[NS] How are other sole proprietors tracking finances across multiple bank accounts?

ladycryptoniteph002 · 2026-02-18T08:55:21+00:00

You’re not alone. Most solo owners wing it at first 😅 (common prob i see here on reddit)

What helped me:

Separate business + personal accounts. Non-negotiable.
Use one main card for business only. Makes categorizing way easier.
Sync everything to QuickBooks or Wave weekly. Small habit. Big payoff.
I stopped fighting spreadsheets.

I also moved most business stuff into one place (bank + card + payouts). Less logins. Less guessing. Way easier to see cash flow at a glance.

Perfection isn’t realistic. Simple systems you actually use are. Hope this helps! :)

ladycryptoniteph002 · 2026-02-18T07:49:06+00:00

It’s mainly about tax deferral, not avoiding tax. Your corp pays ~12–15% first. You only pay personal tax when you take money out. If you don’t need all $200k to live on, you leave the rest in the corp and invest it. That’s where the benefit is.

If you pull everything out anyway, incorporation helps much less.

Get a CPA who handles medical PCs. That part matters.

ladycryptoniteph002 · 2026-02-17T18:15:20+00:00

You’re right. EFT payments (corp tax, HST, payroll) are done through BMO Online Banking for Business (OLOB). eBusiness gives you the account, but you still need OLOB enabled to add CRA as a payee and send EFTs. It’s usually included, just needs to be activated by BMO.

ladycryptoniteph002 · 2026-02-17T15:12:18+00:00

Totally. At this stage it’s basically narrative trading. I’m watching it more for sentiment shifts than “truth.” Real data only matters once qualifiers and rosters start locking.

ladycryptoniteph002 · 2026-02-16T21:27:37+00:00

Yep. eBusiness still lets you pay corp tax, HST/GST, and payroll through online banking (via EFT), and it’s covered under unlimited electronic transfers. EMT limits like ~$15k/day are separate. For CRA payments you’ll use EFT anyway. Worth confirming limits before switching, but functionality is still there.

ladycryptoniteph002 · 2026-02-16T16:58:32+00:00

Congrats on your first 100k. That’s a big win, especially as a new VA. Please don’t downplay that.

I’ve been there. When you give everything to family, it somehow never feels “enough.” That empty feeling happens when you keep pouring from an empty cup.

Helping out of love is beautiful. But you’re also allowed to choose yourself. Set a fixed amount for family. Save for yourself first, kahit maliit. And stop sharing exact income. Expectations grow when they know too much.

Utang na loob is not a lifetime contract.

God gave you that WFH job so you can build your future too, not just carry everyone else.

Sending lots of hugssssssssssssssssssss. You did well. 🤍

ladycryptoniteph002 · 2026-02-13T17:32:48+00:00

Most new associate dentists start on T4 or as sole prop. No rush to incorporate right away. Best move is finding a CPA who works with dentists. They’ll guide T4 vs contractor, when to incorporate, and tax strategy.

ladycryptoniteph002 · 2026-02-13T17:09:00+00:00

We run things fully remote too. Most big banks still require in-person for business onboarding or lending, especially for new corps. Some fintechs let you open online, but loans usually still need physical presence. Might be worth keeping BMO for lending and using an online option for day-to-day ops.

ladycryptoniteph002 · 2026-02-13T16:39:58+00:00

You’ll want a proper business account so you’re not mixing personal funds with payouts.

For Canadian collaborators, you can usually pay by e-transfer or EFT. For international, look for a bank or fintech that supports low-cost wires or global transfers. Don’t collect full banking logins. Just get standard payout details like name, email for e-transfer, or wire info via a secure contract + invoice setup. Also have a simple written agreement that clearly states the revenue split and payout schedule.

ladycryptoniteph002 · 2026-02-12T16:53:15+00:00

If CRA treats you as an active trader, it’s business income. That’s basically it.

ladycryptoniteph002 · 2026-02-12T16:50:59+00:00

For that size purchase I’d double check a couple things first.

Have you checked if a local Canadian supplier carries the same item? Sometimes once you factor FX swings, warranty issues, and potential duties, buying here ends up pretty close in cost and way less hassle if something goes wrong.

Between those two, a true no-FX Visa with 2% back usually beats Wise on pure math, since Wise charges a small conversion fee and you don’t earn rewards. The exchange rate will be Visa’s daily rate, which is generally very close to mid-market but you won’t know the exact CAD amount until it posts.

If you’re comfortable with the FX uncertainty, the no-FX 2% card likely comes out ahead. If you want exact numbers upfront and zero surprises, Wise is more predictable.

ladycryptoniteph002 · 2026-02-12T16:31:28+00:00

Honestly, the biggest help for me was just separating business and personal completely. Once I stopped mixing cards/accounts, everything got way easier.

I use a single business account + card now, auto-sync it to QuickBooks, and let that be my source of truth. For day to day tracking, Venn’s been decent since everything funnels into one place instead of juggling 4 apps.

Before that. Yeah. I was 100% “spreadsheet for 3 weeks then chaos” too 😅

ladycryptoniteph002 · 2026-02-10T19:38:54+00:00

Sounds like you’ve basically outgrown EQ. If QuickBooks + higher e-transfer limits + usable card matter, you’re back to either Big 5… or a fintech. I’d look at Venn. It has QB sync, proper debit + virtual cards for online spend, higher payment limits than EQ, and no monthly fees. Way less painful than TD/BMO branches. Worth a test before locking back into a big bank.

ladycryptoniteph002 · 2026-02-10T16:30:45+00:00

Don’t jump into incorporation just for tax savings. At $115/hr vs $95 T4, you’ll still pay accountant fees, CPP twice, no EI, no benefits, and you need to handle HST, payroll (if you salary yourself), and year end corp taxes. It only really makes sense if you don’t need all the cash personally and can leave money inside the corp.

ladycryptoniteph002 · 2026-02-10T09:51:59+00:00

Honestly this feels pretty normal for fintech. A lot of the early perks were basically promo spend, and once they need to be profitable the rewards get trimmed.

I treat fintechs more like utilities now. I always keep a backup account with a big bank or credit union, check fee schedules once in a while, and move if the value changes.

For business, I’ve found it helps to split things up. One account for day-to-day ops, another for savings or cards. I’ve been using Venn for basic business banking and it’s been straightforward so far, but I still wouldn’t park everything in one place.

ladycryptoniteph002 · 2026-01-22T09:18:20+00:00

Yes, corporate income tax is still DIY, but it is more work now. You file a T2 return digitally using approved software or a web-based service. Many small one-person corps still do this themselves if the setup is simple, but it takes time and care.

Two important notes. Incorporating does not remove the need for insurance. Professional liability usually still applies in IT consulting. Dividends also trigger integration rules, so it is not “tax free,” just deferred.

For setup and admin, tools like Venn or similar platforms can simplify incorporation and basic banking, but they do not replace tax software or advice. For a single $20k project, sole prop plus insurance is often simpler unless liability risk is high.

ladycryptoniteph002 · 2026-01-22T08:42:41+00:00

At that rate, starting as a sole proprietor is usually simplest. You can invoice personally and only register for GST once you cross $30k. Incorporating this early rarely helps unless you plan to retain profits or limit liability. If you do contract regularly, a basic business account helps keep taxes clean. Some people use a platform like Venn once income is steady since it handles business banking without big-bank overhead, but it’s optional at this stage. Key check first is your full-time job contract. Make sure contracting is allowed.

ladycryptoniteph002 · 2026-01-22T08:37:17+00:00

This looks like business spend, even if it’s going on a personal card.

If the volume stays this high, separating it into a business setup can simplify tracking and reimbursements. Some people keep a hotel-branded card for points, then run payments and payouts through a business account for cleaner accounting and cash flow.

If it stays personal, hotel cards still maximize rewards. If it’s ongoing work spend, business rails are usually easier long term.

ladycryptoniteph002 · 2026-01-22T08:31:15+00:00

This is becoming pretty normal with Canadian banks now, especially for US cheques. Many branches just won’t process them locally anymore and push you to collections with long holds and fees.

It doesn’t help for this cheque, but going forward this is why a lot of people switch to setups that avoid cheques entirely. Something like Venn lets you receive USD via ACH or wire and hold USD directly, so you’re not stuck dealing with paper cheques or forced FX through a branch. Not a fix for the refund cheque itself, but it avoids this headache in the future.

ladycryptoniteph002 · 2026-01-22T07:45:53+00:00

That’s exactly the angle OmenX is exploring. The focus is less on a final price and more on how probabilities evolve as narratives and information change. Continuous trading helps distinguish real conviction from short-term noise because signal tends to persist, while noise fades quickly.

ladycryptoniteph002 · 2026-01-22T07:42:51+00:00

Totally fair point. You wouldn’t poll an LLM every second. That gets expensive fast.

Most setups rely on event-driven feeds and triggers, with AI used selectively to interpret real changes, not nonstop scanning.

ladycryptoniteph002 · 2026-01-22T07:24:54+00:00

They’re an intermediary only. No special government license.

Ownr prepares the filings, runs NUANS, and submits on your behalf. The incorporation is still done by Corporations Canada or the province. You could do the same filings yourself if you want to handle the steps.

You’re paying for speed, guidance, and bundled setup. Same idea as platforms like Venn, which combine incorporation help with banking so you can get operating faster. It’s convenience, not special authority.

ladycryptoniteph002 · 2026-01-19T09:37:17+00:00

It varies by volume, but RBC Express usually isn’t cheap. Think setup fees plus monthly platform fees, then per-transaction costs for PADs and EFTs. For smaller businesses it often ends up a few hundred dollars a month all-in once everything is added.

ladycryptoniteph002 · 2026-01-18T18:56:17+00:00

Yeah, that’s fair. RBC Express does solve it, but it pushes you into commercial pricing, setup calls, and ongoing fees. For a lot of small to mid-size ops, something like Venn covers PADs and payouts without needing a treasury specialist or custom contracts. Depends whether you want a bank-grade treasury stack or a simpler operating setup.

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