The 17 Best Business Bank Account Canada FOR 2023

I have gathered 17 Best Business Bank account Canada, If you are planning on owning a business or you own a business already in Canada you need to have a separate business account and this blog post will guide you.

It is important to know the best business account to open for your business. It is also important to understand the working of business accounts in Canada, unlike personal bank accounts and which particular account is best for your type of business.

In this guide we will discuss the different types of business accounts available to businesses in Canada, and their advantages and disadvantages, we will also cover other related aspects of opening an account in Canada. 

Documents Needed To Open a Business Bank Account in Canada

The documents for opening a business account vary depending on the type and classification of your business. But, regardless of the type of business account you want to open in Canada, you will need these documents. 

• Government-issued ID to show your identity
• Full name and address proof
• Social insurance number 

You will need several other supporting documents based on your business type and structure as shown below.

Sole Proprietorship Account Document

To open a sole proprietorship business account you have to provide:

• Master business licence or Trade name registration certificate 

Partnership Account Documents 

To open a partnership business account you will need the following:

• Declaration of partnership that is registered 
• Certification of business name registration or master business licence (if required)
• The ID of all partners in the business 

Corporation Account Documents 

To open a corporation business account, you need the following documents:

• The corporation’s articles of incorporation/association 
• Address, occupation and name of all those that own at least 25% of the corporation
• Certification of business name registration or master business licence (if required)
• Copy of your corporation’s annual financial return or report (where required you have to provide a stamped and signed third-party accountant) if your corporation is 12 months old or more
• Your Canada revenue agency registration number 

Note: you may have to check the website of your preferred financial institution, since their specific requirements may vary slightly. 

Best Business Accounts For Businesses in Canada 

There are a plethora of bank accounts in Canada open to Canadian business owners to help businesses in operating efficiently. Some of the top best business accounts in Canada are discussed below. 

• Wise Business Account: Best for businesses with international employees & vendors
• CIBC Unlimited Business Operating Account: Best for low-volume cash deposits
• Scotiabank Unlimited Account: best for high-volume cash deposits
• TD Unlimited Business Plan: Best for unlimited transactions
• Manulife Business Savings Account: Best for balances under $500K
• TD Business Savings Account: Best for balances over $500K
• BMO Business Builder 1
• KOHO Business Account

Best Free Business Bank Accounts in Canada

If you don’t want to pay for a business bank account, then here are the best free business accounts in Canada:

1. Wise Business Account:

Best for businesses with international employees & vendors

If your business operates globally or has international employees and vendors, then you’ll want to consider the Wise Business Account as one of the best business accounts available in Canada. You can also use Wise for a personal bank account

Wise formerly known as TransferWise is a financial technology company that offers businesses a borderless account that allows businesses to send and receive money across the world with ease. The Wise Business Account provides several benefits to businesses with international needs, including:

Advantages

Affordable international transfer fees:

This is best for Businesses that can hire people from other countries or people who are freelancers in Canada or out. It is also helpful if you get paid in different kinds of money.

Competitive exchange rates:

Wise uses real-time exchange rates to convert your money, which means you get a competitive rate that’s often much better than what traditional banks offer.

Multi-currency account:

With a Wise Business Account, you can hold and manage money in multiple currencies, making it easier to do business with international clients and vendors.

Easy to Use:

The Wise Business Account is user-friendly and easy to set up and use. The account allows you to access your account online or via their mobile app, making it convenient to manage your finances from anywhere in the world.

Transparent Pricing:

Wise has a transparent fee structure that makes it easy to understand what you’re paying for. There are no hidden fees or markups, so you can trust that you’re getting a fair deal.

Cost: Setting up international banking incurs a one-time fee of $42. Additionally, there are fixed fees that apply when sending money.

When you exchange money for a different currency, you get more money back than what you put in. This is called the mid-market rate.

Open a Wise account 

2. Manulife Business Savings Account:

Best for balances under $500K, If your business maintains a balance under $500K, then the Manulife Business Savings Account is an excellent option to consider.

This account is designed for businesses looking to earn interest of up to 2.8% on their savings while keeping their funds easily accessible.

Advantages

No Minimum Balance Requirement:

You can open an account with any amount and still earn interest on your savings.

Easy Account Management:

You can manage your account easily online, including viewing your balance, transferring funds, and making withdrawals.

Interest Rates:

The account offers tiered interest rates, so the more you save, the higher your interest rate will be.

CDIC Insured:

The account is CDIC-insured, meaning your deposits are protected up to $100,000 in case of bank failure.

Visit Manulife here.

Cost:

There are no monthly fees, and you can make unlimited transfers and withdrawals, making it an ideal option for businesses that need flexibility with their cash reserves. In addition to its competitive interest rates, the Manulife Business Savings Account also offers:

3. Tangerine Business Account:

Tangerine does not have a business chequing account, but it has other accounts like CAD savings, USD savings and GICs. You can open a Tangerine Business Savings Account online. It pays interest at different rates.

• $0 to $99,999.99: 2.30%
• $100,000 – $499,999.99: 2.65%
• $500,000 and more: 2.90%

Advantage 

Find out how you can earn interest on your business funds that are not required for daily operations. More information is available on Tangerine.

Cost:-

This account does not cost money each month and you don’t need to keep a certain amount in it. When you open the account, you need to link a business chequing account.

4. Wealthsimple Save For Business Account

Wealthsimple Save for Business is a savings account for companies and organizations in Canada.

This bank will give you 1.10% back on the money you put in. You can open an account on the Internet. Upload the paperwork that your business needs.

Before adding funds to Wealthsimple, you must connect an external business account because Wealthsimple does not offer a chequing account.

Advantages: You can make more money from your business savings. Open a special account for this purpose. Learn more about Wealthsimple.

Cost: This account has no monthly fees.

5. Manulife Business Advantage Account

Manulife’s Business Advantage Account is a suitable option for small and medium-sized enterprises.

Just Like The Tangerine account, it is best if you already have a chequing account at another bank. It will help you earn more money in your savings.

You can open a savings account with either Canadian dollars (CAD) or American dollars (USD). If you save in CAD, you will earn 2.85% interest. If you save in USD, you will earn 0.20% interest.

Advantage: 

You can earn interest on Canadian and US dollars that are not required for business operations. Visit Manulife here.

COST: 

When you move money to other accounts, it is free. Sending money to pay bills and sending e-Transfers costs $1.00. If you want a paper statement each month, it will cost $2.00.

Best Business Bank Accounts Best unlimited transactions

6. CIBC Unlimited Business Operating Account:

Best for low-volume cash deposits. CIBC Unlimited Business Account costs $65 per month

If your business deals with low volumes of cash deposits, then the CIBC Unlimited Business Operating Account could be the best business account for you. This account offers unlimited electronic transactions, including Interac e-Transfers, bill payments, and pre-authorized debits, for a fixed monthly fee for your business chequing account.

If your business has occasional cash transactions, this account can save you money compared to other business accounts that charge fees for each cash deposit. In addition to the cash deposit feature, the CIBC Unlimited Business Operating Account also includes:

Low-fee Transactions:

This account charges low fees on online transactions using the interact e-transfer, making it easy and cost-effective to manage your business finances.

Overdraft Protection:

The account includes overdraft protection to ensure you don’t incur additional fees or penalties.

Online Banking:

You can easily manage your account online, including checking your balance, transferring funds, and paying bills.

Coin Deposits:

The account also offers a coin deposit service, allowing businesses to accept coin payments from customers.

Advantage:

Businesses that do lots of payments need a bank account that is not too expensive. They also need one that lets them make as many payments as they want.

Cost: 

For every paper statement, there will be a charge of $3.50. Additionally, a fee of $2.50 per $1,000 will be charged for cash deposits that go beyond the free monthly limit of $15,000.

7. Scotiabank Unlimited Account:

Best for high-volume cash deposits, If your business handles a high volume of cash deposits via online payment receipt, the Scotiabank Unlimited Account is the bank for your business account.

This account is designed for businesses that perform a lot of cash transactions, providing unlimited free transactions and deposits, including electronic transactions and in-branch transactions. 

However, what sets this account apart is its cash deposit feature, which allows businesses to deposit up to $30,000 in cash each month at no additional cost.

This is significantly higher than the cash deposit limits offered by other business accounts, making it ideal for businesses that handle a lot of cash. In addition to its high-volume cash deposit feature, the Scotiabank Unlimited Account also offers:

Advantages

Special Use Software:

The bank has software that helps businesses manage their finances, pay stubs, and taxes. This app saves money for businesses on other expenses.

Online Banking:

You can easily manage your account online, including checking your balance, transferring funds, and paying bills.

Credit Card Processing:

The account also offers a credit card processing service, allowing businesses to accept credit card payments from customers.

The Select Account for business This plan has four different options: Plan A, Plan B, Plan C, and Unlimited.

Cost –

You can avoid paying the $120 monthly fee for the Unlimited option by maintaining a minimum daily balance of $75,000. It allows businesses to deposit up to $30,000, For every $1,000 of extra money you put in, it will cost you $2.50.

8. TD Unlimited Business Plan:

Best for unlimited transactions If your business requires frequent banking transactions, then the TD Unlimited Business Plan may be the best business account for you as a business owner in Canada.

This account offers businesses unlimited transactions, including electronic transactions, bill payments, POS transactions and in-branch transactions, for a fixed monthly fee of $125. Td bank is a CDIC member, so your deposits are insured by the Canada Deposit insurance corporation

With the  TD Unlimited Business Account, you won’t have to worry about any additional fees for transaction limits or paying for every transaction you make.

This makes it an ideal option for businesses that require a high volume of banking transactions. In addition to its unlimited transaction feature, the TD Unlimited Business Plan also offers:

If you use a TD Aeroplan Visa Business Card or TD Business Travel Visa Card, you will get your money back every year. You will get $149 back and $10 each month for overdraft protection.

Advantages

Online Banking:

You can easily manage your account online, including checking your balance, transferring funds, and paying bills.

Credit Card Processing:

The account also offers a credit card processing service, allowing businesses to accept credit card payments from customers.

Rebate:

You can get your money back for having a TD Aeroplan Visa Business Card or TD Business Travel Visa Card. You will get $149 back every year and $10 back each month for overdraft protection.

Cost

The monthly charge is $125 but can be avoided if you keep a balance of at least $65,000 for the entire month.

If you need to make deposits of more than $25,000 each month, it will cost an extra $2.50 for every $1,000 you put in.

9. CIBC Everyday Business Operating Account

The Everyday Business Operating Account There is a $20 monthly fee for self-service access and a $25 monthly fee for full-service support.

This fee covers 30 things you can do with your money, like taking money out and sending it to someone else. If you have at least $15,000 in your account every day, then you don’t have to pay the fee.

Advantage

If you own a small business, you can get a free bank account. You just need to keep a lot of money in the account all the time.

Cost: 

Additional transactions cost between $1.00 and $1.25. Printed statements are $3.50 each. You will pay between $2.25 and $2.50 for every 1000 dollar when you make a cash deposit, and you will pay $2.50 for every hundred dollars when you make a coin deposit. There may be other fees too that you need to know about before making a transaction or opening an account.

No Minimum Balance Requirement: You can open an account with any amount over $500K and still earn interest on your savings.

Easy Account Management: You can manage your account easily online, including viewing your balance, transferring funds, and making withdrawals.

Interest Rates: The account offers tiered interest rates, so the more you save, the higher your interest rate will be.

10. BMO Business Builder 1

The BMO Business Builder 1 account is an excellent option for small businesses that are just starting out. This account is designed to provide affordable banking services to businesses that are looking to grow their business and establish a strong financial foundation.

With the BMO Business Builder Accounts, you can enjoy a wide range of banking services at an affordable price.

This account offers a low monthly fee of $22.5, which includes a limited number of transactions, making it an ideal option for businesses that are just starting and have a lower volume of transactions. In addition to its low monthly fee, the BMO Business Builder 1 account also offers:

Advantages

Easy Account Management:

You can manage your account easily online, including checking your balance, transferring funds, and paying bills.

Optional Credit Card Processing:

The account also offers a credit card processing service, allowing businesses to accept credit card payments from customers.

Cost

The cost of electronic transactions is $0.60 while branch transactions cost $1.25. Cash deposits come at a cost of $2.25 per $1,000 deposited and coin deposits at a cost of $2.25 for every $100 deposited. Paper statements in a month cost $4.00.

11. KOHO Business Account

The KOHO Business Account is a digital account designed for businesses looking for a modern and efficient banking solution.

This account offers a range of features that make managing your business finances easy and convenient. One of the key features of the KOHO Business Account is its no-fee structure.

There are no monthly fees, no transaction fees, and no foreign exchange fees. This makes it an affordable option for businesses that want to save money on banking fees. In addition to its no-fee structure, the KOHO Business Account also offers:

Easy Account Management:

You can manage your account easily through the KOHO app, including viewing your balance, transferring funds, and making payments.

Cashback Rewards:

The account offers cashback rewards on select purchases, allowing businesses to earn money on their everyday expenses.

Access To Third-party Apps:

The account integrates with a range of third-party apps, allowing businesses to manage their finances more efficiently.

BEST CANADIAN BANK FOR SMALL BUSINESS

Small businesses in Canada are required to operate a business account. This means that you have to search for the bank that best serves your purpose as a small business in Canada. There are several banks providing business accounts in Canada for all types of businesses that are legal in the country.

In this article, we will look at the best banks providing the best business accounts for small businesses in Canada.

We will also look at the things you need to consider, before choosing a bank to open your small business account with. 

Things To Consider Before Choosing a Bank For Your Small Business 

When opening a bank account for your small business in Canada, you should consider the bank that best serves your business needs. The following factors should be considered when choosing a bank for your small business account opening: 

• Account Fees
• Interest rates
• Insurance safety
• Bonuses 
• Bank Misleading Promotions

Account Fees

Every bank charges fees for different services and account types. Before selecting a bank, you need to research and compare the fees charged by different banks.

Some common fees that banks charge include monthly maintenance fees, ATM fees, transaction fees, overdraft fees, wire transfer fees, and others. Some banks waive certain fees based on your account balance or other factors, so make sure you ask about all the fees and the conditions for waiving them.

Choosing a bank that offers lower fees can help you save money and increase your profits.

Interest Rates

Interest rates are crucial if you need a loan or a line of credit for your business. The interest rate determines how much you’ll pay to borrow money, and it can vary widely depending on the bank and the type of loan.

You should compare interest rates for loans, lines of credit, and savings accounts to find the bank that offers the most competitive rates. A lower interest rate can save you money in the long run and make it easier to pay off your debts.

Insurance Safety

When you deposit money into a bank, you want to ensure that your money is safe and secure.

The Federal Deposit Insurance Corporation (FDIC) insures deposits in most banks up to $250,000, which means that if the bank fails, you’ll be reimbursed for your deposit up to a certain amount.

It’s essential to verify that the bank you choose is FDIC-insured, so you can have peace of mind that your deposits are safe.

Bonuses

Some banks offer bonuses to attract new business customers, such as cash incentives or free services. However, it’s important to read the fine print and understand the requirements for earning the bonus.

Some banks may require you to maintain a minimum balance or perform a certain number of transactions to qualify for the bonus. Don’t choose a bank solely based on bonuses as they may not offer the best long-term benefits.

Bank Misleading Promotions

Be wary of banks that use misleading promotions to lure in customers. These promotions can include misleading terms and conditions, false promises of low rates or high returns, and hidden fees.

Always read the fine print and do your due diligence to avoid falling for these traps. Remember that choosing a bank based solely on promotional offers can lead to long-term headaches and financial losses. 

Best Banks For Small Businesses In Canada

Canada has a robust banking sector with several banks offering a range of services tailored for small businesses. Small businesses in Canada have a plethora of banks to choose from for their business operations the best of these banks, to operate with are discussed. 

12. Scotiabank Basic Business Account

Scotiabank is one of the top banks for small businesses in Canada, offering a wide range of banking services tailored to the unique needs of small businesses. One of their most popular offerings is the Scotiabank Basic Business Account, which provides a simple and cost-effective solution for small businesses with low monthly transaction volumes.

The Scotiabank Basic Business Account offers unlimited electronic transactions, which include online banking, mobile banking, and ABM (Automated Banking Machine) transactions. The account also includes a debit card, which provides easy access to funds and cash withdrawals at any ABM.

One of the key advantages of the Scotiabank Basic Business Account is its low monthly fee of $6.99.

This makes it an attractive option for small businesses that don’t have a high volume of monthly transactions but still require access to basic banking services.

There are also additional fees for in-branch transactions and cash deposits, so it’s important to review the fee schedule carefully to ensure that it aligns with your business needs.

Scotiabank Basic Business Account offers a wide range of integration with other Scotiabank business services, such as merchant services and credit card processing. This integration makes it easier for small businesses to manage their finances and streamline their banking needs, all in one place.

Scotiabank also offers a range of additional services and resources for small businesses, including business loans, lines of credit, and cash management solutions. They also provide access to business advisors who can offer personalized support and advice to help small businesses grow and succeed.

The Basic Business Account from Scotiabank is available in both Canadian and US dollars.

You can waive the $10.95 monthly fee if you maintain a daily closing balance of at least $8,000 for the entire month. Additionally, you will receive one free transaction for every $1,500 held in your account each month.

Advantages: If you already bank with Scotiabank and plan to maintain a significant balance, this account might be beneficial.

Cost: Each additional debit purchase will be charged a fee of $1.25. For cash deposits, there will be a fee of $2.50 per $1,000 deposited, and for coin deposits, there will be a fee of $2.50 per $100 deposited.

13. TD Basic Business Plan

The TD Basic Business Plan is a popular banking option for small businesses in Canada. It offers a range of features and benefits that cater to the unique needs of small businesses, including flexible transaction limits, competitive fees, and access to TD’s extensive network of branches and ATMs.

One of the key benefits of the TD Basic Business Plan is its flexibility. The plan allows small businesses to choose from a range of transaction options, including electronic transactions, in-branch transactions, and cheque deposits. This flexibility ensures that small businesses have access to the banking services they need, regardless of their preferred method of transaction.

TD Basic Business Plan offers competitive fees. The plan offers a low monthly fee of $5.00, which includes a set number of electronic transactions and in-branch transactions. Additional transactions can be added at a low cost, making it an affordable option for small businesses with moderate to high transaction volumes.

The TD Basic Business Plan also provides small businesses with access to TD’s extensive network of branches and ATMs. This is particularly important for small businesses that require in-person banking services, such as cash deposits or withdrawals. With TD’s widespread presence across Canada, small businesses can easily access banking services from virtually anywhere.

Advantage : 

This service is intended for small businesses that have minimal monthly transactions and includes a complimentary TD Business Savings Account.

Cost: 

The monthly fee for this service is $5, and it covers five free transactions and five free deposits, including cheques and money orders. If you exceed the free transaction limit, you will be charged an additional $1.25 per transaction, and for additional deposits, you will be charged $0.22 each. Cash deposits incur a fee of $2.50 per $1,000 deposited.

14. Wise Business Account

The Wise Business Account is a popular banking option for small businesses in Canada, particularly those that do a significant amount of international business.

Formerly known as TransferWise, Wise offers a range of features and benefits that cater to the unique needs of small businesses, including low fees, transparent exchange rates, and a user-friendly online platform.

One of the key advantages of the Wise Business Account is its low fees. Wise offers some of the most competitive foreign exchange rates in the industry, and its transparent fee structure ensures that small businesses always know exactly what they’re paying for.

This makes it an attractive option for small businesses that do a significant amount of international business, as it can help them save money on foreign exchange fees and other transaction costs.

Wise Business Account has a user-friendly online platform. The platform is designed to be simple and intuitive, with a range of tools and resources that make it easy for small businesses to manage their finances.

This includes the ability to send and receive payments in multiple currencies, set up recurring payments, and track transaction history in real-time.

The Wise Business Account also offers a range of additional features and benefits for small businesses.

These include access to a multi-currency debit card, which allows small businesses to withdraw cash and make purchases in multiple currencies without incurring additional fees. Wise also provides small businesses with access to a range of APIs and integrations, which can help streamline their financial workflows and reduce administrative overhead.

Cost: Setting up international banking incurs a one-time fee of $42. Additionally, there are fixed fees that apply when sending money.

When you exchange money for a different currency, you get more money back than what you put in. This is called the mid-market rate.

Open a Wise account 

15. CIBC Unlimited Business Accounts

The Canadian Imperial Bank of Commerce (CIBC) is one of Canada’s largest banks and is a popular choice for small businesses.

CIBC offers a range of features and benefits that cater to the unique needs of small businesses, including flexible account options, competitive fees, and access to a wide range of financial products and services.

One of the key advantages of CIBC for small businesses is its flexible account options. CIBC offers a range of account types, including the CIBC’s Unlimited Business Account costs $65 per month and the CIBC Everyday Operating Account which caters to businesses of all sizes and transaction volumes.

These accounts offer flexible transaction limits, including electronic transactions, in-branch transactions, and cheque deposits.

CIBC offers a range of fee structures that cater to different business needs, including low monthly fees and pay-per-use options.

Small businesses can choose the fee structure that best suits their needs, ensuring that they’re only paying for the banking services they use.

CIBC also provides small businesses with access to a wide range of financial products and services.

This includes business loans, lines of credit, business credit cards, and cash management services. CIBC also offers a range of resources and support for small businesses, including educational resources, business planning tools, and one-on-one advice from CIBC’s team of business advisors.

Advantage

Small business owners looking for a free bank account while maintaining a large minimum balance.

Cost

The fee is $65 each month. But if you have at least $45,000 in your account, then it’s free. This covers debit and credit transactions, and up to 100 checks a month. To get paper statements cost $3.50 per month and for cash deposits, there is a fee of $2.50 for every $1,000 over the first $15,000 which is free each month.

16. National Bank of Canada

The National Bank of Canada (NBC) is a popular choice for small businesses in Canada, offering a range of features and benefits that cater to the unique needs of small businesses. NBC offers a range of business account options, including the NBC Business Current Account and the NBC Business Advantage Account, which provide flexible transaction limits, competitive fees, and a range of additional benefits.

One of the key advantages of NBC for small businesses is its competitive fees. NBC offers a range of fee structures that cater to different business needs, including low monthly fees and pay-per-use options.

This allows small businesses to choose the fee structure that best suits their needs and only pay for the banking services they use. NBC offers small businesses access to a wide range of financial products and services, including business loans, lines of credit, and cash management services. 

NBC also offers digital banking services that make it easy for small businesses to manage their finances on the go.

This includes access to NBC’s mobile banking app, which allows small businesses to view their account balances, transfer funds, and pay bills from their mobile device. NBC also offers a range of online banking tools, including e-statements and online bill payment, which help small businesses streamline their financial workflows and reduce administrative overhead.

Cost

The National Bank Business Package 100 is a business account that allows you to perform up to 100 transactions per month. It is priced at $77.99 per month. Additionally, you can deposit cash up to $15,000, coins up to $500, and up to 60 cheques every month.

17. Tangerine Bank

Tangerine Bank is a popular option for small businesses in Canada, offering a range of features and benefits that make it easy for small businesses to manage their finances. Tangerine Bank is a digital bank that offers online banking services, making it easy for small businesses to manage their finances on the go.

One of the main advantages of Tangerine Bank for small businesses is its low fees. Tangerine Bank offers low fees on its business banking services, including no monthly fees and no minimum balance requirements.

This can be a major advantage for small businesses that may be operating on tight budgets and need to keep their banking costs low.

Another advantage of Tangerine Bank for small businesses is its range of digital banking services.

Advantage

Tangerine Bank offers a range of online banking tools, including mobile banking, online bill payment, and e-statements. This makes it easy for small businesses to manage their finances from anywhere and at any time, which can be especially helpful for businesses that are always on the go.

Frequently Asked Questions

What documents are needed to open a business bank account?

To open a business account you need the following documents, proof of identity (government ID), proof of full name and address, and your social insurance number, regardless of your business type. You will also. need the following depending on your business type: Trade name registration certificate or master business license, registered declaration of partnership, trade name registration certificate, Canada revenue agency registration number, etc. 

Which bank has the best business account?

The best business account for your business is the account that serves your business needs, that is the account that offers you the most reasonable price, and features to help your business. 

Can I have 2 business bank accounts?

Yes, you can open as many business accounts as you want, and as your business has needs for. However, we recommend you open less number of accounts to help the management of your business finances. 

Can I open a business bank account online in Canada?

Yes, you can open business accounts online in Canada without having to visit the physical location of the bank. 

Which bank is best for a startup business in Canada?

There are several business account providers in Canada, the best of them include: Scotiabank Basic Business Account, TD Basic Business Plan, Wise Business Account, and Canadian Imperial Bank of Commerce. 

What kind of bank account do I need for a small business?

You need to open a business account for your small business owners nice you begin to receive payments for goods or services you provide. You can also make payments at reduced rates with a business acct as a small business.

How do I open a small business bank account in Canada?

Depending on your type of small business you will need someone all of these documents to open a small business in Canada: Articles of incorporation/association, Certificate of Status, Certificate of Existence, Certificate of Compliance, Corporate Profile Report, Corporate Annual Government Filing, Business Number, Business License.

Pros Of Opening a Business Bank Account

1. You can easily manage your business finances without having to visit the physical location of a bank.

2. You can access and use online banking tools such as mobile banking, online bill payment, and e-statements to help you manage your finances on the go.

3. You will have access to lower fees depending on the bank you choose from the list

4. With business bank accounts, you can better organize and keep track of your financial transactions for reporting purposes with ease and accuracy.

5. You can benefit from other services offered by some business banks such as merchant services agreement discounts or merchant cash advance programs that may be beneficial for small businesses with tight budgets looking for financing options

Cons Of Opening a Business Bank Account

1. You may need a minimum balance to open and maintain the account, which can be expensive for small businesses.

2. There may be additional costs depending on the bank from fees to other services such as merchant services or cash advances.

3. It’s important to read through all terms and conditions of your business banking agreement before you sign up for an account so that you are aware of any extra charges or restrictions associated with it.

4. Different banks offer different levels of customer service and expertise, so it’s important to choose a bank that has experience in dealing with small businesses like yours if needed in future scenarios.

Conclusion

Businesses are not run on a one size fits all basis, hence each business has the account type that is best suited for the operations of the business.

These banks will provide your small business with the best of services to help your business grow in reach and financial inclusion.

Canadian banks have over the years continued to support the growth and thriving of small businesses in Canada by providing banking services and financial support when such small businesses need these services and supports.

If you are a small business in Canada today, or you are planning to start a business then any of these banks we have highlighted will provide you with the banking services suitable for your business. 

We have discussed some of the best business accounts for businesses in Canada, stating what they offer and the possible charges you need to pay one time or on a monthly basis.