Agree Use Business With Personal Account
Description
How to fill out Small Business Startup Package For S-Corporation?
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FAQ
While it's technically possible to use a personal bank account for business transactions as a sole trader, it's advisable to open a separate business bank account. This separation ensures compliance with tax regulations, facilitates financial clarity, helps build your business credit and simplifies auditing processes.
Do you need a business bank account? If you are a sole trader, you are not legally required to have a separate business account and you can usually use your personal bank account to manage your business and non-business finances.
If you're only using one bank account for both personal and business activities it will end up costing you more in bookkeeping fees as additional entries have to be processed. It also takes more time for your accountant to sift through all the activity on your bank statement.
The answer is that, in Canada, the Canada Revenue Agency frowns upon the mixing of personal and business transactions. Especially if your company is incorporated. In that situation, all business-related transactions should be handled through a business bank account opened in your business's name.
Maintaining separate bank accounts for your business and personal expenses is crucial for accurate financial reporting and seamless tax compliance.