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  1. #1
    Shy
    Join Date
    May 2012
    Location
    Ontario
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    Pros and Cons of opening a business account

    Hello Ladies,

    Money has officially gotten tight. My last steady cheque has been cashed. Paid bills and now hardly any money left. I hope to be up and running soon. So much to get ready with contracts and the place itself. Kudos to you ladies for jumping into unknown territory. I'm a wreck! Anyways, I was wondering if any of you have a business account with the bank? If so what are the perks? I ask because I want the bank to still consider me as credit worthy even though I am not working outside the home? any thoughts?

  2. #2
    Outgoing
    Join Date
    Feb 2011
    Posts
    275
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    I have a business account at the bank. Not so much for the perks but to have a seperate acct for money to go into. From there I can 'pay' myself into my personal acct. This allows me to save some (taxes, emergencies, extra monthly expenses) and not spend every last dime. I also have a business name and so I just have people make out cheques to the business name and it works well for me that way. I do have to pay a monthly fee on it so that's a con, but overall it's best for me.

  3. #3
    Euphoric ! Inspired by Reggio's Avatar
    Join Date
    Nov 2011
    Location
    Ontario
    Posts
    2,697
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    Nope I do not see any benefit to having a business account at all - I just use my personal banking account and keep all my 'deposit slips' for business separate as a record of my income and well my other record keeping for business separate from personal, I also have a credit card just for 'business' to track and interest incurred for business and so forth ... IMO the service charges for BUSINESS ACCOUNTS ARE DISGUSTING ... if anything I would just open up a second 'personal' account to avoid the Service Charges

    As far as credit goes - being self employed they will want to look at your TAXES to determine credit - we just refinanced the mortgage and this is what I had to provide was my last few years of income tax filed.
    Children construct their own intelligence. The adult must provide activities and context, but most of all must be able to listen. Children need proof that adults believe in them. Their three great desires are to be listened to, to understand, and to demonstrate that they are exactly what we expect."
    Loris Malaguzzi

  4. #4
    Euphoric !
    Join Date
    Feb 2011
    Location
    Ontario
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    I just use my regular bank account. I'm with the CIBC and they keep asking me to get a line of credit and credit card with them because I have good credit. So I told them I'm self employed and they said that is ok. So don't worry about your credit.

  5. #5
    Euphoric !
    Join Date
    Feb 2011
    Location
    Ottawa, Ontario
    Posts
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    I just use my personal accounts because that is where all of the household bills are paid for from. There are very few shopping trips I am doing that I am not buying for both daycare and personal and sometimes I buy stuff and then later determine which it is.

    I don't have a business account for my felt business either and I know the tax people would love it much better in the event of an audit but why should I pay a monthly fee to make their life easier. As long as I have the paper trail to show what kids were in care and what they paid and my copy of their receipt and the same for my felt that is enough. Your credit status is not determined by the type of account you have it is based on what you do with the money in those accounts and how much debt you accrue and how you pay it off.

  6. #6
    my accountant told me to open a free savings account that has 1-2 free transfers a month then i can just transfer it to my personal account from there.

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