What do I need to open a business bank account?

Your comprehensive checklist of the criteria you need to meet, and the documents you need to provide, to open a business bank account.

So you’re ready to open a business bank account. As you might expect, opening a business account is a little more complicated than opening a personal account, with extra paperwork required.

In this guide, we’ll walk you through what you need to open a business bank account in Canada, including all the documentation required to get your business account up and running.

Requirements to open a business bank account in Canada

To be eligible to open a business bank account in Canada, you will generally need to:

  • Be the age of the majority and a Canadian resident
  • Be opening an account for a business that is registered in Canada
  • Provide documents that prove the existence of your business
  • Provide the names, contact details and proof of ID for business owners with an ownership interest of 25% or more
  • Provide your Social Insurance Number

But the specific documents needed to open a business account depend on two factors:

  • The ownership structure of your business
  • The bank you choose

Let’s take a look at the documents your business needs to open a business account at each of the Big Five banks: RBC, Scotiabank, TD Canada Trust, BMO and CIBC.

What do I need to open a business bank account with RBC?

RBC

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.
  • Be opening the account for your business.
  • Be a Canadian resident, with a company registered in Canada.
  • Be opening 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 license or permanent resident card.
  • A business registration document, such as articles of incorporation, a certificate of existence or master business license.

Compare business accounts

RBC Digital Choice Business Account

Get unlimited electronic debit and credit transactions, unlimited electronic cheque deposits, unlimited Moneris deposits and 10 free outgoing Interac e-Transfer transactions per month.

What do I need to open a business bank account with Scotiabank?

Scotiabank

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

Compare business accounts

Scotiabank Select Account for Business

What do I need to open a business bank account with TD?

TD Canada Trust

TD Canada Trust

How to open an account

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

Other businesses will 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.

Compare business accounts

What do I need to open a business bank account with BMO?

BMO

BMO

How to open an account

You’ll 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.

Compare business accounts

What do I need to open a business bank account with CIBC?

CIBC

CIBC

How to open an account

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

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

  • Registered and operating in Canada
  • Owned by fewer than 4 individual owners and a sole proprietorship, general partnership or corporation
  • Not considered a not-for-profit organization

Required documentation

All of your business’ principal owners and anyone who will sign on the account must provide 2 pieces of ID to open an account.

Compare business accounts

Key documents needed to open a business bank account in Canada

Let’s take a closer look at the different documents you need to open a business bank account.

Business license

A business license is issued by your federal, provincial, territorial or municipal government and allows you to operate your business in Canada. Licensing requirements vary widely depending on where your business operates, your business structure and the industry you work in.

Articles of incorporation

Articles of incorporation are legal documents that register your business as a corporation. Filed with federal or provincial/territorial governments, they establish your business as a legal entity. They include details such as your business’ name, address, type and purpose.

Trade name registration

This document allows you to register an operating name with your provincial or territorial government. A trade name is different to your business’ legal name, and registering your trade name is sometimes referred to as filing for a DBA (doing business as).

Certificate of existence

A certificate of existence is issued by Corporations Canada for federal corporations. It verifies that the specific corporation exists either on the date a request is submitted or that it existed at a specific time.

Partnership agreement

This document is an agreement between the two or more partners entering into a business relationship. It sets out the ownership and profit share, the obligations of each partner, and what will happen if the agreement needs to be terminated.

Articles of association

These documents outline the purpose of a company and how it will be run. They set out rules and regulations for the structure of the company, its governance and its daily operations.

Business Notice of Assessment

This statement is issued by the Canada Revenue Agency after you file your business tax return at the end of the financial year. It summarizes the key details from your return, including your income and deductions as well as the amount of tax you owe or your refund amount.

Business Number

This nine-digit number is issued to your business by the Canada Revenue Agency. It’s used for all your interactions with the CRA for tax-related matters.

Social Insurance Number

Issued by Service Canada, this nine-digit number allows you to work in Canada as well as gain access to a range of federal government programs and benefits.

Government-issued ID

You’ll need to provide a valid, government-issued identity document to open a business account. A driver’s licence or passport are the most common examples of personal identification.

Compare business accounts you can open now

1 - 8 of 8
Name Product CAFSA-BUS Monthly Account Fee Multi Currency Accounts FX Fee Corporate Credit Card Accounting Integration Offer
RBC Digital Choice Business Account
Finder Score: 4 / 5: ★★★★★
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.
Scotiabank Select Account for Business
Finder Score: 3.8 / 5: ★★★★★
Scotiabank Select Account for Business
$40
CAD only
Varies
Quickbooks, Sage, Xero
Sole proprietorships and corporations accepted.
Airwallex Business Account
Finder Score: 3.8 / 5: ★★★★★
Airwallex Business Account
$0
CAD, USD, GBP, EUR + 17 more
0.5% - 1%
Quickbooks, Xero + more
Sign-up and get a $500 bonus in FX conversions. Open and manage multiple global accounts with no monthly fees. Send and receive payments in 16 different currencies and avoid costly conversion and transaction fees.
To be eligible, you'll need to have a registered Canadian corporation.
Jeeves Business Account
Finder Score: 3.9 / 5: ★★★★★
Jeeves Business Account
$0
CAD, USD, EUR, GBP + 2 more
From 0.20%
Quickbooks, Xero
Issue unlimited pre-funded corporate cards in local currencies, send payments to 150+ countries, and manage global expenses all from one platform.
To be eligible, you'll need to have a registered corporation and a revenue of at least $50,000/month.
RBC Flex Choice Business Account
Finder Score: 4 / 5: ★★★★★
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.
Loop Global Business Banking Account
Finder Score: 3.7 / 5: ★★★★★
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.)
Wise Business
Finder Score: 3.8 / 5: ★★★★★
Wise Business
$0
CAD, USD, GBP, EUR + 6 more
0.48%
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.
Vault Business Banking Account
Finder Score: 3.8 / 5: ★★★★★
Vault Business Banking Account
$0
CAD, USD, GBP, EUR
0.25%–0.45%
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.
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How do I choose a business bank account?

Choosing a business bank account is a little overwhelming at first. To get started, make a list of all the key features you need in an account:

  • How many transactions will you need to make per month?
  • Do you need branch access or can you manage your account online and via mobile banking?
  • Do you regularly need to make cash or cheque deposits to your account?
  • Do you need to send or receive foreign currencies?
  • Are you willing to pay a monthly fee, or to keep your balance above a minimum level to have the fee waived?

Once you have a clear idea of what you need, you can start comparing business bank accounts across a range of financial institutions. Learn more about choosing an account in our guide to the best business bank accounts in Canada.

Can I open a business bank account online?

It depends on the bank you choose and the structure of your business.

Some banks don’t offer any option to fill out an online application form. You will instead need to book an in-person, phone or online consultation to begin the application process.

But it’s becoming increasingly possible to open a business bank account online, particularly if you’re a sole proprietor. You’ll need to upload copies of your business registration documents as well as proof of ID.

However, in some cases, you’ll still need to visit a branch in-person with proof of ID in order to activate your account.

Summary: How to open a business bank account in Canada

For detailed instructions on how to open a business bank account, check out our full guide. But if you’re in a hurry, here’s a quick rundown of the steps you need to follow.

  1. Know your needs. Decide what features you want in an account, including how many monthly transactions you need and how you want to manage your money.
  2. Compare business bank accounts. Compare business chequing accounts from a range of banks to find the right account for your needs.
  3. Submit an application. Fill out an online application with your personal information, contact details and information about your business. Depending on the bank, you may need to visit a branch to finalize your application.
  4. Set up your account. Sign up for online banking, download your bank’s mobile app and activate the debit card linked to your account.
  5. Start banking. Deposit money into your account and start using it for your day-to-day business transactions.

Bottom line

It’s a little more complicated to open a business bank account compared to a personal account, but don’t let that put you off. Major banks and credit unions provide clear instructions on the documents you need to provide and the requirements you need to open an account, so it’s easy to get started. Compare business account options across a range of financial institutions before deciding where to open an account.

Frequently asked questions

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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

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