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Opening a dayhome may be a good idea for you if you wish to stay home with your children but still contribute to the family’s income. What more can you ask from your dream job than to finger paint and use glitter on the job? The start-up costs are low and there is always a steady stream of parents looking for childcare for their little angels.

The Alberta government is looking at adding at least 42,500 new licensed child care spaces over the next five years. Funding will be available to help new dayhome owners gain access to professional development and training. Please consult https://www.alberta.ca/federal-provincial-child-care-agreement.aspx for more information about this grant.

Branding:
Beyond the licensing and such, marketing and deciding your branding for your dayhome, your dayhome finances are equally important. Deciding on branding will help you to decide your pricing structure. Some people have chosen to charge more per child and take less children to offer more one-on-one care. These types of operations typically offer specialized educational features. Other dayhomes focus more on reasonable pricing or flexible schedules. The important thing to remember when deciding on branding is to ensure it matches your personality.

Budget:
The next thing you need to draft is your dayhome budget. Click here for a sample of a dayhome budget. It is easy to get excited about how great an idea is until the idea hits the wallet. There is an old saying that goes, “if you watch the cents, the dollars will take care of themselves”. Cool gadgets may seem like good ideas, but make sure you don’t get too excited about them.

Taxes:
Everyone’s favourite subject…but, you will thank us come tax time, we promise. Here is a list of things you need to keep track of to make tax time a wiz.
1. Your house expenses
- Rent or mortgage interest (not principal payments)
- Property taxes
- Utilities
- Total square footage used to run the dayhome
- Total square footage of the house
- Number of hours a day the house is used as a dayhome

2. Your vehicle expenses
- Gas (Keep ALL of your receipts even when you fill up to go on your family
vacation)
- Insurance Registration
- Any maintenance
- Lease payments or interest paid on your vehicle loan
- The value of your vehicle when it started to be used in your business
- Total kilometers driven in the year
- Total kms driven to operate your business

3. Your food expenses: our recommendation is that you keep your dayhome groceries separate from personal groceries and keep the receipts.

4. Your office expenses: Bookkeeping software Paper and other stationary Bookkeeping & Tax preparer’s fees

5. All other expenses
-Toys and other supplies
-Field trips

Issuing Receipts:
Many parents count on receive a tax break when they are paying for childcare. In order for parents to receive this tax break, you must provide the following information on your receipts:
-the name of the person you are preparing the receipt for
-the name of the child of the person you are preparing the receipt for
-the amount you received for your services
-the period you provided these services (from and to dates)
-your name and social insurance number (or the registered name of the dayhome)
-your address
-your signature
-the date you signed the receipt

Have more questions? We would love to help.

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Small Business of the Year Award

11/19/2021

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BMP Accounting & Tax has been nominated for the Small Business of the Year Award. If you have had a positive experience with us, please let us know by voting for us!

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Opening a dayhome may be a good idea for you if you wish to stay home with your children but still contribute to the family’s income. What more can you ask from your dream job than to finger paint and use glitter on the job? The start-up costs are low and there is always a steady stream of parents looking for childcare for their little angels.

Branding:
Beyond the licensing and such, marketing and deciding your branding for your dayhome, your dayhome finances are equally important. Deciding on branding will help you to decide your pricing structure. Some people have chosen to charge more per child and take less children to offer more one-on-one care. These types of operations typically offer specialized educational features. Other dayhomes focus more on reasonable pricing or flexible schedules. The important thing to remember when deciding on branding is to ensure it matches your personality.

Budget:
The next thing you need to draft is your dayhome budget. Click here for a sample of a dayhome budget. It is easy to get excited about how great an idea is until the idea hits the wallet. There is an old saying that goes, “if you watch the cents, the dollars will take care of themselves”. Cool gadgets may seem like good ideas, but make sure you don’t get too excited about them.

Taxes:
Everyone’s favourite subject…but, you will thank us come tax time, we promise. Here is a list of things you need to keep track of to make tax time a wiz.

1) Your house expenses:
- Rent or mortgage interest (not principal payments)
- Property taxes Utilities Total square footage used to run the dayhome
- Total square footage of the house
- Number of hours a day the house is used as a dayhome

2)  Your vehicle expenses
- Gas (Keep ALL of your receipts even when you fill up to go on your family vacation)
- Insurance
- Registration
- Any maintenance
- Lease payments or interest paid on your vehicle loan
- The value of your vehicle when it started to be used in your business
- Total kilometers driven in the year Total kms driven to operate your business

3)  Your food expenses: our recommendation is that you keep your dayhome groceries separate from personal groceries and keep the receipts.

4)  Your office expenses: Bookkeeping software Paper and other stationary Bookkeeping & Tax preparer’s fees
5)  All other expenses Toys and other supplies Field trips

Issuing Receipts:
Many parents count on receive a tax break when they are paying for childcare. In order for parents to receive this tax break, you must provide the following information on your receipts:
-the name of the person you are preparing the receipt for
-the name of the child of the person you are preparing the receipt for
-the amount you received for your services
-the period you provided these services (from and to dates)
-your name
-your address
-your social insurance number
-your signature
-the date you signed the receipt

Have more questions? We would love to help.

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If you are thinking of…or have already hired your employee, you might be thinking did I do this right? Payroll does not have to be complicated if you have the correct software or the correct bookkeeper/accountant.

A Business Number

Your first step should be to register your business for payroll. If you are incorporated, you already have a business number (a nine-digit number). You can find that easily on any of your tax return. However, if you are a sole proprietor, you may or may not have a business number. If you are registered for GST, it is the nine digits prior to RT0001 listed on your GST return. If none of this apply, you need to apply for a business number here or call 1-800-959-5525.

After you have a business number, you can then apply to open a payroll account online here or by phone at 1-800-959-5525.

Information Required

Your next step is to collect your employees’ information. It is highly recommended to have all of their information prior to running your payroll because if some of this information is lacking at the end of the year, it may get you into some hot water with CRA…and no one wants that.

The bare bones minimum requirements are:

-Get your employees to fill out the Federal and Provincial TD1 forms
-Social Insurance Number
-Date of Birth
-Mailing address
-A signed contract

Source Deductions and Paystubs

You are required by law to provide each employee with a pay statement (aka paystub) at the end of every pay period. We recommend paying for a good software (or get a pay a great payroll provider) so that your payroll is done correctly. If you offer benefits, I would strongly suggest soliciting professional advice because there are tax consequences to some benefits.

There is a little gem on CRA’s website that allows you to double-check your payroll calculations.

Equally important is to pay CRA on time – most often, payroll remittances are due on the 15th of every month for the month prior (e.g. January’s remittances are due February 15th). However, you may not be required to remit on a monthly basis. The bad news is that you will owe some penalties if you pay late. Click here for more information on remittance frequency and due dates.

We are happy to offer free one-hour consultations, so if you have more questions regarding payroll, please feel free to contact us.

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The role: Part-time Administrative Coordinator/Bookkeeper
Do you love numbers and organization? If so, we want to chat with you. We’re recruiting a part-time Administrative Coordinator / Bookkeeper to join our growing agency.

Duties & responsibilities:

Work 16-25 hours per week, flexible schedule (potential for full-time February to April)
Answer phones
Greet clients
General administrative duties
Manage accounts payable and receivable
Record bank deposits
Process payroll and keep track of holiday time and pay, employee sick days and time in lieu
Manage benefit financials and employee deductions
Organize and distribute T4’s
Coordinate financials as directed by the partners
Reconcile accounts
Post journal entries
Prepare tax returns

Requirements & qualifications:

Candidates must have 2 or more years of experience in a related role
Adept in bookkeeping software: Simply Accounting and Quickbooks online
Proficient in all Microsoft applications including Microsoft Teams
Ability to use Zoom
Excellent English verbal and written communications skills

Personal Suitability:

Accurate
Professional
Reliability
Organized
Critical thinker
Multitasker
Problem Solver

Compensation is based on experience and qualifications. The position is available immediately.

We thank you all applicants for their interest but only applicants selected for an interview will be contacted. Please include your wage expectation. Internal training will be provided.

Please submit your resumes to melanie@bmpdevon.ca before October 15th, 2021.

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