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Thread: Taxes?

  1. #1
    Shy
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    Taxes?

    Hi everyone!

    I'm very seriously considering opening a home daycare, but I have no idea how to do my taxes properly.
    Do I set money aside every month?

    Thanks for the help!!!

  2. #2
    Expansive...
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    Canada Revenue Agency has a document that lays everything out...

    http://www.cra-arc.gc.ca/E/pub/tg/p134/p134-12e.pdf

    I am also putting into savings every month the amount equivalent to one child's monthly daycare payments, though I know other people do different amounts. This will cover any income taxes that may be owed at tax time, as well as having money for my general savings account.

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  4. #3
    Euphoric !
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    I would like to make quarterly payments if possible just so it doesn't seem like such a big blow at the end of the year. Anyone know how to do this?

  5. #4
    Shy
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    I think this is how do instalments......
    http://www.cra-arc.gc.ca/instalments

  6. #5
    Euphoric !
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    You would do better to just save up the money till you need it in April as the installments are often larger than what you will pay and then you have to wait till April to get the extra back in rebate. Also it is very difficult in our business with the variance in kids in care and expenses so you would have to do the paperwork more often. It isn't something I would be rushing out to do if I didn't have to. Most people end up paying less than $5000 in taxes and CPP at tax time so consider saving about that amount.

    One of the best ways to save any extra is to complete a tax return in January as soon as the year finishes. Then you will have an idea if you owe any more than you have saved and will have from Jan to Apr to save the extra and then file at the last minute.

  7. #6
    Starting to feel at home...
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    I pay every 3 months as this is what the federal government wants if you owe money. When you file your tax return they will bill you quarterly if you owe above their set amount. This way makes it easier for me. If you want to pay every 3 months and the federal government has not sent you a bill, call Revenue Canada and they will send you a blank form to fill out and pay at the bank.

  8. #7
    Starting to feel at home...
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    I have never paid installments and the government has never asked that I do. Until they do I just save a set amount each month. I pay about 2400 a year.
    Last edited by mamabear; 05-27-2013 at 04:32 PM. Reason: too many typos

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