What do I need to open a business bank account?

RBC

How to open an account

To open a business bank account online with RBC, you will need to:

• Be the age of majority where you live
• Not currently have a business account with RBC
• Open an account for your business
• Be a Canadian resident with a company registered in Canada
• Open the account for a sole proprietorship or private corporation

Required documentation

You’ll need to take the following documents to an RBC branch to verify your identity and provide the necessary business paperwork:

• Government-issued ID, such as a passport, driver’s licence or permanent resident card
• A business registration document, such as articles of incorporation, a certificate of existence or master business license

Scotiabank

How to open an account

To open a business bank account online with Scotiabank, you need to be:

• At least 16 years of age
• A Canadian resident or in Canada to work or study
• Opening an account in your own name

You can apply online by providing your name, address, date of birth, Social Insurance Number and any required documents.

Required documentation

• Sole proprietors

  You need to provide one of the following:

  • Trade name registration certificate
  • Master business license

  However, no registration is required if you operate in your own name.

  If you’ve been operating for more than 12 months, you also need to provide one of the following:

  • Latest business notice of assessment
  • Current liquor license
  • Health and safety certificate
  • Vendor’s permit
  • Current utility bill or invoice to business
  • Another current, valid government-issued document

• Partnerships

  Partnerships need to provide:

  • Registered declaration of partnership or partnership agreement
  • Trade name registration (if applicable)
  • Government-issued photo ID for up to three authorized signatories
  • Name, address and occupation of anyone who has an ownership interest of 25% or more

  If you have been in business for longer than 12 months, you’ll also need to provide one of the following:

  • Latest business notice of assessment
  • Current liquor license
  • Health and safety certificates
  • Business license or vendor’s permit
  • Current utility bill or invoice to your business
  • Another current, valid government-issued document

• Incorporated companies

  You need to provide:

  • Articles of incorporation/association
  • Trade name registration (if applicable)
  • Government-issued photo ID
  • Name, address and occupation of anyone who owns at least 25% of your business

  If your organization receives donations from the public, you’ll need your Canada Revenue Agency registration number.

  If you’ve been operating for more than 12 months, you’ll also need to provide:

  • A certificate of incorporation, certificate of continuation or letters patent
  • Certificate of compliance
  • Corporate profile report
  • Annual government filing
  • Latest financial statements
  • Latest business notice of assessment
  • Current liquor license
  • Health and safety certificates
  • Business license or vendor’s permit
  • Another current, valid government-issued document

• Non-profit organizations or associations

  You need to provide:

  • Articles of association or your association’s original constitution and bylaws (if no formal registration is available, you’ll need to provide documents that confirm your authority to open an account on behalf of the organization)
  • Government-issued photo ID for up to three authorized signatories

  If your organization receives donations from the public, you’ll also need your Canada Revenue Agency registration number.

TD Canada Trust

How to open an account

If you run a sole proprietorship or a single-owner corporation, you can apply online, in person or over the phone with a TD business banking specialist. To apply online, you need to own a business or be a signing officer of the business.

Owners of other types of businesses need to apply in person or over the phone with a TD business banking specialist.

Required documentation

The documentation you need to provide varies depending on the structure of your business.

• Sole proprietor

  • Certificate of business registration
  • Trade name registration (if applicable)
  • Government-issued photo ID

• Corporation

  • Articles of incorporation
  • Certificate of business registration
  • Trade name registration (if applicable)
  • Canada Revenue Agency registration business number (if your organization solicits donations from the public)
  • Name, address and occupation (including employer name and address) of each director
  • Director Information (required for each director of the business)
  • Business ownership structure with names and addresses
  • Proof of business address
  • Government-issued photo ID for each account signing authority

• Partnership

  • Partnership agreement
  • Certificate of business registration (if applicable)
  • Trade name registration (if applicable)
  • Partnership information, including full ownership structure and the names, addresses and occupations of all partners
  • Proof of business address
  • Government-issued photo ID for each account signing authority
  • Name, address and occupation of each account signing authority

• Association

  • Articles of association (if applicable)
  • Letter of larger association authorizing the opening and operation of the account (if applicable)
  • Canada Revenue Agency registration business number (if your organization solicits donations from the public)
  • Proof of business address
  • Government-issued photo ID for each account signing authority

BMO

How to open an account

You need to book an appointment at your nearest BMO branch to open an account.

Required documentation

The documents needed to open a BMO business bank account vary depending on your business ownership structure.

• Sole proprietor

  If operating under a registered trade name, you’ll need to provide one of the following documents:

  • Trade name registration
  • Master business license
  • Government-issued ID

• Corporation

  If your business has been operating for less than 18 months, you’ll need to bring one of the following documents:

  • Articles of incorporation
  • Letters patent/company charter
  • Articles of amendment
  • Articles of amalgamation
  • Corporate profile report

  If your business has been operating for more than 18 months, you will also need to provide one of the following:

  • Annual/statutory return
  • Certificate of status
  • Certificate of compliance/existence and any filings under the applicable provincial securities legislation, such as financial statements
  • Financial statement or annual report signed by an independent accounting firm
  • Government assessment
  • Corporate search

  If your business operates under a registered trade name, you need to provide one of the following:

  • Trade name registration
  • Master business license
  • Identification

  Finally, you also need to provide:

  • Name, address and nature of your business
  • Ownership details, including the percentage and type of ownership for any person or company that owns 25% or more of your business
  • Name, date of birth, occupation and proof of ID for up to three authorized signatories

• Partnership

  If your business is a general partnership, provide:

  • Partnership registration (if applicable)
  • Partnership agreement

  If you operate under a registered trade name, provide:

  • Trade name registration
  • Master business license

  If your business is a limited partnership, provide:

  • Limited partnership agreement
  • Certificate of limited partnership/declaration of limited partnership/application for registration of a limited partnership

  Finally, you also need to provide:

  • Name, address and nature of your business
  • Ownership details, including the percentage and type of ownership for any person or company that owns 25% or more of your business
  • Name, date of birth, occupation and proof of ID for up to three authorized signatories

CIBC

How to open an account

You can apply for a CIBC business banking account online, or you can complete a form and visit a CIBC Banking Centre.

To open a CIBC business account, you need to be:

• A Canadian resident
• The age of majority in your province
• An owner, partner or shareholder with a minimum of 25% ownership

To open an account online, your business needs to be:

• Registered and operating in Canada
• Owned by fewer than four individual owners
• A sole proprietorship, general partnership or corporation
• Not considered a not-for-profit organization

Required documentation

All your business’ principal owners and anyone who will sign on the account must provide two pieces of ID to open an account.

• Sole proprietors

  You need to provide one of the following documents:

  • Business registration
  • Trade name registration

• Partnerships

  You need to provide one of the following documents:

  • Partnership registration
  • Partnership agreement
  • Trade name registration or master business license

• Corporations or incorporated associations

  You need to provide:

  • Articles of incorporation, a certificate of incorporation or articles of amalgamation
  • The most recent filing with your incorporating jurisdiction that lists your directors
  • Trade name registration
  • A copy of the official corporate record

  If your corporation has been operating for more than one year, you also need to bring one of the following documents issued within the last year:

  • Certificate of corporate status
  • Certificate of existence
  • Company’s annual report for the past financial year
  • Company’s most recent notice of assessment
  • Health or safety certificates
  • Liquor license or vendor permits

• Unincorporated associations

  Provide your association’s constitution and bylaws. If your organization solicits donations from the public, you’ll also need your Canada Revenue Agency registration number.