I’ve been doing some research about how to get paid for selling books on Amazon, monetizing videos on YouTube, and through freelance writing and proofreading work. They’re all different. It’s a bit of a headache.
First of all, it’s apparently much easier now with Amazon. Before, you couldn’t link a Canadian bank account to American Amazon, but now you can. However, you must have a credit card (Visa or Mastercard). But it should be reasonably easy to set up.
For YouTube, as a Canadian, I must have a credit card or a debit card with Visa or Mastercard on it. That’s the only way to go. Well, that’s kind of limited.
For freelance work, especially for things like Upwork, it’s fairly straightforward. You can use several methods. I think I’d be going with Paypal and link it to a bank account.
The thing I’m debated is whether to have the payments for all three go into a Canadian dollar bank account or a US dollar bank account. Because of a tax treaty between the US and Canada, I don’t have to file taxes with the US. The only thing I can think of that would make a US dollar account beneficial is avoiding poor exchange rates with various services. However, when I file for taxes in Canada, it would be in Canadian dollars, not US dollars. And if I need to use the money, it’s easier for me to withdraw Canadian dollars and avoid exchange rates and service fees for every single withdrawal.
If you are Canadian and have any experience with any of these, let me know what you’ve done about it. I would especially like to get to work on my freelance work so I can get everything set up soon. Please leave a comment below.