Can I open a business bank account as a sole proprietor?

Yes. If you're a sole proprietor, you're eligible to open a business bank account in Canada.

What do I need to open a business bank account as a sole proprietorship?

As a sole proprietor, you will typically be asked to provide your trade name registration certificate or your master business licence when opening an account. Depending on the bank and on your business' financial situation, you may be required to provide additional information, such as your most recent business notice of assessment or other financial statements.

How do you open a business bank account in Canada?

The exact process for opening a business account varies depending on the financial institution you choose. In some cases you can open an account completely online, but other banks might require you to visit your nearest branch to verify your ID. To open an account you will need to provide: Your name, personal information and contact details Proof of ID Your business trade name registration certificate or a copy of your master business licence

Can I get a free business banking account in Canada?

While most business bank accounts in Canada come with a monthly fee, there are some no-fee accounts available. For example, BMO offers its eBusiness Plan and Scotiabank offers the Right Size Savings For Business Account, while multi-currency business accounts are also available from online providers like Loop, Vault and Wise. It's also worth mentioning that many banks will waive the monthly fee on your business bank account if you keep your balance above a minimum threshold each month.

What steps do I need to take to set up business as a sole proprietor?

In addition to opening a business bank account, you'll also need to create a business plan, register your business with your provincial or territorial government, and consider your small business insurance needs. Check out our guide to setting up business as a sole proprietor for more information.