How long will it take to open a bank account for a club or nonprofit?

To open a business bank account for a community group or nonprofit, you'll likely need to visit a local bank branch in person. Assuming you bring the right ID and documents, you'll probably be able to open an account in 1 visit.

Can I use my personal account instead of a community bank account?

It's wise to keep your personal and nonprofit banking separate, as this makes it easy to track your organization's finances for accounting or auditing purposes. It also makes it easier to demonstrate to donors that their funds are being handled appropriately.

What if I need to use my organization's debit card outside Canada?

You can use your group's debit card outside Canada, but banks typically charge foreign transaction fees and add a small fee to the exchange rate when converting currencies.

How much money can I hold in a community bank account?

Most Canadian banks don't have a limit to the amount you can hold in a community account. But your transaction fees may change depending on your balance, and some banks will waive your monthly fee with a minimum balance.

Are community bank accounts insured by the CDIC?

If your bank is insured by the Canada Deposit Insurance Corporation (CDIC), then your community account deposits are insured. Whether this counts as part of your personal account coverage or as separately coverage depends on whether your business structure is legally separate from yourself (i.e. corporations) or not (i.e. sole proprietorships).

What documents does a club need to open a bank account?

To open a bank account, clubs, nonprofits and community organizations typically need proof of registration or incorporation, a tax identification number, identification for all authorized signers and proof of address for the organization.