Entrepreneurship & Small Business

Bank for very small freelancing...

  • Last Updated:
  • May 29th, 2019 3:05 pm
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[OP]
Newbie
Mar 14, 2019
23 posts
8 upvotes
kelowna

Bank for very small freelancing...

Hi,
I want to take on a few hours work a week, am a stay at home mom so that will be my only income. It is hard to find exact information! Do I HAVE to open a business account or can I use my personal account?
I would like to use Tangerine... but they only have the business savings account.
Or can I use Transferwise as main account? My main income will be work for a friend in Australia so paid in AUD.
anything else I need to do? I'm thinking to just track income and expenses in a spreadsheet, and keep receipts in a folder. How long do you need to keep those for, would digital copies be ok?
thanks!
2 replies
Deal Expert
User avatar
Aug 2, 2010
15193 posts
4926 upvotes
Here 'n There
You can use a personal account. I assume you are not incorporated and if so that's all you need.
Deal Addict
Feb 19, 2019
1046 posts
1409 upvotes
Stouffville ON
You can use your personal bank account. I assume the volume of transactions will be pretty low, excel for income and expenses will be fine, you need to keep the receipts for 7 years, digital copies are fine.

You will be reporting revenues and expenses as your business income on form T2125 on your personal tax return.
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