# business credit card separate from personal bank account



## joncnca (Jul 12, 2009)

i want to have a business chequing account (partnership) separate from my personal banking account. i'd also like to have a business credit card totally independent of any of my personal banking (chequing, savings, credit, etc).

i went with a TD business account (as my personal banking is with TD), and they setup a new business account for me. i also asked to apply for a business credit card so that i could use it to pay business related bills/expenses, then i'd pay off the credit card with the business chequing account. i assumed that the chequing and credit card would both be on the same overview page on .easyweb 

but when i checked the easyweb accounts, i noticed that the new business credit card was put onto my easyweb interface for my personal banking account. i really don't like this because i wanted all business related money to be totally independent of my personal money, i dont' even want them on the same easyweb page.

i want these separations for personal organization and also for my records for tax purposes. is my concern justified? does it matter for tax purposes if the new business card is actually listed under my personal banking accounts? i feel like this would require some roundabout bookkeeping because now i have to log into the business chequing account via easyweb, then add the business VISA in my personal account as a payee, and then pay off the business VISA that way instead of simply having the business chequing and VISA on the same page and making a "transfer" from chequing to credit...

am i being too anal here, or should i insist on having the business VISA removed from my personal banking easyweb page? will the business even be granted a credit card, considering it has no credit history....although it's just a partnership, can't i still apply for the card and use myself as a guarantor, but have the card 'belong' to the business accounts...or something like this?

thanks!


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## FrugalTrader (Oct 13, 2008)

My accountant told me that I can use a personal credit card and simply use the biz to pay it off. Of course, I keep personal expenses separate for book keeping purposes .


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## Four Pillars (Apr 5, 2009)

It shouldn't matter what accounts are listed on the easyweb page - They are still separate accounts and that's all you need for tax purposes. Technically you don't even need separate accounts, but it's a good idea.

I'm not quite understanding your description of your easyweb layout.

Here is my setup:

I have a personal bank card (I use CIBC) - when I log into using that card, I see all my personal accounts plus my two business accounts.

I see the same thing if I log in using the business account, except the order and names are different (ie now the "chequing account" is the business chequing and not the other way around.

The reason I want this is so I can make payments to myself from the business via online banking.

If you want to keep the personal accts and biz accts separate on the easyweb, just ask them to remove the accounts from the appropriate area. 

As for the credit card - you can get a credit card for the business without any problem, but you will be responsible for the card. Ie it will be on your credit history etc.


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## TDCanada (Mar 17, 2011)

Hi joncnca, its Jen from TD and we want to get this issue resolved for you. Give us a call at 1-866-222-3456 or please come in and visit us at your local TD Canada Trust branch and we’ll discuss your options. We offer a Single Sign On option that will allow you to view your personal and business accounts with just one log in. We look forward to chatting with you more. Thanks!


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## Sampson (Apr 3, 2009)

We never sorted out if this is an official/authorized posting from TD have we 

All I can say is that CC and FT have made it to the big time with CMF. It's starting to show up on important people's radar.


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## MoneyGal (Apr 24, 2009)

Creepy.


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## marina628 (Dec 14, 2010)

I have a TD business Visa card and was told because I had to personally guarantee it , it shows on my TD profile but it does not show on your credit as a liability.But my experience as owner of multiple investment properties ,TD does hold these debts against you when you apply for personal credit.
Reason that our next investment property will be financed elsewhere.The won`t consider the $xxx,xxx BUSINESS balance on my applications only the debt


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## FrugalTrader (Oct 13, 2008)

The phone number is legit. We have reps from Capital One, Questrade and other financial institutions comment on MDJ all the time, it does not surprise me that TD has made an appearance here.


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## Four Pillars (Apr 5, 2009)

MoneyGal said:


> Creepy.


Nothing creepy about it. This forum is wide open to the public and search engines. Take a look at the forum stats on the front page. 

It's likely that businesses have google alerts on their names/products and might find out about mentions that way.


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## FrugalTrader (Oct 13, 2008)

As well, most large corps now have a social media division/person to scour the net to build their online presence.


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## MoneyGal (Apr 24, 2009)

Four Pillars said:


> Nothing creepy about it. This forum is wide open to the public and search engines. Take a look at the forum stats on the front page.
> 
> It's likely that businesses have google alerts on their names/products and might find out about mentions that way.


Hello, I posted my one-word response from a random airport and I was running between a flight and a shuttle. 

I think the message was creepy. I don't think it is creepy that companies monitor their online presence and reputation. But if I worked for an institution (or saw my own name in a random internet forum) I wouldn't drop in and leave a personal message for the poster. That's what seems creepy to me. I'd PM the person instead. But just my opinion, obvs!


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## ddkay (Nov 20, 2010)

I wonder why TD aren't responding to this thread IT in Canada's financial industry is primitive


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## joncnca (Jul 12, 2009)

thanks for your replies, everyone. and i plan to speak with the TD consultant that opened the business account for me when he is back from vacation later this week .

to clarify a couple of things, the layout of my easyweb page is as follows:

i have a personal account with login/pass. when i login, it will show my personal account. there is tab for business accounts but this is not accessible.

last week i went to open a business account with my partner, or holds a personal account at another bank (i.e. she did not previously have a TD account). 

when opening the business account, i asked to apply for a business visa (to have a card for business, separate from my personal credit card). i decided to get the TD venture LOC card. i understood that this would still be linked to my personal credit history, but my objective was to have a credit account that was separate from my personal card. furthermore, the card would have the business name on it, instead of my personal name. therefore, i assumed that i would see the details of this business credit card when i logged into easyweb to view my business chequing account details. (i.e. the one that was opened recently, shared with my partner, and using new login/pw credentials)

this was not the case. instead, when i now log into easyweb using my (pre-existing) personal credentials, i see the new TD venture LOC account listed under my personal accounts.

(btw...i assume that I would not be able to avail myself of the Single Sign On option as my personal account is accessible only by me, whereas the business account is jointly accessible be me and my partner. i don't know, but this really doesn't matter to me too much, having two logins)

i guess i understand that the new LOC is still a separate account, even if it shows up under my personal accounts....but this is not as 'clean' as i wanted the organization to be.

i wanted all business transactions to be recorded and accessed through the business account login (chequing/credit). this just looks more organized to me and seems like it'd be easiest to explain in the event of an audit. plus, it helps me keep my own numbers straight, so that i don't confuse the business LOC with my personal chequing/investment/etc accounts.

if having a TD venture LOC necessarily causes the account to show up in my personal banking accounts on easyweb, i would actually prefer to sign up for some other credit card (MBNA or something). this way i can still keep all business transactions completely separate from my personal banking. but of course, it'd be much easier if i could just have the venture LOC account show up on easyweb when i login with the business account credentials.


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## kcowan (Jul 1, 2010)

I think you are being anal. The separation of business and personal accounts is done by the accounting, not by the connections. TD is just being easy on you. That being said, they will try to set things up the way you want.

(I just got 2 investment accounts at CIBC, one for me and one for my commonlaw wife, tied to our CIBC Visa account so there is just one login. The key is the fiduciary relationship between the accounts.)


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## humble_pie (Jun 7, 2009)

it's creepy alright. This is the 2nd time that the big green has shown up in this forum like a house party crasher who suddenly starts shouting & yelling & calling attention to himself in an unpleasant manner.

the 1st time, it was a td waterhouse representative who offered the tdw phone number (not the same as the bank number) & invited the entire forum to phone for whatever.

i am fairly sure that the parties crassly dropping these unwanted little tips are low-ranking td marketing personnel. I doubt that top management at either the brokerage or the banking division have any idea of what is going on. If they did, they would be horrified imho. 

it's my understanding that all td personnel have strict instructions to abstain totally from internet participation. Strict as in break-this-rule-will-cost-your-job.

at the same time, i think it's safe to assume that most of the online brokers do passively monitor what's said about their services, here & elsewhere in the internet. I have hard evidence that this is the case.

there are no set rules on this issue. Everyone will have their own ideas about what is appropriate for cmf forum. But for me the rules go something like this: it's OK for financial service vendors to monitor until the end of time, if they like. But it's not OK for them to actively market any aspect of their services under their own names.

some might try to market their services under disguised names, of course. However, one of the good things about cmf forum is that this hardly ever happens.


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## joncnca (Jul 12, 2009)

i figure i should be at least as anal as CRA 

i want to treat them like a preferred client, anticipate what they want, and serve up the goods on a silver platter in the easiest-to-digest way possible so that i don't get into any needless complications. those auditors are people too, and i'm sure they could make up some silly but legitimate way to make things harder for us if they really wanted.

you should see my home office, it's beautiful. everything's in drawers, only things that need to be used are on the desk, nothing extraneous, everything gets put away when it's not in use, free of distractions. so i like to see a clear divide between business and personal


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## kcowan (Jul 1, 2010)

Sadly the CRA will never see your office. But as long as you keep thinking that way, you will probably be better prepared for an audit. But don't count on your financial relationships structure helping you with them.

(I have been audited and it is a negotiation. Facts mean little to them. Better be prepared to give something.)


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## joncnca (Jul 12, 2009)

kcowan said:


> (I have been audited and it is a negotiation. Facts mean little to them. Better be prepared to give something.)


that's an interesting statement. facts mean little, prepared to give something..


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