HELP - CANT FIND ACCOUNTANT Ottawa region

[playfelt]

For stuff you buy that will last a long time such as a playpen or a climber for the yard you put that down under Capital Cost Allowance and again there is a form. You put in the amount, find the catagory it belongs to - mostly 8 for our stuff so that is 20% per year but only based on half the first year but again you just do what the boxes on the chart say - take 50% of box C , add Box C +D or whatever and the number at the end is the amount you claim this year and the amount left is the amount you start with next year.

Mostly it comes down to not gettting overworked and frustrated to start and then just going slowly through the whole package. I realize though that if you have not ever done your personal taxes either and had an accountant do them that now adding the business part onto the process can seem daunting. Think of the taxes as two parts. The first part is filling out the T2125 form which is for your daycare and does all of your daycare expenses and really on the whole page you only usually fill out about 10 lines as our food, craft supplies, household supplies, toys, all go down under supplies and yes that can be $10,000 or more on that line alone. The business use of home is a separate place to fill out but again you just add up your bills - what you paid for heating, sewer, water, etc. and put the numbers on the lines and follow the amounts.

Start by downloading the form from the revenue canada site and take a look at it and try filling it out to see how easy it is or where you get stuck. Maybe we can help you with what to put where. And in the grand scheme of things if you put something like a box of paper down under office instead of supplies but use the paper half and half for crafts it doesn't really matter because all the numbers just get added at the bottom of the page so as long as the amount is there somewhere you will get credit for the deduction.