I have an online business since 2009 and used to report the income as personal income. 3 months ago I finally incorporated my business but due to complications (and my lack of experience), it took longer than expected to get the bank accounts ready.
So for the last 3 months, I have been accumulating my USD payouts from the company I do business with. I currently have a significant sum of USD money sitting in my Paypal account, waiting to be withdrawn. The Paypal account with my money is a personal account. I have also opened another corporate Paypal account for my business.
My question is: Since I have not yet used this money and it hasn't been transferred to a Canadian bank account yet, can I transfer the funds from my personal Paypal account to my business Paypal account and then withdraw the money to my Canadian business bank account?
If the above is possible, what would be the tax implications? Say I have $50,000 in my personal Paypal account and I transfer it to my business account next month. Would I just remove 50k from my 2017 personal tax declarations and add 50k to my 2018 corporate tax declarations? Obviously, I'd prefer to pay 25% corporate tax rather than 55% personal tax on this 50k
Any bits of advice would be welcome. Thanks!