rather than the exception and things have been opened up to us too such as registering without all of the other options being a necessity. Will I bother for the 5-6 more years I am likely to be doing this not sure. That is about how long the license would last. Again using a SIN number wasn't something that was considered an issue years ago either and it was asked for by many places that are no longer allowed to use it which is pretty much everyone. It was what we used for ID.

[Momof4]

Congrats on getting clients lined up. It looks like you are going to be a great success.

All my daycare parents pay in cash and I make up receipts for them. At the end of the year I give them their receipts and nobody has ever asked me for my SIN. You don't have to worry about a special bank account at all and if parents want to write a cheque they can write it to your name. As long as you are making up the receipts and claiming your income that's all you have to do. Keep all your receipts for all your expenses, including all the things you buy at yard sales, etc. because they are all deductions.

[dodge__driver11]

no I do not parents write a memo on thier cheques for daycare cost, and as reggio said it is just not worth it.

[michellesmunchkins]

I don't even accept cheques for payments anymore (except for one family who refuses to follow what I have laid out in my policies, ugh). For me, by the time they 'get around' to actually giving me the cheque its a few days into the week, then by the time I can get to the bank its the end of the week, followed by a 5-10 day business hold on the cheque. By the time I find out if its bounced or not its 3 weeks later, and a costly hassle to get the payment out of the parents by then. It was too frustrating..so I changed my policies to cash or email money transfer only for payments. So far, all my families are good about that (again, except the one). This was also before I started taking a weeks deposit too so families were always behind in payments while waiting for cheques to clear.

[kidlove]

Although I am in the US I'm sure your banking works similar. I was "stupid" and when a parent asked if they could write out their checks to my day care...I said yes. Here's why I felt it wasn't a good choice. I do not do all my bill paying and purchasing separately (business/personal) as the others have said, this business is too small...so when i shop, it all goes together, bus. and personal. therefore I use my personal checking/debit acct. soooo, when parents pay my day care....(check made out to business rather than my name) I have to deposit it into my business acct first then immediately transfer to my personal acct. pain in the butt. If I were you, I would ask parents (if writing a check) to make it out to you rather than your business, and save the hassle. just my opinion.

[MonkeyPrincess]

I don't accept cheques. I deal in cash only. I also strictly request payment weekly, paid on the last day that the child attends. There are clauses in my contract that state such. I can't be bothered to go to the bank every week and i don't want to deal with NSF and post dated cheques. I tell them cash only and thats that.