Accounting help!

[Monday 2 Friday Mama]

Hi there - I'm not sure where you're located. I'm in Ottawa and there is a super organization here called Child Care Provider's Resource Network - the name pretty much says it all. ;D Do you have a similar organization in your area ? Tthey might be able to forward you to someone. Or even better, if you have a caregiver's association they may offer workshops that teach you how to do your own daycare taxes. I'm relatively new to this field (2 years) and I've done my own taxes both years. It's not hard, the CRA website if fairly clear about what you can claim, and it's not nearly as scary as you might think it is. =) Good luck !

[jaylupa]

I have a question. Do you need to be a registered business? I am running privately and have not registered yet. Do I need to before tax time?

[elipamu]

Well I'm running it privately but I just want to have the income from the business separate from my own income..so I'm paying my salary monthly. And then do the taxes separate as well.

[AllenScantland]

Hi, I don't think you're incorporated, so any income you earn will be yours as a self-employed business, completing the T2151 with your tax return. It's important to collect your revenue and expenses, and to attribute home related expenses to the business. I do this for my wife and my own business. You can get an accounting package but a spreadsheet does the job too.

If you want to track the income and expenses separately from other income then start with an accordion folder to file your paperwork (invoices, receipts, bills).

[AllenScantland]

Jaylup, Check your with your province's legislation: http://www.child.alberta.ca/home/1159.cfm It may depend on the size of your daycare and the services you provide.

[elipamu]

I forgot to mention I'm in the Calgary area. Thank you for your reply