By choosing the right business account, you can enjoy things like high interest and avoid paying steep monthly fees, so you get to keep more of your hard-earned money in your pocket when tax time comes knocking.
Why tax season hits solopreneurs hardest
If you’re a solopreneur, you face unique financial challenges, especially if you handle goods or stock merchandise. The past year has seen rapid changes in global trade, and while some inflation indicators have eased, many costs remain higher than in previous years.
Translation: You’re probably paying more to conduct your business than you were in years past.
In this environment, putting your money to work to ensure it’s growing can be the difference between how stressful tax time is, or simply dipping into your “tax fund” supported by all the money you earned through interest or saved in fees with the right business account.
How low or no interest quietly drains your cash
When was the last time you checked your business account’s interest rate? If your funds are parked in a low- or no-interest account, or worse, if you’re holding funds in a chequing account just to hit the minimum requirement to qualify for free transactions, you’re losing out. Inflation is quietly eroding your money’s value.
Shopping around for the best interest rates and switching to a competitive account—like EQ Bank’s Business Account, which earns 2.25%*—can put your cash to work, helping you grow a modest return instead of letting it sit idle.
What’s more, there’s no minimum balance or tiered access to features—all EQ Bank Business customers get the same high interest rate with free everyday transactions** like bill payments and EFTs (including up to 50 Interac e-Transfers®).
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EQ Bank Business Account
Monthly fee: $0
Transactions: Free, unlimited transactions
Interest earned on balance: Up to 2.25%
Welcome offer: None at this time
5 small changes that can reduce tax-time money stress by helping you save all year
Shifting your money into an interest-bearing account is just one simple change, but it can make a big difference over time. Instead of scrambling to cover unexpected expenses, you’re building a more resilient business.
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Check out other small tweaks you can start implementing today—and see how much less stressful money management can feel when you’re making the most out of your funds all year long instead of a scramble come tax season.
1. Automate what you can
A large tax bill is stressful, so start by making quarterly installment payments to avoid a lump sum come tax time. While you’re at it, automate business expenses and bills. You’ll never miss a payment, and you’ll avoid late fees and lighten your mental load.
Tip: EQ Bank’s Business Account allows you to schedule bill and vendor payments with free everyday transactions** like bill payments and EFTs—set it and forget it.
2. Separate personal and business money
Mixing personal and business expenses makes tax prep harder and tracking cash flow confusing. Keep separate accounts so all business transactions are easy to find, deductible expenses are clear, and your financial picture is more accurate.
Tip: EQ Bank’s Business Account allows you to open up to 10 sub-accounts to categorize your funds based on your needs—set money aside for taxes, daily expenses, and more.
3. Build a short-term cash buffer
Set aside a few weeks’ worth of expenses in a dedicated account. Having this cushion reduces stress, lets you tackle your tax bill with confidence, and protects your business during unexpected slow periods.
Tip: Consider parking your cash buffer in an interest-earning account, like EQ Bank’s Business Account, so your money grows while staying accessible for emergencies or tax payments
4. Track income and expenses weekly
Regularly reviewing your numbers prevents surprises at tax time. Weekly check-ins help you spot trends, manage cash flow, and make small adjustments before minor issues become big problems.
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