So, you’re ready to open a business bank account. As you might expect, opening a business account is a little more complicated than opening a personal account. Extra paperwork is required.
In this guide, we’ll walk you through what you need to open a business bank account in Canada, including the documentation required to get your business account up and running.
What’s required to open a business bank account in Canada?
To be eligible to open a business bank account in Canada, you will generally need to:
Be the age of the majority and a Canadian resident
Open an account for a business that is registered in Canada
Provide documents proving the existence of your business
Provide the names, contact details and ID’s of business owners who have an ownership interest of 25% or more
Provide your Social Insurance Number
The specific documents needed to open a business account depend on two factors:
The ownership structure of your business
The bank you choose
Let’s take a look at the documents your business needs to open a business account at each of the Big Five banks: RBC, Scotiabank, TD Canada Trust, BMO and CIBC.
What do I need to open a business bank account with RBC?
RBC
How to open an account
To open a business bank account online with RBC, you will need to:
Be the age of majority where you live
Not currently have a business account with RBC
Open an account for your business
Be a Canadian resident with a company registered in Canada
Open the account for a sole proprietorship or private corporation
Required documentation
You’ll need to take the following documents to an RBC branch to verify your identity and provide the necessary business paperwork:
Government-issued ID, such as a passport, driver’s licence or permanent resident card
A business registration document, such as articles of incorporation, a certificate of existence or master business license
What do I need to open a business bank account with Scotiabank?
Scotiabank
How to open an account
To open a business bank account online with Scotiabank, you need to be:
At least 16 years of age
A Canadian resident or in Canada to work or study
Opening an account in your own name
You can apply online by providing your name, address, date of birth, Social Insurance Number and any required documents.
Required documentation
You need to provide one of the following:
Trade name registration certificate
Master business license
However, no registration is required if you operate in your own name.
If you’ve been operating for more than 12 months, you also need to provide one of the following:
Latest business notice of assessment
Current liquor license
Health and safety certificate
Vendor’s permit
Current utility bill or invoice to business
Another current, valid government-issued document
Partnerships need to provide:
Registered declaration of partnership or partnership agreement
Trade name registration (if applicable)
Government-issued photo ID for up to three authorized signatories
Name, address and occupation of anyone who has an ownership interest of 25% or more
If you have been in business for longer than 12 months, you’ll also need to provide one of the following:
Latest business notice of assessment
Current liquor license
Health and safety certificates
Business license or vendor’s permit
Current utility bill or invoice to your business
Another current, valid government-issued document
You need to provide:
Articles of incorporation/association
Trade name registration (if applicable)
Government-issued photo ID
Name, address and occupation of anyone who owns at least 25% of your business
If your organization receives donations from the public, you’ll need your Canada Revenue Agency registration number.
If you’ve been operating for more than 12 months, you’ll also need to provide:
A certificate of incorporation, certificate of continuation or letters patent
Certificate of compliance
Corporate profile report
Annual government filing
Latest financial statements
Latest business notice of assessment
Current liquor license
Health and safety certificates
Business license or vendor’s permit
Another current, valid government-issued document
You need to provide:
Articles of association or your association’s original constitution and bylaws (if no formal registration is available, you’ll need to provide documents that confirm your authority to open an account on behalf of the organization)
Government-issued photo ID for up to three authorized signatories
If your organization receives donations from the public, you’ll also need your Canada Revenue Agency registration number.
What do I need to open a business bank account with TD?
TD Canada Trust
How to open an account
If you run a sole proprietorship or a single owner corporation, you can apply online, in person or over the phone with a TD business banking specialist. To apply online, you need to own a business or be a signing officer of the business.
Owners of other types of businesses need to apply in person or over the phone with a TD business banking specialist.
Required documentation
The documentation you need to provide varies depending on the structure of your business.
Certificate of business registration
Trade name registration (if applicable)
Government-issued photo ID
Articles of incorporation
Certificate of business registration
Trade name registration (if applicable)
Canada Revenue Agency registration business number (if your organization solicits donations from the public)
Name, address and occupation (including employer name and address) of each director
Director Information (required for each director of the business)
Business ownership structure with names and addresses
Proof of business address
Government-issued photo ID for each account signing authority
Partnership agreement
Certificate of business registration (if applicable)
Trade name registration (if applicable)
Partnership information, including full ownership structure and the names, addresses and occupations of all partners
Proof of business address
Government-issued photo ID for each account signing authority
Name, address and occupation of each account signing authority
Articles of association (if applicable)
Letter of larger association authorizing the opening and operation of the account (if applicable)
Canada Revenue Agency registration business number (if your organization solicits donations from the public)
Proof of business address
Government-issued photo ID for each account signing authority
What do I need to open a business bank account with CIBC?
CIBC
How to open an account
You can apply for a CIBC business banking account online, or you can complete a form and visit a CIBC Banking Centre.
To open a CIBC business account, you need to be:
A Canadian resident
The age of majority in your province
An owner, partner or shareholder with a minimum of 25% ownership
To open an account online, your business needs to be:
Registered and operating in Canada
Owned by fewer than four individual owners
A sole proprietorship, general partnership or corporation
Not considered a not-for-profit organization
Required documentation
All your business’ principal owners and anyone who will sign on the account must provide two pieces of ID to open an account.
You need to provide one of the following documents:
Business registration
Trade name registration
You need to provide one of the following documents:
Partnership registration
Partnership agreement
Trade name registration or master business license
You need to provide:
Articles of incorporation, a certificate of incorporation or articles of amalgamation
The most recent filing with your incorporating jurisdiction that lists your directors
Trade name registration
A copy of the official corporate record
If your corporation has been operating for more than one year, you also need to bring one of the following documents issued within the last year:
Certificate of corporate status
Certificate of existence
Company’s annual report for the past financial year
Company’s most recent notice of assessment
Health or safety certificates
Liquor license or vendor permits
Provide your association’s constitution and bylaws. If your organization solicits donations from the public, you’ll also need your Canada Revenue Agency registration number.
Key documents needed to open a business bank account in Canada
Let’s take a closer look at the different documents you need to open a business bank account.
Business license
A business license is issued by your federal, provincial, territorial or municipal government and allows you to operate your business in Canada. Licensing requirements vary widely depending on where your business operates, your business structure and the industry you work in.
Articles of incorporation
Articles of incorporation are legal documents that register your business as a corporation. Filed with federal or provincial/territorial governments, these establish your business as a legal entity. Details like your business’ name, address, type and purpose are included.
Trade name registration
This document allows you to register an operating name with your provincial or territorial government. A trade name is different to your business’ legal name, and registering your trade name is sometimes referred to as filing for a DBA (“doing business as”).
Certificate of existence
A certificate of existence is issued by Corporations Canada for federal corporations. It verifies that the specific corporation exists on the date a request is submitted or that it existed at a specific time.
Partnership agreement
This document is an agreement between two or more partners entering into a business relationship. It sets out the ownership, profit share, obligations of each partner and what will happen if the agreement needs to be terminated.
Articles of association
These documents outline the purpose of a company and how it will be run, setting out rules and regulations for the company’s structure, its governance and its daily operations.
Business notice of assessment
This statement is issued by the Canada Revenue Agency after you file your business tax return at the end of the financial year. It summarizes the key details of your return, including your income and deductions as well as the amount of tax you owe or your refund amount.
Business Number
This nine-digit number is issued to your business by the Canada Revenue Agency. It’s used for all your interactions with the CRA regarding tax-related matters.
Social Insurance Number
Issued by Service Canada, this nine-digit number allows you to work in Canada as well as gain access to a range of federal government programs and benefits.
Government-issued ID
You’ll need to provide a valid, government-issued identity document to open a business account. A driver’s licence or passport are the most common examples of personal identification.
Compare business accounts you can open now
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How do I choose a business bank account?
Choosing a business bank account is a little overwhelming at first. To get started, make a list of all the key features you need in an account:
How many transactions will you need to make per month?
Do you need in-person branch access, or can you manage your account via online and mobile banking?
Do you regularly need to make cash or cheque deposits into your account?
Do you need to send or receive foreign currencies?
Are you willing to pay a monthly fee or keep your balance above a minimum level to have the monthly fee waived?
Once you have a clear idea of what you need, you can start comparing business bank accounts across a range of financial institutions. Learn more about choosing an account in our guide on the best business bank accounts in Canada.
Can I open a business bank account online?
It depends on the bank you choose and the structure of your business.
Some banks don’t offer any option to fill out an online application form. You will instead need to book an in-person, phone or online consultation to begin the application process.
But it’s becoming increasingly possible to open a business bank account online, particularly if you’re a sole proprietor. You’ll need to upload copies of your business registration documents as well as proof of ID.
However, in some cases, you’ll still need to visit a branch in-person with proof of ID to activate your account.
Summary: How to open a business bank account in Canada
For detailed instructions on how to open a business bank account, check out our full guide. But if you’re in a hurry, here’s a quick rundown of the steps you need to follow.
Know your needs. Decide which features you want in an account, including how many monthly transactions you need and how you want to manage your money.
Compare business bank accounts. Compare business chequing accounts from a range of banks to find the right account for your needs.
Submit an application. Fill out an online application with your personal information, contact details and information about your business. Depending on the bank, you may need to visit a branch to finalize your application.
Set up your account. Sign up for online banking, download your bank’s mobile app and activate the debit card linked to your account.
Start banking. Deposit money into your account, and start using it for your day-to-day business transactions.
Bottom line
It’s a little more complicated to open a business bank account than a personal account, but don’t let that put you off. Major banks and credit unions provide clear instructions on the documents you need to provide and the requirements you need to open an account, so it’s easy to get started. Compare business account options across a range of financial institutions before deciding where to open an account.
Frequently asked questions
You'll need to provide proof of ID for yourself and anyone who has a 25% or greater share of ownership in the business. You'll also need to provide business registration documents like articles of incorporation or a master business license—the exact documents needed vary depending on your business structure.
The monthly fee that applies to a business bank account depends on the number of transactions it supports—the greater the number of transactions, the higher the fee. Business bank account fees commonly range anywhere from $5 to $125, but there's often an option to waive the monthly fee by keeping your balance above a minimum level.
Some providers also offer no-fee business accounts. Learn more about your options in our guide to the best free business bank accounts.
Yes. If you open an account with a CDIC member bank in the name of a partnership or corporation, eligible deposits of up to $100,000 are covered by CDIC insurance. These deposits are covered separately from any personal deposits you have. However, if you're a sole proprietor, you can't get separate protection for personal and business deposits.
Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors. See full bio
Explore our top picks for the best business bank accounts in Canada.
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