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Thread: Tax help

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  1. #1
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    Tax help

    So I'm about to get pretty technical here, I apologize in advance!

    This is my first year doing home day care so I've never done my taxes before. I've been keeping all my receipts and tallying everything, all that fun stuff. So I was checking in with my accountant (again never used her for this, though she did our "regular" taxes last year) and explained that I have all my totals, listed the categories I've been using, etc.. I also told her that I have some idea of the percentages I plan to use (as far as what portion of say, our home insurance, to claim). She wrote back and told me that we'll use the same percentage to claim everything... umm what?

    For anyone who has done it on their own, or has been involved in some capacity... is that right? I want to know if it's a Revenue Canada thing that they'll only allow one percentage, or if my accountant is being lazy... in which case I'm going to try to find someone else...

    I had thought that different categories would have different percentages associated with them, for example:

    Cleaning supplies, use of home and office expenses I imagine can all be claimed as the same amount, based on time used for daycare (40hrs/week,49 weeks/year, 85% sq. footage = 20%)
    Toys, crafts, wipes and clothing supplies should have a higher percent, as they are being used equally between the kids during the week (albeit Saturday and Sunday would be only my kids: 3dck/5, 4 days/week = 43%)
    Groceries I plan on claiming 100% of my total, as I've been using $8/day/child to get the total. I was thinking that my training and criminal record checks should also be claimed 100%, as well as agency fees and child care insurance.

    Thank in advance
    Last edited by 2cuteboys; 02-08-2014 at 04:35 PM.

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