The 18 Best Business Bank Accounts in Canada for 2023

If you own your own business, a business bank account is essential. By law, non-sole proprietorships need a separate bank account.

While you can use your personal bank account and a personal credit card like a National Bank World Elite Mastercard to get all of those reward points, that works if you’re running a company solo under your own name. Otherwise, it's a nightmare to keep your finances straight especially during tax time.

A business bank account can also help your business to build a credit profile making it easier to secure a business credit card. Plus it looks more professional when sending or requesting funds. 

What documents are needed to open a business bank account?

When opening a business bank account, the exact documents that you’ll need vary from institution to institution. You’ll also need different supporting documents based on your business structure.

Regardless of your business type, you’ll almost certainly need the following documents:
1. Proof of your identity such as government ID
2. Proof of your full name and address
3. Your social insurance number

Sole proprietorship

To open a business account for a sole proprietorship, you’ll also generally need:
1. Trade name registration certificate or master business license. You get this when you register a business with your province

Partnership

To open a business account for a partnership, you’ll also generally need:
1. Registered declaration of partnership
2. Trade name registration certificate or master business license (if applicable)
3. ID for your partner

Corporation

To open a business account for a corporation, you’ll also generally need:
1. Articles of Incorporation/Association 
2. Name, address, and occupation for anyone that owns at least 25% of your business
3. Trade name registration certificate or master business license (if applicable)
4. Annual financial return or report (may require signature from independent accountant) if company is 12-18 months+ old
5. Canada Revenue Agency registration number

Since exact requirements vary by financial institution, we highly recommend that you check your bank’s list of required documents before trying to set up an account.

The 15 best business bank accounts in Canada

To help you narrow the search, we've rounded up some of our favourite bank accounts for Canadian businesses. We've split them into various sub-categories to help you zero in on your needs.

Best digital-only business bank accounts

Explore the best digital-only business bank accounts tailored for the modern entrepreneur. These innovative accounts streamline banking processes through user-friendly online platforms, without the need for physical branches. Experience enhanced efficiency, cost savings, and advanced features designed specifically for all kinds of businesses in the digital age.

Wise Business: Best for businesses with international employees & vendors

This innovative account eliminates the costs associated with a traditional business bank account like pricey rates, surprise charges, and monthly fees. It also streamlines cash flow management, employee payments, and international transactions. You can collect payments in multiple currencies, create professional invoices, and integrate with QuickBooks for real-time financial data and faster reconciliation.

The Wise Business account offers batch payment capabilities for efficient transactions and full control over cash flow and expenses. It's an ideal alternative to traditional business banking, providing essentials like sort codes, IBANs, and routing numbers.

Plus, the multi-currency debit card allows you to make online and in-store payments without foreign transaction fees. Wise Business is a solid choice for small business owners who want to simplify and optimize their banking experience.

PayPal for Business: Best for eCommerce businesses

PayPal for Business won't replace the need for a business bank account, but it comes damn close. It can hold funds and provides special tools that are ideal for eCommerce businesses, but businesses of all kinds will benefit. This all-in-one payments platform allows you to accept payments from customers in over 200 markets and 100 different currencies and you can securely link your bank account to your PayPal Business account.

You can make purchases, pay business expenses online and in person, and send money to vendors electronically, simplifying your operations. Instantly transfer funds to an eligible bank account or debit card using the Instant Transfer feature, saving time and avoiding standard transfer wait times. Benefit from Funds Now, which grants you fast access to your daily sales balance, even during disputes, without holds or reserves.

Protect your Advanced Credit and Debit Card transactions with Chargeback Protection, ensuring you're covered against “unauthorized” or “item not received” chargebacks. With PayPal's account reserves, a portion of your PayPal balance is set aside, giving you peace of mind and providing an extra layer of protection.

Float Card: Best team & expense managemant

Monthly fee: Free for the Essentials Plan, or $99/mo for the Professionals Plan with advanced features
Cash back: 1% on card purchases
Interest rate: None

Float Card is a prepaid corporate card designed for businesses looking for easier and more efficient expense management. There are no personal guarantees, credit checks, or tracking down physical receipts with Float Card's integrated smart spend management software.

Monitor team expenses in real-time and enjoy 1% cash back on all your spending and exclusive discounts from partner merchants. Simply link the Float Card to your business bank account and transfer money over to fund it and start tracking all your business expenses.

Create physical or virtual cards for your team and start benefiting from easy budget creation, spending limits, purchase authorizations, instant transaction notifications, digital receipts, and more. Float Card simplifies expense reconciliation by connecting with software like QuickBooks, Netsuite, and Xero.

Motusbank chequing account: Best for sole proprietorships

As a sole proprietor, you can open a Motusbank chequing account and exclusively use it for business to keep finances separate. On top of unlimited deposits and withdrawals, you’ll have free unlimited access to Motusbank’s Price Drop program.

As part of the program, you’ll email the bank your receipts and they will scour the net for deals on the items you’ve purchased. That way you can request request cash back! This can be a great way to save on business expenses when starting a new business.

If you like getting cash back, read more about the best cash back credit cards

Best digital-only business savings accounts

Dive into the best digital-only business savings accounts that often provider higher interest rates due to their reduced overhead expenses. These online-only providers deliver exceptional value by maximizing your savings growth while maintaining the convenience and accessibility you expect in the digital era. Grow your business funds effortlessly with these innovative, high-yield savings solutions.

Tangerine Business Savings

The Tangerine Business Savings is a free account that offers generous interest rates to help grow your business savings faster. Rates are tiered depending on your account balance, and range from 2.30% to 2.90% as your balances grows and qualifies for the next highest rate.

To open this account, you need to already have a busines bank account open at another financial institution and provide proof. While you can move money easily between this account and your business banking account elswhere, you want have access to it via debit card. Most common account trasactions are free. If you need a non-standard transaction, like a bank draft for example, fees may apply.

Wealthsimple Save for Business

The Wealthsimple Save for Business account is a no-brainer if you have a smaller business and are looking for a savings account. There’s no minimum balance either, so you won’t have to worry if you suddenly need to spend the cash. The account is free and Wealthsimple offers impressive features with a reasonable 1.10% interest rate on deposits.

You’ll also have next-day withdrawals, making it easy to transfer money around. If your business just has a simple, low-interest chequing account, this could be a good supplement to park any extra cash that you’d like to keep liquid.

This account is reserved for incorporated businesses only.

Best unlimited account packages

Below are the best unlimited account packages designed to provide flexibility and convenience for your growing business. These packages feature unlimited everyday banking transactions, impressive cash deposit limits, and often waive monthly fees when maintaining a minimum balance. Enjoy hassle-free banking and focus on your business goals with these comprehensive account solutions.

CIBC Unlimited Business Operating Account: Best for low volume cash deposits

CIBC’s Unlimited Business Operating Account offers unlimited transactions, a major perk if you own a medium or large business. Plus, the monthly deposit limits are very generous, making this a strong account option:

• $15,000 cash deposit
• $1,000 coin deposit
• 100 cheques

Scotiabank Unlimited Account: best for high volume cash deposits

If you’re managing lots of incoming payments (especially if you have an online store), the Scotiabanks Unlimited Account might be worth the fee. You’ll have unlimited transactions and deposits, and will only have to worry about a modest surcharge if you deposit over $30k per month. The account also comes with software that helps you manage company finances, paystubs, and taxes, potentially saving money on other expenses.

TD Unlimited Business Plan: Best for unlimited transactions

While the TD Unlimited Business Plan has slightly lower limits than the Scotiabank Unlimited Account, TD will wave merchant service account fees and provide a $149 rebate on the TD Business Aeroplan Visa Business Card or the TD Business Travel Visa Card, which can lead to even more savings. If you’re already sticking with TD and manage a large company, this account is a good contender.

Best low monthly fee account packages

Uncover the best low monthly fee account packages, perfect for businesses with low transaction volumes or tight budgets. These accounts cater to small businesses that have outgrown free accounts, providing essential features and services at a reduced cost. Balance affordability and functionality with these tailored banking solutions.

ICICI Business Chequing Premium

While ICICI doesn’t have the same name recognition that Canada's Big Six banks do, its Business Chequing Premium account is still a solid pick with extremely low fees. The account is available in CAD and USD.

Plus, ICICI is Canadian Deposit Insurance Corporation (CDIC) insured, so you won’t have to worry about losing out on your money. All in all, the Business Chequing Premium account is a great pick for most small or midsize businesses that have outgrown completely free options. 

RBC Digital Choice Business Account

If you own a small-midsize business that primarily operates online, RBC’s Digital Choice Bank Account is a good pick. For just $5/month, you can process digital card payments online and submit cheque payments.

Plus, cash deposits are relatively affordable. However, if your business operates primarily in-person or receives most payments via cash, you may want to keep looking at other options.

TD Basic Business Plan

TD’s Basic Business Plan is a solid option for a side hustle business if you already bank with TD. The account automatically archives all of your cheques for seven years, making it easy to keep records.

Plus, the fees are relatively affordable. That being said, if you’re hoping to grow your business, the restrictive limits may force you to switch accounts down the line.

RBC Flex Choice Business Account

While the RBC Flex Choice Business Account is slightly more expensive than it's Digital Choice Business Account, it’s well worth it if you’re planning on occasionally depositing cash in-branch. This account will save $2.50 per in-branch cash deposit.

One interesting perk is that you save 3¢/L on fuel and earn 20% more Petro-Points at Petro-Canada locations when you pay with your linked RBC card.

You also won’t have to worry about transaction limits, so you can go about your business without having to strategically plan payments to fall in the next month’s billing cycle. 

Best low additional transaction fees

Explore the best accounts with low additional transaction fees, ideal for growing businesses or those with fluctuating transaction volumes. These accounts provide competitive pricing on individual transactions beyond your package limits, ensuring cost-effective banking as your needs evolve. Manage your finances efficiently and adapt to changing business demands with these versatile account options.

Scotiabank Basic Business Account

Scotiabank’s Basic Business account includes a lot of small fees, but it comes with a major perk, too: charities receive a 50% discount on all fees, while some community groups get 35% off fees. You’ll need to register in-person to qualify for the deal, but depending on the nature of your business, the Basic Business Account may end up being significantly cheaper than expected.

BMO Business Builder 1

If you’d rather pay a flat rate every month for a certain number of transactions (rather than paying for each individual transaction), you may want to look into BMO’s Business Builder accounts. Business Builder 1 comes with 35 transactions per month and allows up to $2,500 in cash deposits, but you can always select a higher tier if the limits feels restrictive. Depending on your business’s financial habits, a flat-rate account ike BMO’s Business Builder plans can be a great way to save money. 

National Bank of Canada Package 20

The National Bank of Canada has six business bank account packages to suit your needs and business size. Each account gets you a free subscription to their Internet Banking Solutions.

If you have an eligible National Bank business credit card, you get overdraft protection for cash advances made on it. That comes with any of the six packages.

The only thing to think about is whether is if you need excess transactions per month, and if so, how many. With the Package 20, you have 20 free debit or credit transactions and 15 cheques. You can also deposit up to $500 in coins and $1,000 in banknotes. If you do a handle more cash depoits or do a lot of transactions, it might pay to pay a higher monthly fee to get more free perks.

Best traditional business savings accounts

At the time of writing, these traditional business savings accounts provide higher interest rates compared to their digital-only competitors and a range of convenient spending features at a cost for swift access to funds. These brick-and-mortar providers combine the security and familiarity of conventional banking with competitive savings opportunities, making them an attractive choice for businesses seeking stability and easy fund access.

TD Business Savings Account: Best for balances over $500K

If your business’s chequing account is at TD, the Business Savings Account may be a good supplement. The interest rate is tiered depending on your balance, with the lowest rate of 2.30% on balances under $10K, and ranging up to 4% on balances over $5M.

Manulife Business Savings Account: Best for balances under $500K

Manulife’s Business Savings Account is another great savings account option to complement your business’s chequing account. The 2.85% interest rate is very impressive, though Manulife’s website does not say how long transfers take.

In a pinch, you may be able to eTransfer the money to yourself, but this would cost $1. Since the account doesn’t have any fees, it’s a great way to earn some extra cash if your business has liquid funds that aren’t immediately needed.

The takeaway

Business is never one-size-fits-all, and the same can be said of business bank accounts. All of the major brick-and-mortar Canadian banks offer several business bank accounts, each with its own requirements and perks.

You need to pick the plan that best suits your needs. Many online banks also offer business bank accounts, making it tough to choose the right plan.  

Frequently asked questions about business bank accounts in Canada

Still have some questions about business bank accounts? Check out our most frequently asked questions for more help: