Set up business banking for your window cleaning business<\/h3>
If you\u2019re wondering whether you need to open a business bank account<\/a>, the answer is, maybe. You\u2019re only legally required to have a separate business bank account if you registered your business as a partnership or corporation.<\/p> But, separating your business and personal expenses, even as a sole proprietor, makes bookkeeping much easier, helps you track deductible expenses and avoids messy audits. It also makes your window cleaning business look more professional when your clients can pay into a dedicated business account.<\/p> When choosing between traditional banks (like RBC or Scotiabank) and fintechs (such as Wise or Wave), consider your needs.<\/p> Once you choose a financial institution, you can either apply online, in person or over the phone. A business bank account<\/a> works similar to a personal account\u2014the main difference is that it\u2019s dedicated to your business\u2019s finances.<\/p> Knowing businesses will need to process frequent deposits in higher amounts than individuals typically deposit, banks often charge a fee per deposit based on the size or type of deposit (cheque, cash etc.).<\/p> You should expect similar features to what you\u2019d get with a personal bank account \u2014 such as a debit card, the ability to send and receive payments, optional overdraft option, online and mobile banking and more. You may even want to look into accounts that let you earn interest on your balance to help your earnings grow even faster.<\/p> Check out some of the best business bank account options in Canada below:<\/p>How business bank accounts work<\/h4>
Compare business accounts in Canada<\/h4>