Thanks for sharing your thoughts and experience about below:
I have (freelancer) online account with UpWork website and used to provide bookkeeping and accounting services as sole proprietor and get paid from the freelancing website to my personal bank, so in 2019 I filed T1-T2125.
Starting Oct, 1st 2020, I incorporated my accounting firm, and took me until December 2020 to open corporate bank account.
My freelancing website account changed to business name around mid October.
and My freelancing website linked bank account changed to company bank around mid December.
For two months (October & November) I kept accepting jobs from UpWork (the freelancing website) and got paid through upwork to my personal bank account.
Am I required to include all jobs completed after the incorporation date (Oct 1st) as corporate revenue and credit payments received to “owner advances” account, since UpWork paid me to my personal bank? Can I consider them T2 revenue? even, the invoices issued From my personal name and remitted to my personal account during the time I didn’t have company bank account opened yet?
P.S. Note: “freelancing website/UpWork” sent invoices to clients issued From:
- my personal name (from Jan 2020 till mid of Oct 2020) and paid me to personal
- the corporation name (from mid of Oct 2020 ) & paid me to personal until mid Dec (opened company bank)
- the corporation name (from mid Dec 2020) and started paying me to company bank account