Question for Canadian affiliates
- Thread starter strikernr
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Here's my setup - w/CIBC
* Canadian Sole Prop. business owner
* Business bank account - 1 in CAD 1 in USD - All weekly wires get sent to the US accont.
* Canadian personal CC (being a sole P. they still go to one expense bin).
* I'm hooked up with wires from my network, money is available same day it's wired (sometimes 2-3 tops).
* Go to my bank and convert USD to CAD when it's prime (it doesn't matter THAT much though, at the end of the year, taxman just takes an annual average on the rate so you'll still get taxed on it... you made 100K usd = 120-130K cad - you're getting taxed on an avg. exchange rate no matter when you changed it).
* Re-up my CC from easy online payments once money is converted (also same day I get my bank to do it unless it's over 20K - then it goes to market for a few days for best rate).
* Pay for most ads in CAD, minimize exchanges unless in my favor inbound. Avoid buying anythng in USD. Accept everything in USD. Pay partners through wires in USD no matter where they are in the world from my USD account.
* Use ING for extra capital with no risk growth and easy access all online...
I take it you're at least a SP if not an INC/CORP? Your first year of taxes/accounting from this will also show you a lot of data to mine and save $ where possible. Bottom line - If you're doing most of your incoming rev. in US, you should most def. have a US account, your accountant will also thank you as the books are easier
N.
* Canadian Sole Prop. business owner
* Business bank account - 1 in CAD 1 in USD - All weekly wires get sent to the US accont.
* Canadian personal CC (being a sole P. they still go to one expense bin).
* I'm hooked up with wires from my network, money is available same day it's wired (sometimes 2-3 tops).
* Go to my bank and convert USD to CAD when it's prime (it doesn't matter THAT much though, at the end of the year, taxman just takes an annual average on the rate so you'll still get taxed on it... you made 100K usd = 120-130K cad - you're getting taxed on an avg. exchange rate no matter when you changed it).
* Re-up my CC from easy online payments once money is converted (also same day I get my bank to do it unless it's over 20K - then it goes to market for a few days for best rate).
* Pay for most ads in CAD, minimize exchanges unless in my favor inbound. Avoid buying anythng in USD. Accept everything in USD. Pay partners through wires in USD no matter where they are in the world from my USD account.
* Use ING for extra capital with no risk growth and easy access all online...
I take it you're at least a SP if not an INC/CORP? Your first year of taxes/accounting from this will also show you a lot of data to mine and save $ where possible. Bottom line - If you're doing most of your incoming rev. in US, you should most def. have a US account, your accountant will also thank you as the books are easier
N.
Cheers!
Depends - i.e. Bank accounts in your local currency are insured for up to 100K, foreign accounts are not insured at all (check with your bank). Not that it should worry you right away unless your bank is tipping (which you won't know about until it's close to bombing), however I like to make sure all my money that isn't being used for biz atm is insured and growing while sitting... Having a US CC = bonus. Having US PayPal = bonus too.
US credt cards
I'm with TD but they don't offer air miles with there US$ credit cards. I've already accumulated about 4500 air mile points with my AMEX card and I just want to switch to card with air miles so I can take points over to the new card.
Can anyone suggest me a company/bank that gives out credit cards in US$ with air miles?
Is there any other alternative?
I'm with TD but they don't offer air miles with there US$ credit cards. I've already accumulated about 4500 air mile points with my AMEX card and I just want to switch to card with air miles so I can take points over to the new card.
Can anyone suggest me a company/bank that gives out credit cards in US$ with air miles?
Is there any other alternative?
BMO Mosaik credit card offer air miles and cash back. Thanks.
BMO Bank of Montreal - Mosaik MasterCard
BMO Bank of Montreal - Mosaik MasterCard
So you have an adwords account in CND? But your CC is in USD. Aren't you paying 2.5% charge for currency conversion when you get billed to your USS CC in CND?
Why is it better to pay for ads in CND? I don't make sense to me.
Right on...
No reason why you shouldn't open a US bank account if you're doing most of your business in the States
No reason why you shouldn't open a US bank account if you're doing most of your business in the States
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