2012 Was My First Full Year Of Child Care, So How Exactly Do Taxes Work?

[MaritimeMummy]

So, I started home day care in September of 2011, only 1-2 days a week, for only one child. I was paid with no paper trail, no receipts, so it was not claimed on taxes.

This is my first year that I am actually claiming. My income from child care is very low, actually just under $9,000 for the entire year.

I have no idea how much i should have been taking off for myself for taxes. So, now I have no idea what to expect when it comes time to pay in.

Someone told me that I have to make over $20,000 before I have to pay anything in? I have no idea. That would be great if it were true!

I am in Canada, I expect that will make a difference with responses.

[TomCopeland]

New provider

So, I started home day care in September of 2011, only 1-2 days a week, for only one child. I was paid with no paper trail, no receipts, so it was not claimed on taxes.

This is my first year that I am actually claiming. My income from child care is very low, actually just under $9,000 for the entire year.

I have no idea how much i should have been taking off for myself for taxes. So, now I have no idea what to expect when it comes time to pay in.

Someone told me that I have to make over $20,000 before I have to pay anything in? I have no idea. That would be great if it were true!

I am in Canada, I expect that will make a difference with responses.

I don't know Canadian tax rules, so I can't answer your question. Sorry.

[Meyou]

Search for the home daycare provider section on the Revenue Canada website. It tells you everything you need to know.

[Blackcat31]

Search for the home daycare provider section on the Revenue Canada website. It tells you everything you need to know.

http://www.cra-arc.gc.ca/formspubs/tpcs/dycr-eng.html

[Meyou]

http://www.cra-arc.gc.ca/formspubs/tpcs/dycr-eng.html

Now I feel lazy, BC!

[dEHmom]

So, I started home day care in September of 2011, only 1-2 days a week, for only one child. I was paid with no paper trail, no receipts, so it was not claimed on taxes.

This is my first year that I am actually claiming. My income from child care is very low, actually just under $9,000 for the entire year.

I have no idea how much i should have been taking off for myself for taxes. So, now I have no idea what to expect when it comes time to pay in.

Someone told me that I have to make over $20,000 before I have to pay anything in? I have no idea. That would be great if it were true!

I am in Canada, I expect that will make a difference with responses.

Each province is different in terms of the amounts. Usually though it is around 10, 000 which is non taxable. But in MB at 10, 000 you would pay roughly 375 into CPP. By the time you make your deductions if you haven't already (food, water, hydro, phone, etc) you'll likely have no income to claim. On average, 25 000 income before deductions (in my province) easily is deducted to under 10, 000. And I believe in my province if you make 8000 or less you don't pay anything at all not even cpp.

Feel free to pm me if you like I can help you out