Best Business Bank Accounts in Canada For Every Type of Owner

Bank Account	Monthly Fee	Verdict
TD Everyday Business Plan A	$19	Best for new businesses
BMO eBusiness Plan	$0	Best for freelancers
Scotiabank Professional Plus	$38	Best for professionals
RBC Ultimate Business	$100	Best for incorporated businesses
RBC Digital Choice	$6	Best for online-only businesses
CIBC Unlimited Business Operating	$65	Best for cash-based businesses
Wise Business	$0	Best for international transactions
EQ Bank Business	$0	Highest interest
Meridian Community/Not-For-Profit	$0.90	Best for non-profits

Why Open a Business Bank Account?

Aside from being a legal requirement for corporations in Canada, a business bank account helps create a clear separation between personal and business finances. This simplifies income and expense tracking, enables GST or HST compliance, keeps you audit-ready, and reduces personal liability. You also need a business bank account to access certain business tools, such as payment processors, payroll services, and merchant accounts. Business accounts further provide additional legal privileges — entering contracts, processing payments, and accessing financial services under the business’s legal name — plus official documentation of transactions that courts, regulators, and tax authorities recognize.

Factors to Consider

Aligning your choice of account with your business-specific needs helps you reduce costs, support operational efficiency, and build a solid foundation for growth. Key factors include the type of financial institution (national banks, regional banks, credit unions, digital alternatives), monthly fees, minimum balance requirements, and transaction allowances, cash deposit support, scalability, integrations with bookkeeping software and POS/payroll, multi-currency support, digital banking tools, online application support, regional availability, customer support options, existing banking relationships, product availability, and interest.

Best for New Businesses: TD Everyday Business Plan A

The TD Everyday Business Plan A offers a balanced mix of digital transactions and cash deposits, which suits many early-stage companies. It charges a modest $19 monthly fee, waivable with a $20,000 minimum balance. Its biggest strength is scalability — it’s part of a three-tier plan, with Plan B ($38, 60 transactions) and Plan C ($72, 120 transactions) letting you expand accommodations without sharp cost increases.

Best for Freelancers: BMO eBusiness Plan

The BMO eBusiness Plan is great for freelancers, self-employed individuals, and contractors who primarily operate online. It charges no monthly fee and offers unlimited free electronic debit and credit transactions, and sole proprietors can open accounts entirely online. The only disadvantage is the lack of a free cash deposit allowance — the bank charges $2.25 per $1,000 deposited.

Best for Professionals: Scotiabank Professional Plus Account

Scotiabank designed its Professional Plan Plus Account for professionals like lawyers, physicians, accountants, architects, and engineers. It accommodates busy professional activity with high transaction allowances and modest cash deposit support for a reasonable $38 monthly fee. Its most significant advantage is access to tailored professional banking packages with bundled pricing and access to industry experts.

Best for Incorporated Businesses: RBC Ultimate Business Account

The RBC Ultimate Business Account provides the allowances necessary for large transaction volumes and cash handling — unlimited electronic transactions, 100 free paper transactions, and $25,000 in free cash deposits. Its $100 monthly fee is waivable with a $75,000 minimum balance. RBC accounts also grant access to Ownr savings deals, with new corporations getting refunds of up to $300 on incorporation services.

Best for Online-Only Businesses: RBC Digital Choice Business Account

Larger online-only businesses — e-commerce stores, affiliate marketing websites, e-learning platforms — benefit from RBC’s Digital Choice Business Account. It provides unlimited electronic debit and credit transactions for $6/mo, with limited traditional transaction support ($2.50 per paper transaction). It also grants access to Ownr deals.

Best for Cash-Based Businesses: CIBC Unlimited Business Operating Account

The CIBC Unlimited Business Operating Account provides a generous $15,000 cash deposit allowance, then charges $2.25 per $1,000 at CIBC ATMs. Its $65 monthly fee is waivable with a $65,000 minimum balance. Among accounts with generous cash deposit support, CIBC offers the best value — Scotiabank Select Plan C offers a lower $10,000 allowance for a higher $75 fee, while BMO Business Builder offers only $8,000 for $80.

Best for International Transactions: Wise Business Account

Wise is a financial technology platform that enables affordable international transactions. Its business account lets you send and receive money across borders, hold funds in multiple currencies, and access local banks in your markets of choice, with transparent pricing shown before each transfer. Because it provides no cash deposit support and lacks physical branches, the Wise Business Account is best used as a supplementary account to a main traditional account.

Highest Interest: EQ Bank Business Account

If you want to earn reliable interest on your business chequing deposits, EQ Bank’s Business Account is your best option. It charges no monthly fee and applies 2.25% interest on your entire balance, calculated daily and paid monthly. It provides 50 free outgoing and 100 free incoming Interac e-Transfers, unlimited mobile cheque deposits, unlimited bill payments, up to 10 sub-accounts, bill payment automation, and online CRA tax payments.

Best for Non-Profits: Meridian Community/Not-For-Profit Account

The best business bank account for non-profit organizations is Meridian Credit Union’s Community/Not-For-Profit Account. It charges a negligible $0.90 monthly fee while offering unlimited free transfers and deposits ($0.50 per self-serve transaction, $0.55 per personal service transaction, both waivable with a $1,000 balance). The catch is geographic availability — while it serves all provinces digitally, its branches are exclusively in Ontario.

FAQs

Are businesses legally required to open business bank accounts in Canada?

Only corporations are legally required to open separate business bank accounts. Sole proprietors and partnerships may use personal accounts. However, business accounts grant additional legal privileges that allow you to operate properly and protect your personal assets.

What do you need to open a business bank account in Canada?

Banks typically ask for identification for all business owners, proof of business registration, business formation documents (such as articles of incorporation, partnership agreements, or business licenses), and relevant industry permits.

Can a non-resident open a business bank account in Canada?

Yes, non-residents may open business bank accounts in Canada, but must submit additional requirements — most banks require a Canadian business address and official identification, and many require an in-person branch visit to complete the process.

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