Canadian internet marketers

by s0fia
8 replies
Hi everyone,

Although I just signed up yesterday I have been reading posts for a few weeks now. I want to start making money online and have a fair idea of going the affiliate route to make money. I am in Edmonton and wanted to ask Canadians, when you started, did you use a separate personal bank account or a business bank account. Also would I have to open a US funds bank account with say, BMO or TD or would a normal chequing account suffice? Any help would be appreciated.
#canadian #internet #marketers
  • Profile picture of the author pdrs
    Paypal Business account is all I've ever used - other affiliate checks usually come in US dollars by the mail and I just depo them into my personal bank account
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    RemoteControlHelicopterReviews.(com/net) - Up for sale! No reasonable offer refused. Great branding for a super hot niche!
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    • Profile picture of the author kanadashane
      Originally Posted by pdrs View Post

      Paypal Business account is all I've ever used - other affiliate checks usually come in US dollars by the mail and I just depo them into my personal bank account

      If you are wanting to set up an ecommerce site that would sell product in the US, you would have to set up a bank account as well as get a Tax ID# as I believe you would have to pay taxes there. If you are going the ecommerce route you should speak with an accountant.
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  • Profile picture of the author mikeink
    Go and talk to an accountant that deals with this type of thing. There are a few in Edmonton that do it, both in CDN an US fund.

    I am in Cowtown, your big neighbour to the South
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    Well let me see. OH yea need to start work on my ???????? again.
    Been working for slave wages to long.

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    • Profile picture of the author John Lenaghan
      I've done everything through a company right from the start, but like Mikeink said you should really talk to an accountant who can offer advice for your particularly situation.

      As far as a USD account goes, it's a good idea. Keep in mind that most of your income will be USD as will most of your expenses.

      If you use a CAD account, you wind up converting it going in and out and you lose a little each way. The banks charge a bit of a premium to convert to USD and they pay a little under the going rate to convert it to CAD.

      John
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  • Profile picture of the author Mike Hill
    Here's what I did when I first started out and it worked until I was making more consistent income, then I switched to a business account on all fronts.

    When I started:

    1) I opened a US account within my personal account at TD. This is NOT a necessity but I used that US account to cash my ClickBank checks and fund my PayPal account. Just made things easier for me and I didn't lose on the exchange.

    2) I also opened a verified PayPal business account tied to my credit card and Canadian bank account.

    That's it, done!

    For more advice and tax legalities I suggest you talk to an accountant near your area. You may also want to talk to your Bank and the Business Registry Office in your area as well for more information.
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  • Profile picture of the author OutsourceFactor
    Both of the founders of OutsourceFactor are Canadian, so I can give you some advice on this from my perspective and that of my co-founder.

    When I first started out online I used my personal bank account. That's fine, because you can claim the income as part of your T4 filing in "other income". No big deal. You don't need a corporation or separate name. You don't need a separate account.

    Eventually I incorporated, and I have a corporate bank account and all that. But I still do not have any separate account to deal with US checks. I just bring them into TD bank in person and deposit them. The bank converts them to CAD at the current conversion rate, and it's no big deal.

    Get yourself a business PayPal account as well. Makes sense.
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  • Profile picture of the author SiteSmarty
    If you are an affiliate with share-a-sale, they direct deposit to any account you want. Use a personal account. You can be a sole proprietor and use your personal account. Easiest if you join as an affiliate using your own name.
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  • Profile picture of the author s0fia
    Thank you all so much for your responses. I think I will go with TD and for now just open a personal account. I've never had so many responses to one of my questions, I'm glad you guys are such a caring bunch. At the moment I'm reading the previous posts from the beginning and I have learned so much. I think I have a few favorite posters but wont mention any names just yet. Thank you all for making me feel so welcome.
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