Ontario Tax Information

[LittleD]

Where can I find out what things I can write off, and formulas for my income taxes in Ontario Canada? I'm allowed to claim so much for meals and snacks, but I can't find out how much. (among other things|)

[TomCopeland]

Canada

Sorry, I can't help you with this question. I don't know the tax rules for Canada.

[LittleD]

I thought I'd ask in case you or some one else had an answer for me. Thanks for replying though!

[godiva83]

Hi there, my Husband is looking in to this for me also- so whatever we find out I will post or PM you

[DJV]

I've been doing my daycare taxes for over 20 years now. I save every single receipt from everything I buy/spend and go over them at tax time. I separate by groceries, home improvements, kids supplies/toys, mortgage interest, gas, electricity, car insurance, gas for car, home insurance, cable/phone/internet, pretty well anything that is used for child care in any way, shape or form. Once I have all my totals I take it to the accountant who does all the "official" stuff for me. I claim every penny of my income because I have a very healthy fear of the tax man! Depending on how many children you take in and how many family members live in the home, you can take a percentage of everything and write it off. I have never submitted on my own because I feel much more secure in having an accountant's "stamp of approval" on my return so to speak.

[Unregistered]

Ontario taxes

I do the same as above, i am in ontario. I was told it is not reccomended to use formulas for meal amounts, but to use actual receipts. I have separate grocery receipts, and also write off part of my home expenses. i write off bus tickets for our field trips, all toys, crafts and birthday presents/christmas presents for children. it is best to have different headings, such as equipment, stationary, field trips, food, toys/crafts and then add up the mortgage payments, and utilities separatly, they will decide how much percentage to use. Hope this helps at all, where is ontario are you, maybe we can correspond? I am in Mississauga.

[countrymom]

if you punch it up on google it should come up. The only thing I don't know is the percentage of things. I do know art supplies and toys are 100percent, food is a percentage, so save your receipts. Oh don't forget your house bills too.

[godiva83]

My lovely hubby hasn't come up with too much, just what was posted above.
He believes you can write off no more than 25% of your household bills ( mortgage, utilities) based on the sq.footage of your daycare space- only used for daycare.
I also will be using an accountant as this is my first year filing as a home daycare.
A friend just said it is better to file as a 'babysitter' instead of home daycare. Taxes are cheaper and you still get all the same write offs??? Anyone hear that also.
Finally, is anyone signed up for self employed EI or know anything about it? I am hoping to get pregnant in November and take a year off for Mat. Leave- if I pay into it I am entitled to the standard 52 weeks
Of mat leave pay.

[countrymom]

My lovely hubby hasn't come up with too much, just what was posted above.
He believes you can write off no more than 25% of your household bills ( mortgage, utilities) based on the sq.footage of your daycare space- only used for daycare.
I also will be using an accountant as this is my first year filing as a home daycare.
A friend just said it is better to file as a 'babysitter' instead of home daycare. Taxes are cheaper and you still get all the same write offs??? Anyone hear that also.
Finally, is anyone signed up for self employed EI or know anything about it? I am hoping to get pregnant in November and take a year off for Mat. Leave- if I pay into it I am entitled to the standard 52 weeks
Of mat leave pay.

no, your friend is wrong. A babysitter and home daycare are different. Acually its better to claim as a home daycare because of the write offs. First and foremost you need to know how much daycare space you use and the hours, remember anything over 24 hours a day you need to charge parents hst. If I have a chance I'll see if I can find my tax papers and see the stuff. As for the ei, I have no idea, I'm done having kids (I have 4)

[countrymom]

http://www.cra-arc.gc.ca/tx/bsnss/tpcs/dycr/menu-eng.html

http://www.bpgroup.ca/pdf/new/Tax%20Guide%20for%20Home%20Child%20Care%20Providers-2010.pdf

[godiva83]

Thanks so much Countrymom, glad you caught that for me come tax time it will be very appreciated.