If you run a charitable organization, you’ll need a dedicated bank account to keep track of payments and purchases. Thankfully, all of Canada’s Big Banks offer discounted bank plans for nonprofits and community organizations.
Most traditional banks offer community accounts, which are meant for nonprofit organizations. Your organization may not need to be a registered charity as long as it benefits the community in some way like a school, community group, sports club or society.
You can find community accounts in the business banking section of banks’ website. Usually, you’ll need to visit a branch in person to apply.
Consider these points when comparing community bank accounts:
You and your group are separate entities. To safeguard both, it’s wise to manage your organization’s funds separately. This is practical, as you won’t have to sort through personal and business transactions when tracking your group’s finances or in the event of an audit. And considering that charities must keep financial records for up to 10 years, it’s a good idea to keep things organized for easy reference.
| Account | Monthly fee | Transactions | Deposits | Other |
|---|---|---|---|---|
| TD Community Plan | $1.95 | 5 | 15 items, $2,500 cash | Monthly fee rebate with $5,000+ balance, available in CAD and USD |
| TD Community Plus Plan | $4.95 | 30 | 30 items, $5,000 cash | Monthly fee rebate with $10,000+ balance, available in CAD and USD |
| CIBC Not-for-Profit Operating Account | $4 | 30 | $5,000 cash, $500 coin, 30 cheques | Monthly fee rebate with $5,000+ balance |
| Royal Business Community Account | $3.75 | 10 debits, 5 credits | 10 items | Link an eligible RBC Business card to your Petro-Canada card to save 3¢/L |
| Scotia Basic Business Account (large charitable organizations) | $10.95 | 50% off (registered charities), 35% off (community groups) | $1-$5 per item | Monthly fee waived with $8,000+ balance, available in CAD and USD |
| Scotia Community Account Plan (small charitable organizations) | $3 | 10 | 10 items, $2,500 cash | No deposit fees on payment processing, can get funds the next day with Chase Merchant Services |
| BMO Community Account | $2.50 | 20 (including 5 in-branch deposits) | 25 items, $2,500 cash, $250 coin | Monthly fee waived with $5,000+ balance |
Information last verified May 22, 2024.
Once you find the right community account, make sure you fully understand the fees and features. The monthly fee may be waived if you maintain a minimum balance, or charges may change based on the size of your deposits.
Typically, you’ll need to go to a branch in person to open a community account. Be prepared to provide the following:
Most banks don’t offer savings accounts designed specifically for nonprofits and community organizations. However, business savings accounts in Canada are almost always free, as banks rely on customers’ funds to function.
This means that you likely won’t have to pay a monthly or annual account maintenance fee for a business savings account with TD, CIBC, RBC, Scotiabank or BMO. But you may be charged for withdrawals and other transactions.
With no physical branches to maintain, digital banks have lower operating costs than traditional banks, which can translate into lower fees and higher high interest savings account rates. If you’re looking for low-cost savings account with competitive rates, check out Tangerine’s business savings accounts.
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