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  1. #11
    Euphoric !
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    Sep 2013
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    I receive the cash/cheque before the child starts. I cash it than (most parents usually pay the first 2 weeks plus the deposit at the same time so it's only one cheque in most cases) I am correct in claiming it for that year right, not when the child leaves? I can't imagine hanging on to a cheque for up to 4 years anyways? That seems odd. Parents could cancel that account in that time and forget all about that cheque (probably unlikely but could happen?? lol)

    This is also my first year in charging a deposit (I might have done it a bit the year prior, I can't remember when I introduced my deposit fee) so I never really gave it much thought in regard to when I should claim it.

  2. #12
    Euphoric !
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    Don't hang on to the cheque. You cash the cheque. But the receipt for first year will just include the part that is first 2 weeks pay. If your deposit comes off last week of care, then that part of the cheque you declare as income in the final year.

    You take the cash/cash the cheque but don't have to declare it until it's earned.

    I will try and find the CRA self-employed rules. I will ask my book lady if I can;t find it

    EDIT - I found it. T4002 Business and Professional Income 2014 http://www.cra-arc.gc.ca/E/pub/tg/t4...html#P132_4667

    Accrual method

    In most cases, self-employed individuals report their business income using the accrual method of accounting. With this method, you:

    report your income in the fiscal period you earn it, regardless of when you receive the income; and
    deduct expenses in the fiscal period you incur them, whether you paid them in that period or not. Incur usually means you either paid or will have to pay the expense.
    Income from professional activities is business income. Therefore, you report it using the accrual method.
    Last edited by Suzie_Homemaker; 02-08-2015 at 08:19 PM.

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