Business banking in Canada

Every business owner needs to keep an eye on the bottom line. Business banking products like chequing and savings accounts, credit cards, lines of credit and loans help you financially stay on track and grow. Find out about in-person and online banking for business owners, and compare some of the best business banks in Canada.

Digital access

Go to site

• Low $6 monthly account fee
• Unlimited online transactions
• Unlimited mobile and ATM cheque deposits
• Sole proprietorships and corporations accepted

Multi-currency

Go to site

• USD, GBP, EUR accounts
• Multi-currency credit card
• Pay bills in 37 currencies
• Avoid FX fees
• For registered Canadian corporations only

Wire transfers

Go to site

• Transfer to 80+ countries
• Low minimum transfer amount
• High sending limits
• No mark-up or FX rate fees
• For registered Canadian corporations only

• About our promoted products

  Our ‘promoted’ products are presented as a result of a commercial advertising arrangement or to highlight a particular feature. Promoted products are not a recommendation, an indication a product is the best in its category, nor represent all products in the market. It is important to compare your options and find the right product for you.

What is business banking?

Business banking is an umbrella term for all accounts, products and services that focus on the needs of business owners. In-person and online banking for business owners makes it possible to send and receive payments, earn interest on revenue, track transactions, get help during financial dry spells and scale operations.

Every major Canadian bank, as well as plenty of smaller financial institutions, offer business banking solutions.

Can I use my personal bank account for business banking in Canada?

It depends on your business structure and your bank’s rules. If the CRA deems your business structure to be legally separate from you personally, then you need a separate business bank account. Corporations are legally distinct from their owners, but sole proprietorships are not.

Some banks like RBC go the extra mile and require that all business owners, even sole proprietors, have business accounts.

Why should I use business banking in Canada?

Even if you don’t have to open a business bank account, you might want to for several reasons:

• Avoid headaches when filing taxes. You don’t need to spend countless hours sorting through transactions come tax time, and it’s easier to spot opportunities for tax deductions and credits. It’s also easier to retrace your financial steps during audits.
• Apply for business credit more easily. Having an account that clearly shows accounts receivable and payable—without the confusion of personal expenses—goes a long way in establishing the credibility of your small business if you apply for a loan.
• Get a transparent view of your business’s performance. Having an account that exclusively reflects your business’s financial activity helps you remain accountable and determine if your company is on the right track.

Types of business banking products in Canada

How to choose a business bank account

When it comes to business banking in Canada, one of the most important considerations is cost versus value. Are you prioritizing spending as little as possible each month? Or are you looking for a souped-up product that rewards frequent usage? When comparing business banking products, consider the following:

Transactions
Are the free transactions included with your account enough for your business now and as it grows? Are there extra fees for in-branch cash deposits? Will there be any holds on your deposits?

Fees
Check the fine print for details of any fees that apply to your account. Most business chequing accounts come with a monthly fee, but not all do. Your bank may also waive the monthly fee if you meet a minimum balance requirement.

Other business banking fees to be aware of include:

• Interac e-Transfer fees
• Branch transaction fees
• Cash and cheque deposit fees
• Non-network ATM withdrawal fees
• Foreign transaction fees
• Paper statement fees
• Chequebook fees

Branch and ATM access
If you need to perform in-branch transactions on a regular basis, such as making cash deposits, make sure the bank you choose has convenient locations near you. It’s also a good idea to consider the size of the bank’s ATM network so you can make fee-free cash withdrawals when needed.

Online and mobile banking
Does the bank offer dedicated web business banking and mobile banking apps? Read independent customer reviews to find out whether the online and mobile banking offerings are easy to use and allow you to perform all your essential transactions.

Interest rates
If you’re opening a business savings account, be sure to compare interest rates to find an account that will help you grow your balance as quickly as possible. Also check how easily you will be able to withdraw funds when you need access to capital.

Supported currencies
If you do business in the United States and internationally, check what foreign currencies the account supports. Remember to consider which currencies you can receive and hold funds in, as well as which currencies are supported when you need to send an international transfer.

Extra perks and business resources
Are there discounted business banking packages for holding multiple accounts (i.e. chequing and savings accounts)? Does the bank offer tools like advisory services and online educational resources to help your business grow?

Deposit insurance
Make sure you open a business bank account with a bank or financial institution that is a member of the Canada Deposit Insurance Corporation (CDIC). This means deposits of up to $100,000 are insured in the unlikely event that the bank fails.

Customer support
Check how you will be able to access customer support if you have a problem with your account. Can you get help via live chat, over the phone or by email? During which hours can you contact the customer support team?

Compare low- and no-fee online business bank account options

1 - 5 of 5

Name	Product	Monthly Account Fee	Multi Currency Accounts	Currency Conversion Fee	Corporate Credit Card	Accounting Integration	Offer
RBC Digital Choice Business Account		$6	CAD only	Varies		Quickbooks, Sage, Xero	Get unlimited electronic debit and credit transactions, unlimited electronic cheque deposits, unlimited Moneris deposits and 10 free outgoing Interac e-Transfer transactions per month.	Sole proprietorships and corporations accepted.	Go to siteMore Info Compare	loading Fetching your data...
Loop Global Business Banking Account		$0	CAD, USD, GBP, EUR	0.1% - 0.5%		Quickbooks, Xero	Eliminate FX fees with a Loop credit card. Spend in CAD, USD, GBP and EUR and earn points to use toward travel and experiences. Get up to a $1M credit limit.	To be eligible, you'll need to have a registered Canadian corporation and provide proof of an active business (bank statements, contracts with suppliers, financial or CRA statements, etc.)	Go to siteMore Info Compare	loading Fetching your data...
Wise Business		$0	CAD, USD, GBP, EUR, AUD, HUF, NZD, RON, SGD, TRY	0.43%		Quickbooks, Xero + more	No hidden charges, high rates or monthly fees. Get the mid-market exchange rate. Pay employees, get paid and manage your cash flow in over 70 countries.	To be eligible, you'll need to have a registered Canadian corporation.	Go to siteMore Info Compare	loading Fetching your data...
RBC Flex Choice Business Account		$7	CAD	Varies		Quickbooks, Sage, Xero	Bank both digitally and in-branch and only pay for what you use. No minimum or maximum transaction limits.	Sole proprietorships and corporations accepted.	Go to siteMore Info Compare	loading Fetching your data...
Vault Business Banking Account		$0	CAD, USD, GBP, EUR	0.35%		Quickbooks, Xero	Earn 1% unlimited cashback on your Vault multi-currency corporate credit card. No currency limitations. Set up accounts in CAD, USD, GBP and EUR, enjoy $0 local transfers.	To be eligible, you'll need to have a registered Canadian corporation.	Go to siteMore Info Compare	loading Fetching your data...

loading

Which bank is best for business accounts in Canada?

For many business owners, the first option when choosing a business bank account is to apply with one of Canada’s Big Five banks. These major, established banks operate large branch and ATM networks, offer a full suite of business banking products and provide extensive customer support.

But popular banks like RBC and TD aren’t your only option. You can also open an online business bank account in Canada with fully digital financial institutions like Tangerine or region-specific banks and credit unions like ATB Financial (Alberta) or Vancity (BC).

CIBC is the leading bank among small business customers, according to the J.D. Power 2023 Canada Small Business Banking Satisfaction Study. BMO, Scotiabank and RBC are rated second, third and fourth. Overall, small business owner satisfaction with Canadian banks increased 2.3% year over year, owing mostly to improvements in digital platforms and customer service.

Here’s what some of the best business banks in Canada have to offer entrepreneurs nationwide. View the best business bank accounts here.

RBC business banking

RBC offers six business chequing accounts, including options such as:

• RBC Digital Choice Business Account. Designed for businesses that transact largely online, this account supports unlimited electronic debit and credit transactions as well as unlimited electronic cheque deposits. A $6 monthly fee applies, while paper transactions and cash deposits attract additional fees.
• RBC Flex Choice Business Account. For a $7 monthly fee, this RBC business banking account doesn’t have any maximum transaction limits but instead lets you pay for the transactions you perform each month. You can save by transacting online, via mobile app and at an ATM.
• RBC Ultimate Business Account. This high-volume account features unlimited electronic debits and credits, 100 paper transactions, and 500 outgoing Interac e-Transfers per month. A monthly fee of $100 applies, but the fee is waived if your balance is $75,000 or higher.

You can manage your account via the RBC online business banking portal. RBC also offers a foreign currency account, business savings account and not-for-profit account.

RBC cross-border business banking customers can open a US dollar checking account or an interest-bearing money market account and freely transfer between Canadian and US RBC accounts.

TD business banking

TD business bank account options include six chequing accounts (including a not-for-profit banking plan), a business savings account and a range of US dollar accounts. Popular options include:

• TD Basic Business Plan. This entry-level account has a $5 monthly fee and is designed for businesses with minimal banking needs. It comes with 5 deposits and 5 transactions per month.
• TD Everyday Business Plan A. This mid-range plan supports 50 deposits and 20 transactions per month. A $19 monthly fee applies, but the fee is waived if you keep a balance of at least $20,000.
• TD Unlimited Business Plan. This high-volume transaction account comes with . There’s a $125 monthly fee which is waived if you maintain a balance of $65,000 or more, while you’re also entitled to annual fee rebates on eligible TD business credit cards.

You can manage your account, send transfers and add account users in the TD Small Business Online Banking portal or the TD Bank mobile app.

BMO business banking

BMO similarly offers six business chequing accounts. Standout BMO business account options include:

• BMO eBusiness Plan. This BMO online business banking plan has no monthly fee and supports unlimited electronic and Moneris transactions plus 2 free Interac e-Transfers per month. There’s no minimum balance requirement, but you’ll need to check the fees that apply to non-electronic transactions.
• BMO Business Start Chequing Account. If you’re starting a new business, this BMO business banking account is designed with you in mind. It has a $6 monthly fee and supports 7 transactions per month with no minimum balance requirement.
• BMO Business Builder. Available in four different plan levels to suit your business’ monthly transaction needs, this account supports both online and in-branch transactions. Monthly fees range from $22.50 for Business Builder Plan 1, to $120 for the high-volume Business Builder 4 plan.

CIBC business banking

CIBC business accounts include four chequing accounts, savings and US dollar accounts and solutions for farmers and not-for-profit organizations. Here are a few popular options:

• CIBC Basic Business Operating Account. This flexible account is designed to let you only pay for the transactions you use each month. A $6 monthly fee also applies, while you can also take advantage of CIBC Global Money Transfer for Business.
• CIBC Everyday Business Operating Account. This basic account features 30 transactions per month, and the monthly fee varies from $20 for self-service access or $25 for full-service access. The monthly fee is waived if you have a minimum daily balance of $15,000.
• CIBC Advanced Business Operating Account. This mid-level CIBC business account supports 100 transactions per month, including Interac e-Transfers. There’s a monthly fee of $35, but that’s waived if you maintain a minimum daily balance of $35,000.
• CIBC Unlimited Business Operating Account. If your business needs to be able to perform unlimited transactions per month, this CIBC business account will let you do that for a $65 monthly fee. The fee is waived if you keep your balance at $45,000 or higher, so you can deposit as much as $15,000 cash, $1,000 in coins and 100 cheques each month.

Scotia business banking

If you want to open a Scotia business account, Scotiabank offers three chequing accounts as well as savings accounts and GICs for business. Scotiabank business banking products include:

• Scotiabank Select Account for Business. This Scotia business account is available in four different plan levels that support between 25 and unlimited transactions per month. The more transactions you need the higher your monthly plan fee, but the fee is waived if you meet minimum balance requirements.
• Right Size Account for business. This flexible account can be used as much or as little as you want. It comes with a $6 monthly fee, plus a fee for each transaction you perform. The size of this transaction fee varies depending on your account usage—it’s $1 per transaction if you perform 51 or more transactions per month, but higher if you perform fewer transactions.
• Scotiabank Basic Business Account. Available in Canadian and US dollars, this account offers 1 free transaction for every $1,500 in the account. The monthly fee is $10.95, but the fee is waived when you maintain a monthly balance of at least $8,000.

National Bank business banking

NBC business customers have 3 packages to choose from, but National Bank business accounts also come with options for US dollars, investments and foreign currencies.

• National Bank Digital Business Package. The basic tier costs just $7 a month, which is waivable with an eligible National Bank business credit card. You’ll get unlimited transactions and self-service cheque deposits but only 12 free Interac e-Transfers.
• National Bank Hybrid Business Package. The next tier costs $8 per month, which is also waivable with an eligible National Bank business credit card. It’s best for those who require both in-person and online service but who don’t want to pay for the premium package. Get 6 assisted (in-person) or electronic transactions, unlimited self-service cheque deposits and 2 free Interac e-Transfers.
• National Bank Premium Business Package. This beefed up package offers 100 assisted transactions and unlimited transactions and Interac e-Transfers. Pay $95 per month (less if you have an eligible credit card or maintain a balance of at least $80,000).

Tangerine business banking

Being a fully online bank, Tangerine has few overhead costs to worry about and can afford to slash fees for customers. Tangerine does not offer a business chequing account (although it does have a no-fee personal chequing account), but you can open a business savings account or GIC in Canadian or US dollars. You’ll never need to worry about paying a monthly fee or maintaining a minimum balance.

Online banking for businesses

You don’t necessarily need to work with a major bank to open an online business bank account in Canada. Online-only banks and fintech firms now offer more choice for Canadian business owners, with day-to-day money accounts, multi-currency accounts, corporate cards and easier access to business loans and credit.

While some online-only banks are subsidiaries of brick-and-mortar banks, others are strictly digital-only fintechs. In almost all cases, online-only business bank account options come with lower fees, more services and an instantaneous and digital method of banking for your business.

How to open a business bank account in Canada

Once you’ve found the best business bank account for your needs, make sure you meet all the application requirements before opening an account.

Required documents

You’ll need to provide government-issued photo ID and business registration documents. The type of document depends on your business structure.

• If you’re a sole proprietor, a copy of your trade name registration certificate or your master business licence will be required.
• Partnerships may be asked to provide a partnership agreement and a copy of a trade name registration certificate.
• Corporations may be asked to provide articles of incorporation/association.

Application process

While many banks allow you to open an account online, you may be required to visit a branch or book an appointment with a bank rep to finalize your application. If applying online, here’s what to do:

1. select Apply now on the bank’s website.
2. Provide your business name, contact details and registration details. You’ll also be asked to provide details about what your business does, how long it’s been established, and your annual revenue.
3. Provide personal information as well as the details of any other business owners or directors.
4. Upload proof of ID for yourself and anyone else associated with the account.
5. Submit your application.

FAQs about business banking in Canada

• What's the best business bank account in Canada?

  The best business bank account depends on the features you need most. Are you primarily looking for no monthly fees, unlimited transactions, the ability to hold multiple currencies or something else?

  The Wise Business Account is great for international businesses that manage payments in different currencies. The RBC Digital Choice Business Account is a solid low-fee option for Canadian business owners looking for unlimited transactions (including cheque deposits and Moneris deposits). Compare other online business account options above.

• Can I get a free business banking account?

  Many business bank accounts come with monthly fees that can only be waived when you meet certain deposit or transaction requirements. However, many banks and credit unions offer low-cost bank accounts for small businesses with monthly fees ranging from $5 to $10. Learn more in our guide on the best free business bank accounts in Canada.

• Does HSBC offer business banking?

  No. In 2024, HSBC completed the sale of its Canadian business to RBC and officially exited the market. HSBC business banking products and services are no longer available in Canada.

• Does EQ Bank offer business banking?

  Not yet. EQ Bank plans to launch a business account with no monthly fees, free unlimited transactions and interest paid on your balance. We don't yet know when the EQ Bank business account will become available, but you can join a waitlist to be among the first to know.

• What's the difference between commercial banking and business banking?

  Commercial banking is similar to business banking, but it's primarily designed to serve the needs of large corporations, institutions and government agencies. Commercial banking services are offered on a much larger scale and include things like merchant services, lending, stock ownership plans, treasury management, insurance products, global trade management and more.

• What is the difference between retail banking and business banking?

  Retail banking is for individuals, while business banking is for businesses and organizations. Both can include chequing and savings accounts, investment accounts, credit cards, loans and mortgages. But the fees and features of these products are either designed for people or businesses.

• Are business banking fees tax deductible?

  Yes. You can deduct bank fees and charges from your business income to reduce the amount of tax your business owes.

Related guides

Best private business loans in Canada

Check out some of the best private business loans in Canada to help you through seasonal shifts.

Read more…

RBC Flex Choice Business Account Package review

Learn about the supported transactions, features and fees of the RBC Flex Choice Business Account Package.

Read more…

Best business chequing accounts

Your guide to the best business chequing accounts and how to choose the business bank account that suits your needs.

Read more…

Best business bank accounts for sole proprietorships

If you run your own business, these business bank accounts will make it easy to manage your money

Read more…

To make sure you get accurate and helpful information, this guide has been edited by Romana King as part of our fact-checking process.

Written by

Tim Falk

Writer

Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors. See full bio

Co-written by

Stacie Hurst

Associate editor

Stacie Hurst is an editor at Finder, specializing in a wide range of topics including stock trading, money transfers, loans, banking products, online shopping and streaming. She has a Bachelor of Arts in Psychology and Writing, and she completed one year of law school in the United States before deciding to pursue a career in the publishing industry. When not working, Stacie can usually be found watching K-dramas or playing games with her friends and family. See full bio