Finding the right business bank account is an important part of doing business. The best business bank account in Canada for you will meet all your banking needs, whether that’s keeping your business finances separate from your personal account, low or no monthly fees, unlimited transactions, support for a mix of paper and electronic activities or maybe a large branch and ATM network.
In this guide, we’ll show you the 11 best business bank accounts in Canada, and show you how to find the right business bank account for your needs.
Best business bank accounts in Canada, by feature in 2024
To determine this best list, Finder Canada analyzed 26 business bank accounts across 15 financial institutions. We compared accounts from traditional banks, digital banks, fintechs and credit unions. We narrowed down the list of accounts to the top 11.
We ranked accounts based on 18 data points within five major categories. Here’s how we ranked and weighted each product:
Fees: 40% (Monthly fee, ability to waive monthly fee (if necessary), transaction fees, wire transfer fees, NSF fees, overdraft fees)
Perks: 20% (Number of currencies you can bank in, interest rates, signup bonuses, other tailored rewards)
If you prefer to manage most of your business banking via your smartphone, the RBC Digital Choice Business Account is a powerful sidekick. With the RBC Mobile app you can quickly and easily pay employees and suppliers, request payments, track your spending and business performance, deposit cheques, send transfers and much more.
Why it's one of the best
Transactions. Enjoy unlimited electronic debit and credit transactions.
Unlimited cheque deposits. Unlimited Moneris and electronic cheque deposits.
Soft credit check only. When you apply for an account, RBC will only conduct a soft credit check, which means your credit score won't be impacted when applying.
Unlimited electronic debit and credit transactions
Unlimited Moneris and electronic cheque deposits
Easy to use app
Competitive foreign exchange rates
Can only spend and receive in CAD
Comes with a monthly fee
Fees for cash deposits and paper deposits
Monthly Account Fee
$6
Multicurrency Accounts
CAD only
Currency Coversion Fee
Varies
GIC Available
Yes
The RBC Digital Choice Business Account is our pick for the best overall account in Canada for your small business because it offers tons of business-banking perks for one low monthly fee.
This account comes with unlimited Moneris deposits, which means your customers will have the convenience of paying by credit or debit in-store, online or even on the go.
Plus, once you link your RBC business debit card to your Petro-Canada card, you can save 3 cents per litre on gas purchases at Petro-Canada locations while earning 20% more Petro-Points.
Signing up for RBC business banking will give you savings of $49 off for a sole proprietorship or $300 off for incorporation when you register or incorporate your business with Ownr. Ownr is only available in ON, AB, QC and BC.
Open and manage multiple global accounts with Airwallex. With no monthly account fees, you can hold and spend 20+ currencies and transfer 60+ currencies internationally while avoiding costly conversion and transaction fees.
Why it's one of the best
Send, receive and hold many currencies. With one global account, hold and spend 20+ currencies, including AUD, CAD, DKK, CZK, CHF, GBP, HUF, MXN, NOK, RON, SEK, ZAR, EUR, HKD, CNY, USD, JPY, NZD, SGD, IDR and ILS. Transfer around 60 currencies internationally.
Get a $500 sign-up offer. Take advantage of a $500 sign-up offer in FX conversions.
Access other banking products. Send global money transfers, issue multi-currency corporate cards, and seamlessly manage your business with expense management and accounting integration tools.
Hold and spend 20+ currencies. Transfer 60+ currencies internationally.
Airwallex is a web-based business banking and payment management platform that lets you accept over 160 payment methods in more than 180+ countries. This Airwallex Business Account is a multi-currency account with no monthly fee.
You can set up Global Accounts, which essentially acts like a local currency account in your name — with a local bank institution number, branch code and account number.
The account allows you to receive payments in the same currencies your customers are paying, which helps you save on currency conversion fees. You can also spend in the same currencies you receive payments in.
One big perk is that the Airwallex platform can help you increase checkout rates by allowing you to offer pricing in local currencies.
Best business bank for e-commerce businesses: Jeeves
Jeeves offers business accounts to manage all of your global banking needs. Access six different multi-currency business accounts through one login to deposit, send, spend and receive funds globally.
Why it's one of the best
$0 account fee. This account charges no monthly account fee.
Multi-currency accounts. Access BRL, CAD, EUR, GBP, MXN and USD accounts through one login.
Low fees. Only pay when you convert currencies and send payments. There are no account setup fees, monthly charges or overdraft fees.
Hold and spend funds in multiple currencies
Competitive foreign exchange rates
Secure funds in encrypted accounts
Access credit cards for your business
You'll pay to make transactions
Currency conversion fees will apply
Monthly Account Fee
$0
Multicurrency Accounts
CAD, USD, EUR, GBP, MXN, BRL
Currency Coversion Fee
From 0.20%
GIC Available
Yes
Jeeves offers a solid online business account platform with loads of management perks for small businesses. You can issue virtual cards almost immediately, and ship cards internationally for free.
Plus, through the free Jeeves mobile app, you can collect receipts, set up required receipts and invoices on select purchases and automate alerts — helping you eliminate the need for paper receipts.
The Jeeves platform offers the convenience of advanced reporting and direct accounting integrations with leading accounting software, like QuickBooks and Xero. You can also customize spending limits for different employees.
The platform also allows you to send same-day money transfers domestically or internationally at competitive exchange rates. You’ll be able to manage your money, cards, payments and expenses across more than 25 countries.
Loop offers one no-fee account to manage all your business banking needs, including corporate cards, payments, foreign exchange, loans and capital funding, as well as setting up sales in multiple currencies.
Why it's one of the best
$0 account fee. This free account charges no monthly fee.
Multi-currency accounts. Easily open CA, US, UK and EU domiciled accounts to skip conversion fees, get paid faster and make free global payments.
No FX credit cards. Eliminate FX fees with a Loop credit card. Spend in CAD, USD, GBP and EUR and earn points to use toward travel and experiences. Access up to a $1 million credit limit.
Earn reward points for your business spending
Hold and spend funds in multiple currencies
Competitive foreign exchange rates
Only one free plan available
Read the fine print for details of other fees
No Apple Pay or Google Pay
Monthly Account Fee
$0
Multicurrency Accounts
CAD, USD, GBP, EUR
Currency Coversion Fee
0.1% - 0.5%
GIC Available
No
Loop offers a digital no-fee business banking account that lets you collect and spend in multiple currencies. With the Loop Global Business Banking Account, you can avoid long payment and transfer processing wait times.
The account offers free international payments, allowing you to pay suppliers using local networks. You’ll get local account details for the US, UK and EU, which lets you send and receive payments in these countries for free.
Flexibility is a key requirement for start-up businesses, and that's something the RBC Flex Choice Business Account offers. With no minimum or maximum transaction limits, this account is well worth considering if you don't yet know exactly what your banking needs are.
Why it's one of the best
Only pay for what you use. This flexible account is suited towards those looking to only pay for what they use.
Bank online or in-branch. If you think you'd rather have some in-person assistance occasionally with banking, RBC is happy to help in-branch.
Access other banking products. Access corporate and business credit cards, GICs, personal accounts and much more with RBC.
Only pay for transactions you use
Bank online or in-branch
Get RBC Preferred Pricing
Monthly fee of $7 charged
You'll pay for each transaction and e-Transfer
Not suitable for larger businesses making lots of paper transactions
Monthly Account Fee
$7
Multicurrency Accounts
CAD
Currency Coversion Fee
Varies
GIC Available
Yes
Small businesses and startups in Canada looking for the option to bank both in-branch and online will benefit from the RBC Flex Choice Business Account. The account comes with the low monthly fee of only $7 and comes with a pay-for-what-you-use transaction fee structure.
You’ll save 40% on transactions using RBC Online Banking, the RBC Mobile app or at RBC ATMs. You’ll also get preferred pricing on the Night and Day Deposit Service and on cash deposits at RBC ATMs.
Beyond these account-specific perks, this best business account lets you save 3¢/litre on gas purchases at Petro-Canada.
Best bank account for doing business in the USA: Wise Business Account
If your business makes and receives international payments on a regular basis, you need an account that makes it easy to hold and exchange multiple currencies.
Why it's one of the best
70+ countries. Pay staff and suppliers in over 70 countries around the world.
40 currencies. hold funds in 40 different currencies, including CAD, USD, GBP and EUR.
Competitive exchange rates. Get the mid-market exchange rate when you send money overseas.
Get the mid-market exchange rate
Hold funds in nine currencies
User-friendly platform
Transfer fees apply
Doesn't accept cash or cheque deposits
Monthly Account Fee
$0
Multicurrency Accounts
CAD, USD, GBP, EUR, AUD, HUF, NZD, RON, SGD, TRY
Currency Coversion Fee
0.43%
GIC Available
No
One of the standout features of the Wise Business account is that it comes with no exchange markup and lets you pay people and suppliers in over 70 countries, including the US.
You can get local account details for your business or for your customers in nine different countries. Plus, approximately 50% of payments made to these accounts can be processed instantly or within an hour.
You can also link your currency accounts to QuickBooks for quicker reconciliation, and make batch payments to up to 1,000 people.
Does your business perform lots of transactions each and every day? The RBC Ultimate Business Account could be the business bank account for you. This all-inclusive package includes unlimited electronic debit and credit transactions with 500 outgoing Interac e-Transfers.
Why it's one of the best
Catered toward businesses banking a lot. This account offers a wide variety of features that cater towards businesses that are constantly banking.
Unlimited transactions. Enjoy unlimited electronic debit and credit transactions and 500 outgoing Interac e-Transfers per month.
Large deposit limits. Unlimited electronic cheque and Moneris deposits are included too, plus up to $25,000 free cash deposits per month.
Large deposit limits
Unlimited monthly electronic debit and credit transactions
500 outgoing Interac e-Transfers each month
100 paper transactions per month
Higher monthly account fee than most business accounts
Monthly Account Fee
$100
Multicurrency Accounts
CAD
Currency Coversion Fee
Varies
GIC Available
Yes
The RBC Ultimate Business Account is an all-inclusive business banking account offering some of the best features to help you expand your business.
You’ll get unlimited electronic debit and credit transactions, unlimited Moneris deposits, unlimited electronic cheque deposits and unlimited mobile and ATM cheque deposits. Plus, you’ll get free cash deposits of up to $25,000 per month.
The RBC Ultimate Business Account comes with more perks and lots of room for you business to grow. Just ensure that you’ll be using enough of the account perks on a regular basis to justify the $100 monthly fee (which can be waived if your balance is $75,000 or higher).
Best savings account for business in Canada: Tangerine Business Savings Account
If you're searching for an account to help boost your business' bottom line, we recommend checking out the Tangerine Business Savings Account. With tiered interest rates ranging from 1.95% to 2.55% available, your bank balance will grow without you having to lift a finger.
Why it's one of the best
Earn interest on savings. Earn up to 2.55% interest on your savings.
No monthly account fee. This savings account comes with no monthly fee.
No minimum balance requirements. Whether you're just getting started in business or you're a seasoned saver, there are no minimum deposit limits which means you can have as little or as much in your account as you'd like.
Earn interest on your savings
$0 monthly account fee
No minimum balance required
Does not offer the same benefits as a chequing account
Monthly Account Fee
$0
Multicurrency Accounts
CAD
Currency Coversion Fee
N/A
GIC Available
Yes
This business savings account comes with one of the most competitive interest rates on the market for business accounts. You can earn up to 2.55%, and save more money by avoiding monthly fees and transfer fees.
This no-fuss business savings accounts can help your business funds grow with no extra fees.
The best business account designed to service the needs of nonprofit organizations is the CIBC Not-for-Profit Operating Account. It comes with a low monthly fee, so you can put more money to the causes that matter to you.
Why it's one of the best
Get access to Global Payments. Open up more ways for doners to give with Global Payments, which accepts all major credit and debit cards.
Get the account fee waived. Even though this is a low-fee account, the monthly fee can be waived if you keep a minimum daily balance of $5,000.
Comprehensive deposit allowances. Deposit $5,000 in cash, $500 in coin and 30 cheques each month at no extra cost.
Low monthly fee of $4
Apply online
Get up to 30 free Interac e-Transfers
Low minimum balance requirement compared to other types of business accounts
Limited to 30 free transactions per month
You'll have to pay $1 for self-service or $1.25 for full-service transactions beyond the free limit
Monthly Account Fee
$4
Multicurrency Accounts
CAD
GIC Available
No
The CIBC Not-for-Profit Operating Account is a low-fee account designed for nonprofits in Canada. It offers a competitive selection of free transactions and free deposits.
Another big perk of the CIBC Not-for-Profit Operating Account is that it allows you to receive donations using all major credit and debit cards through Global Payments, giving donors more ways to support your work.
The key figure you need to remember with the TD Basic Business Plan account is five — it supports 5 transactions per month, five deposits per month (excluding cash deposits) and comes with a $5 monthly fee.
Why it's one of the best
Suited toward low-income businesses. You only get 5 transactions per month and five deposits per month (excluding cash deposits).
Easy deposits. Deposit through TD Mobile and in-branch.
Complimentary free services. Enjoy free online statements with cheque images, archived for seven years.
5 transactions included per month
5 deposit items included each month
Low monthly account fee
Not suitable for businesses making lots of transactions and transfers
Monthly Account Fee
$5
Multicurrency Accounts
CAD
GIC Available
Yes
If you’re just looking for a no-frills account to manage your essential business banking needs, the TD Basic Business Plan is a good fit.
While it comes with limited transactions and deposits compared to many other accounts on our list of the best business bank accounts, it might be just enough for people looking for a simple option with one of Canada’s Big Five Banks.
Next on our list of the best business bank accounts in Canada is the Tangerine Business Savings Account. As a digital bank, Tangerine specializes in making it easy to manage your money online. The online application process is quick and easy, and its internet banking portal and mobile banking app are as user-friendly as they come.
Why it's one of the best
Earn interest on savings. Earn up to 2.55% interest on your savings.
No monthly account fee. This savings account comes with no monthly fee.
No minimum balance requirements. Whether you're just getting started in business or you're a seasoned saver, there are no minimum deposit limits which means you can have as little or as much in your account as you'd like.
Earn interest on your savings
No monthly account fee
No minimum balance required
Does not offer the same benefits as a chequing account
Monthly Account Fee
$0
Multicurrency Accounts
CAD
Currency Coversion Fee
N/A
GIC Available
Yes
The Tangerine Business Savings Account has made our list of the best small business bank accounts twice. It offers a highly competitive interest rate and very convenient online access. Tangerine is one of the most well-known online banks in Canada with a very well-established online banking platform and mobile app.
What is the best bank for a small business in Canada?
While the best bank for a small business will vary depending on your company’s unique needs, the banks that most often made it onto our list of best accounts for businesses are RBC and Tangerine.
J.D. Power explores the customer experience side of small business banking every year through its J.D. Power Canada Small Business Banking Satisfaction Study. According to the most recent survey for Canada’s largest banks in 2023, CIBC ranked highest in small business banking customer satisfaction, followed by BMO in second and Scotiabank in third.
That said, a CFIB report showed that RBC is a popular choice for small business banking, as it had the highest small business market share (at 19%) in 2022 among banks in Canada.
Overall, the J.D. Power survey found that over the past year small business owners have been more satisfied with their primary financial institution compared to the previous year. That was mostly because banks offered better customer experiences across online banking, mobile apps, customer support and problem solving.
Alternatively, digital business account providers, like Airwallex, Jeeves, Loop and Wise, tend to offer $0/month accounts with low-fee transactions. So it’s worth considering switching from the Big Banks if you’re comfortable managing your finances entirely online.
While all of these accounts have low monthly fees, the RBC Digital Choice Business Account was also chosen as our overall pick for best business bank account in Canada.
Why should you use a business bank account in Canada?
Business bank accounts are designed specifically for businesses. They offer the features you need to manage all your day-to-day business banking, like paying staff and contractors and keeping track of your revenue and expenses. And even though it may not be essential for your business to have a business bank account, there are several reasons why it’s a good idea.
Expert insight
"A business bank account is a must-have if you run your own business. It may cost more than a personal bank account, but it’s money well spent. The last thing you want to do is to mix personal expenses with business expenses in a personal bank account."
Top benefits of using a business account in Canada
Easier to manage payroll. The best business bank accounts in Canada include payroll solutions to help you pay your staff and suppliers. This makes it easy to set up automatic payments by direct deposit.
Easier to keep tax records. Keeping your business finances separate from your personal expenses will make things a lot easier come tax time. With all your business income and expenses managed through one account, reporting your financial details to the taxman is a much simpler process.
Accepts credit card payments. Business bank accounts include payment processing functionality, allowing your business to accept credit card payments. This can lead to increased sales and also help your business seem more professional.
Helps you keep better records. The best business bank accounts offer comprehensive reporting tools to help you track your spending and manage cash flow. This makes it easy to monitor the performance of your business and identify areas where you can improve your bottom line.
Helps you build a business relationship. Opening a business bank account lets you establish a history of income and expenses with a financial institution. Developing this relationship will make it easier for your business to access business credit cards, lines of credit and other types of financing in the future.
More professional. Finally, providing business rather than personal banking details to your clients and suppliers simply makes your business appear much more professional. It sends the right message to everyone you deal with that you are serious about running a business.
Helps you meet requirements. If your business is incorporated, it’s actually a requirement to separate your personal account from your business account because, in that case, your business is a separate legal entity.
What are the biggest costs facing Canadian businesses?
One-third of Canadian small businesses reported struggling financial health in the April 2024 CFIB Your Voice Omnibus Survey. The most recent CFIB Monthly Business Barometer survey also showed that insurance and wage expenses were still two of the top three constraints on business growth in July 2024, like in recent months.
That’s why it’s more important than ever to streamline your expenses by ensuring you’re only paying for the banking services you need. Browse our list of the best business bank accounts in Canada above to easily compare your options.
There are two types of business bank accounts to choose from in Canada.
Traditional business bank accounts are much like personal chequing accounts, providing easy access to money so you can manage all your day-to-day transactions. But there are also business savings accounts to help you build a bigger bank balance, so let’s take a closer look at how each option works.
Business bank account
A business bank account or chequing account allows you to manage your day-to-day business banking. That includes tasks like paying employees and suppliers, receiving payments and managing your cash flow.
Depending on the business bank account you choose, you’ll be able to perform a certain number of transactions per month, and some accounts support unlimited transactions. However, most business bank accounts come with a monthly fee attached, plus additional fees for every transaction above your monthly limit.
Business savings account
A business savings account is designed to help you grow your business’ bank balance by paying interest on every dollar in your account. Some banks offer a flat savings rate no matter how much money is in your account, but others offer tiered interest rates — the more money in your account, the better the rate you’ll get.
The best business savings accounts in Canada won’t charge any monthly fees that can eat away at your savings. However, because they’re not designed for day-to-day spending, there may be fees for performing certain transactions, so check the fine print closely.
Can I use a personal bank account for business?
You can use a personal bank account for business if you’re a sole proprietor, but there are plenty of reasons why you shouldn’t. Those reasons all boil down to the fact that keeping your personal and business finances separate just makes things so much easier.
It’s easier to ensure that personal and business payments and expenses don’t get mixed up. It’s easier to keep track of your tax obligations and manage your business accounting.
It’s also just a safer way of doing business — for example, you wouldn’t want to give an employee access to your personal account to make business purchases, so a business bank account is a more professional solution.
How to choose the right business bank account for your needs
A 2023 CFIB report showed that 1 in 10 business owners in Canada switched banks at least once between 2019 and 2022. The biggest reasons causing business owners to switch banks were customer service, access to business financing and banking fees.
That’s why comparing your business banking options is so important — ensure that making the switch will be worth it.
Consider the following factors when comparing accounts to help you find the best business bank account in Canada.
Fees
While some financial institutions offer a free business bank account in Canada, most accounts come with a monthly fee. Check the fee that applies to the account. Is the fee waived or reduced if you keep your balance above a minimum threshold?
Next, read the fine print to find out about any other fees the account has. These can include:
Additional transaction fees when you exceed your monthly transaction limit
Cash deposit fees
Branch transaction fees
Cheque deposit fees
ATM withdrawal fees
Interac e-Transfer fees
International transaction fees
Monthly transactions
Some business bank accounts support an unlimited number of transactions per month. Others place a limit on the number of monthly transactions you can perform without incurring any fees, so make sure the account has a high enough limit to suit your banking needs.
Availability and ATM access
If you like doing business banking face-to-face, choose a bank with a large branch network and easily accessible locations near you. If you decide to go with an online-only bank, check how you can access customer support (phone, email, live chat) and during what hours.
You’ll also need to consider the size of the bank’s ATM network, as using an ATM from another bank’s ATM network will usually incur fees.
Interest rates
If you’re searching for the best business savings account in Canada, check the interest rate that will apply to your savings balance. Many accounts offer tiered interest rates — the bigger your balance, the higher the interest rate you will get.
Insurance
For peace of mind, make sure you only open a business bank account with a financial institution that is a member of the Canadian Deposit Insurance Corporation. This means that deposits of up to $100,000 will be insured if the bank goes broke.
Promotions and Perks
Many banks offer accounts as part of business banking packages, so check to see what other perks and rewards you may be able to access. For example, an account might also come with access to a business credit card with a discounted annual fee, access to a free safety deposit box, or a business savings account. Just make sure you check the fine print for the full details of any special offers before signing up.
Fintech and credit union alternatives
For many business owners, your first port of call when searching for a business bank account will be a major bank. But your search shouldn’t end there. There’s plenty of value to be found at alternative providers that offer business bank accounts and money management tools. Options include:
Smaller banks. It isn’t just major banks that offer business bank accounts in Canada. You’ll also find accounts from a wide range of smaller banks and online-only banks, such as high-interest savings accounts from Manulife Bank, or a high-interest savings account or business chequing account from ICICI Bank Canada. If you choose a digital bank, the lack of branches means you’ll need to make sure that most of your business transactions are completed electronically.
Credit unions. A wide range of credit unions offer business banking products and make it easy to manage your money via online and mobile banking. For example, Alterna offers a selection of business chequing accounts, while Coast Capital offers sole proprietorship, general partnership and corporation accounts.
Money management apps. Canadian fintechs also offer a range of money management apps, payment systems, technology solutions and savings accounts for businesses. Options to consider include WealthSimple, KOHO and Neo Financial.
How to open a business bank account in Canada
OK, so you’ve found the best business bank account in Canada and you’re ready to open an account. It’s easy to apply online or by visiting a branch, but the process is a little more involved than opening a personal bank account.
What documents are required to open a business bank account?
The exact documents you’ll need to provide vary depending on two factors:
The bank you choose
The structure of your business
From a general point of view, you’ll need to provide:
Proof of ID
Your name, address, contact details and SIN
The documentation required after that varies depending on your business structure.
Sole proprietor
If you run a sole proprietorship, you will need to provide your trade name registration certificate or a copy of your master business licence. If you’ve been in business for more than a year, the bank may request additional information, such as your latest business notice of assessment.
Partnership
If you’re running a partnership, you will typically need to provide:
A registered declaration of partnership or partnership agreement
Your trade name registration certificate
Photo ID for all partners
Corporation
Corporations may be asked to provide:
Articles of incorporation/association
Trade name registration
Photo ID for authorized signatories
If your company is more than 12 months old, you may also be required to provide extra documentation such as your latest business notice of assessment, latest financial statements or certificate of compliance
FAQs about the best business accounts in Canada
While requirements vary between banks and depending on the structure of your business, you will need the following to open a business bank account:
Your name, contact details and SIN
Proof of ID
Business registration papers
Most banks allow you to apply online, but in some cases, you may need to visit a branch to complete the application process. You'll need to provide personal information and business details, plus upload proof of ID. Additional documentation may also be required depending on whether you're opening an account as a sole proprietorship, partnership or corporation.
If you're wondering whether you need a small business bank account, there are lots of reasons why opening a business bank account makes sense. While it may be possible to manage your small business finances from a personal bank account, it's a good idea to search for the best small business bank account in Canada. Business bank accounts often support more monthly transactions than personal accounts, and opening a business account allows you to keep your business transactions separate from your personal spending.
A business account is not necessarily mandatory in Canada. If you're a sole proprietor, it may not be mandatory for you to open a business bank account. However, there are several reasons why it's a good idea to open a business bank account. Keeping your business finances separate from your personal finances makes it easier to track business spending and manage cash flow, and it also helps your business look more professional to clients and suppliers.
The best business bank account in Canada varies depending on your needs. First, you'll need to decide whether you want a chequing or savings account. You'll then need to consider which features are most important for your business, such as how many transactions you need to make per month, how large the bank's branch/ATM network is, and how much you'll pay in monthly fees. Once you know exactly what you need, you'll be able to compare a range of options and find the best business bank account in Canada.
The best Canadian bank for small businesses varies depending on what banking services you need. For example, if you want a bank with branches and ATMs conveniently located close to you, the right bank for you may be different to the right bank for a small business owner who wants a business chequing account with low fees.
However, if you're a small business looking for a low-volume chequing account, we recommend checking out the BMO Business Builder 1 account.
Yes, a bank can refuse to open a business account in Canada. If you don't meet the bank's eligibility requirements, or if the bank believes you will be using the account to carry out illegal activities, your application will be refused.
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
Emma Balmforth is a producer at Finder. She is passionate about helping people make financial decisions that will benefit them now and in the future. She has written for a variety of publications including World Nomads, Trek Effect and Uncharted. Emma has a degree in Business and Psychology from the University of Waterloo. She enjoys backpacking, reading and taking long hikes and road trips with her adventurous dog. See full bio
Most big banks offers discounted plans to help your club, nonprofit or community organization run smoothly, plus there are fintech providers that offer international accounts at lower fees.
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What is the best bank for a small business in Canada?
What are the biggest costs facing Canadian businesses?
