Confused about self employment, paying myself and accounts

[theguv]

I'm self employed in the UK and got an SE PR visa for Canada.

In the UK you don't have to "register" any differently as a sole trader if you add extra words after your name (and the equivalent of GST comes into effect at around earnings of 60K) so things are quite different in Canada.

In Canada, if I wanted to trade as my name with something after it I'd need to register for a business number and set up a dedicated business account (defo not like the UK!)

Once that's done, all money earned goes into the business account. My question is, how do I pay myself?

Do I simply deduct 30-40% from every invoice and leave it in the account to pay taxes and move the rest to a personal account to live on? Do I need to account for every single thing that I buy?

I'm not a business/accounts kind of guy so if there's anyone who can explain this to me as if they're talking to a toddler that would be great

 

[Netherdawn]

Did you ever get your answer?

 

[cookchr]

When you earn income, deposit all business-related funds into your business bank account. You’re right to think about taxes right away—keeping aside 30-40% from each invoice for taxes is a good rule of thumb. However, the actual tax rate can vary based on deductions and income levels, so setting aside enough helps cover the bases without surprises at tax time. For more help i would ask forcht bank customer service https://www.pissedconsumer.com/company/forcht-bank/customer-service.html, those guys are real pros and always ready to answer all the question.