Bank account

[Viktória6]

Hello, 
I'm new here regarding a hosting. I would like to rent an appartment but I'm searching for information at this point what do I need to fullfil. 
Do I need to open bussines bank account in order to recieve income from Airbnb or there is no legal obligation and I just can open individual bank account? 

Thank you. 

[Taskeen1]

I think it will be choice-able....doesnt matter personal or bussiness. As long can receive the transfer..☺️

[Elisa]

Hi @Viktória6 😊, 

Thank you for asking this question here!

What do you think of @Taskeen1’s comment? She shared a great answer.
Do you need any more help with this?

Don’t hesitate to let me know!

Warm regards 🌻,

[Viktória6]

Thanks a lot for answering my question. It's clear now. @Elisa 

[Elisa]

My pleasure @Viktória6 😊. 

[Kevin3806]

Hello Viktoria 

It really depends on where you're doing business.
In Canada, if your Airbnb income goes directly into your personal account, it counts as personal income, just like the income from a regular job so you’ll be taxed accordingly. The more you earn, the higher the tax you’ll pay.

But if you decide to open a business account and operate through a company, then the income flows into the business, and you're taxed at the corporate tax rate. Of course, this depends on what kind of business entity you set up.

If it's a corporation, for example, you pay corporate taxes like any company would, and then you can pay yourself dividends as the owner.

Hope that helps!

Kevin