Tax time can be stressful—the right account can keep your money growing

The past year hasn’t been easy: inflation has remained elevated, trade tensions continue, and economic uncertainty is still high. If your budget feels tight, paying off a tax bill this season may feel particularly stressful—especially if you’re a solopreneur (aka you run your business alone) without a big financial safety net.

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®). 

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.

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.

Tip: One of the quiet expenses you may be missing is monthly fees. Many other banks¹ charge up to $20 per month that they may require a minimum balance to waive—signing up for a zero-monthly-fee like EQ Bank’s Business Account can help you save.

5. Use digital tools to stay organized

Apps, banking dashboards, or simple spreadsheets can simplify tracking and organizing your finances. The best tools are the ones you’ll actually use; keeping everything in one place saves time and stress. Also consider accounts that make things like paying tax easier digitally.

Tip: With EQ Bank’s Business Account, customers can use the “Pay Taxes” feature on their dashboard to make a remittance to the CRA online.

Choosing the right business account after tax season

Life and finances can get pretty hectic around tax season, so set aside time when taxes are done to find the best business account. With a clear head, you can take the time to compare options without feeling rushed—and choose an account that truly supports your business.

What to look for

Business accounts vary, but the features that make the biggest difference are:

• No or low monthly fees
• Transparent pricing
• Free monthly transactions
• High interest earned on balances
• Easy digital access through a mobile app or intuitive website
  

For example, the EQ Bank Business Account charges no monthly fees, has free everyday transactions including up to 50 free outgoing e-Transfers, and earns 2.25%* in interest. You can open the account online and easily automate transactions—all without going into a branch or filling cumbersome paperwork. 

Protecting your cash is about more than numbers

As tax season approaches, it’s easy to feel pressured to overhaul your finances. But it’s often the small, consistent strategies that make the biggest difference, helping your cash work harder for you and keeping your business financially resilient.

When you’re ready, the right business account can help you take control.

Read more about banking:

• Top ways that credit card fees sneak into your trip
• TFSAs, RRSPs and FHSAs: 10 things you might not know
• Should you get that promo rate? Check out the fine print first
• What does a weak Canadian dollar mean for your savings?

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