Best Business Bank Accounts for Sole Proprietorships (2026)

With the wealth of options available, choosing a sole proprietor business bank account may feel overwhelming. Our article helps you find the best fit by breaking down the key factors to consider, why they matter, and the top offers for each type of sole proprietor.

Bank Account	Monthly Fee	Verdict
RBC Digital Choice	$6	Best overall
CIBC Advanced Business Operating	$19	Best for product-based sole proprietors
BMO eBusiness Plan	$0	Best for service-based sole proprietors
Scotiabank Professional Plus	$38	Best for professionals
EQ Bank Business	$0	Best for online-only sole proprietors
Wise Business	$0	Best for international transactions

Are Sole Proprietors Required to Open Business Chequing Accounts?

Sole proprietorships in Canada are not required to open business bank accounts. However, maintaining a separate account can make compliance easier. Business bank accounts create a clearer distinction between personal and business funds, which simplifies income and expense tracking, supports accurate tax reporting, and helps maintain organized records in the event of a CRA review.

Benefits of Opening a Business Chequing Account

While Canada does not require sole proprietors to open business bank accounts, separating business and personal funds offers multiple advantages:

• Access to business-specific services like merchant services, invoicing, payment processing, and business credit products.
• Simplified bookkeeping — all business expenses flow through one account, reducing mis-categorization and reconciliation time.
• Easier tax preparation and improved audit-readiness through clear, organized, traceable records and automatic bank reconciliation.
• Increased credibility with clients, vendors, and partners.
• Improved financial history documentation for creditors, lenders, and investors.
• Personal credit protection — everyday business transactions don’t appear on your personal credit report.

Factors to Consider

Before selecting an account, weigh what matters most to your sole proprietorship: the type of financial institution (national banks, regional banks, credit unions, or digital alternatives), monthly fees, minimum balance requirements, and transaction allowances ($5 to $100 in Canada), cash deposit support, scalability, integrations with bookkeeping software and POS/payroll systems, multi-currency support, digital banking tools (mobile cheque deposits, sub-accounts, dashboards, budgeting), online application support, regional availability, customer support options, existing banking relationships, product availability, and interest.

Best Overall: RBC Digital Choice Business Account

The RBC Digital Choice Business Account provides excellent value for the modern sole proprietor. It keeps monthly fees at a low $6 by prioritizing digital transactions, offering unlimited electronic debits and credits while charging $2.50 per item for paper debits and credits. One of the biggest advantages of opening an RBC account is that it scores you promotional deals with Ownr — sole proprietors with RBC business accounts can waive the one-time $49 fee for Ownr’s sole proprietor registration services.

Best for Product-Based Sole Proprietors: CIBC Advanced Business Operating Account

Retail businesses typically deal with a higher volume of transactions than service-based businesses, including cash transactions that many digital-focused accounts no longer accommodate. CIBC’s Advanced Business Operating Account includes a modest mix of non-cash and cash transactions — a 100-transaction monthly allowance and a $15,000 cash deposit allowance. Its $40 monthly fee is waived with a $35,000 minimum balance, and excess transaction fees are lower than cheaper accounts typically charge.

Best for Service-Based Sole Proprietors: BMO eBusiness Plan

The BMO eBusiness Plan is the best account for service-based sole proprietors. It has no monthly fee and offers unlimited electronic debit and credit transactions, making it ideal for freelancers, contractors, and other self-employed professionals who primarily transact online. The account also supports pay-per-use cash deposits to accommodate occasional cash-handling needs.

Best for Professionals: Scotiabank Professional Plus Plan

The Scotiabank Professional Plan Plus Account is the best business account for professionals. Its generous allowances for both cash and daily transactions can accommodate the high volumes professionals typically deal with, for a $38 monthly fee. Its best selling point is its professional banking services — customizable bundles for physicians, dentists, veterinarians, optometrists, pharmacists, lawyers, accountants, architects, and engineers, with bundled pricing and access to industry specialists.

Best for Online-Only Sole Proprietors: EQ Bank Business Account

If you transact exclusively online, the EQ Business Bank Account is the best choice. It charges no monthly fee and offers unlimited bill payments and mobile cheque deposits, plus 50 free outgoing and 100 incoming Interac eTransfers. Its best selling point is that it earns interest on chequing deposits — 2.25% applied to your total closing balance daily — plus up to 10 sub-accounts, automated bill payments, and online tax remittances.

Best for International Transactions: Wise

Wise is a global leader in international transfers. Unlike most banks, which use expensive wire transfers, Wise has built a strong network of local banks across the globe, allowing cheap international transfers and transactions in your markets of choice. The account lets you send and receive money internationally, hold balances in multiple currencies, and shows the service fee, the amount you send, and the amount the recipient receives after conversion before you complete a transfer.

FAQs

Is opening a business bank account a legal requirement?

In Canada, sole proprietors are not required to open business bank accounts. However, banks often require separate business bank accounts for businesses registered for GST, HST, or Payroll, and business accounts grant many legal protections and privileges.

What do sole proprietors need to open a business bank account?

Sole proprietors typically need personal identification, business registration documents (if registered under a different name), a Social Insurance Number (SIN) or CRA Business Number (BN), and business contact details.

How much does it cost to maintain a business bank account in Canada?

Monthly fees for sole proprietor business bank accounts typically fall in the $5 to $20 range. Most come with unlimited digital transactions and around 10 to 20 paper transactions, with each excess transaction costing about $1 to $2.50.

Streamline Financial Management with EpicBooks

Choosing the right bank for your business is just the beginning. To ensure a smooth business management journey, choose EpicBooks as your bookkeeping partner. Our team helps you build a solid financial foundation by handling tasks like strategic bookkeeping setup, account reconciliation, fixed asset management, and financial reporting.