Canada's Best Business Bank Accounts

By Remitbee - Sep 25, 2023

If you own a business, it is always a good move to have a separate bank account instead of placing your business’ earnings in your personal account. When you do so, you cannot only mix up your personal savings with your business’ profit but also experience a nightmare during tax time.

When your business has its own bank account, it can quickly build a credit profile which can help ease the process of securing a business credit card. Moreover, a business with its own business bank account will make your business more reputable and professional when sending or requesting funds from customers, clients, business partners, and more!

Requirements to Open a Business Bank Account

If you are planning to open a business bank account in Canada, know that the requirement differs from one bank to another. But remember that you need to prepare different supporting documents based on your business structure.

Here are the common requirements when applying for a business bank account in Canada:

  • Proof of your identity (you may use your government ID)
  • Proof of your full name and address
  • Your Social Insurance Number (SIN)

If you plan to open a business account for a sole proprietorship, you should also provide the trade name registration certificate or master business license.

If you are opening a business account for a partnership, you need to provide the following:

  • Registered declaration of partnership
  • Trade name registration certificate or master business license (if applicable)
  • The ID of your partner

Lastly, if you are going to open a business account for a corporation, make sure to provide the following:

  • Articles of Incorporation/Association
  • Name, address, and occupation of anyone who owns at least 25% of the business
  • Trade name registration certificate or master business license (if applicable)
  • Annual financial return or report if the company is 12 to 18 months old (this may require a signature from an independent accountant)
  • Canada Revenue Agency registration number

Business Bank Accounts Options in Canada

If you have all the requirements ready to apply for a business bank account in Canada, here are the best options you have:

3. Tangerine Business Accounts

This type of business bank account in Canada is recommended if you want to grow your business’ cash at great interest rates. The Tangerine Business Accounts has no fees or service charges. Their suit of business accounts has interest rates ranging from 1.60% to 5.07%. The online bank of Tangerine also offers US Dollar Savings Account if you want to grow your US funds.

4. RBC Digital Choice Business Account

This business account is recommended if your business only needs basic banking needs and services often done online. This business account has no minimum balance requirement but a $5 monthly fee for unlimited electronic debit and credit transactions. You will also be charged $2.50 for paper debit and credit transactions, $5 for every $1000 deposited at a local branch, and $2.25 for every $1000 ATM deposit.

5. TD Basic Business Plan Account

With this business bank account, you can do banking anywhere. You can deposit via TD Mobile Deposit. You can also deposit at Point-of-Sale Terminal deposits electronically credited to a TD Canada Trust business chequing account. Another free service from this type of business account is free online statements with cheque images archived for seven years. The TD Basic Business Plan Account has a monthly fee of $5.

6. BMO Business Builder 1

If your business is slightly bigger, the BMO Business Builder 1 bank account suits your needs. This account has a $22.50 monthly fee. It does not have a minimum balance requirement and allows you to do up to 35 transactions per month. You can deposit 25 items a month and $2,500 cash. You also get two free Interac e-Transfer transactions and unlimited Moneris transactions monthly.

7. CIBC Unlimited Business Operating Account

If you are looking for a business bank account in Canada with unlimited transactions, including Interac e-Transfers, the CIBC Unlimited Business Operating Account is best. This premium banking account has no monthly fee when you have a minimum daily balance of $45,000. However, if you cannot maintain this required amount, you will be required to pay $65 monthly. You can deposit up to $15,000 cash deposits, $1000 coins, and 100 cheques.

8. Scotiabank Account Unlimited

This unlimited business bank account is for you if you have a corporation. The Scotiabank Account Unlimited has a minimum balance requirement of $75,000. If you cannot maintain this amount, your monthly fee will be $120. Aside from unlimited transactions and deposits, you also get monthly cash deposits for up to $30,000. Scotiabank also offers credit cards and financing options for businesses. When you use ScotiaConnect Digital Banking, you can manage your business’ activity, file business taxes, receive EFTs, and pay your employees.

Another Way to Do Your Business Transactions Without Spending Much

If your business does foreign transactions such as USD to CAD or vice versa, currency exchange is important to you. Unfortunately, when you exchange currencies with banks, you won’t get the best rates and will be charged high fees! What a waste of money.

If you are looking for the best currency exchange service provider in Canada, look no further because RemitBee is the answer! We offer our customers the best currency exchange rates without any fees! Our services are 100% online, so that you can exchange with us anywhere, anytime. Plus, we guarantee that your money is safe with us.

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