How do I open a business chequing account?
Opening a business chequing account in Canada involves several steps to ensure you choose the right bank and account type that suits your business needs. First, you should research different banks and credit unions that offer business banking services. Consider factors such as fees, transaction limits, online banking capabilities, and branch accessibility.
Depending on your business structure (sole proprietorship, partnership, corporation), you may need to provide business registration documents, such as a Master Business License (for Ontario) or Articles of Incorporation. Bring government-issued identification (e.g., passport, driver’s license) for each signatory on the account. If applicable, provide your Business Number issued by the Canada Revenue Agency (CRA).
Some banks allow you to start the process online or over the phone, while others may require an in-person visit to a branch. Schedule an appointment if needed. Fill out the application form provided by the bank. You’ll need to provide details about your business, such as business name, address, industry type, and anticipated transaction volumes.
Depending on the bank’s requirements, you may need to provide additional information about your business activities, projected revenues, and the purpose of the account. Select the type of business chequing account that best fits your needs. Consider factors such as monthly transaction limits, fees, interest rates (if applicable), and additional features like online banking and mobile deposits.
Carefully review the terms and conditions of the account agreement, including fees, transaction limits, and any requirements related to maintaining the account. Deposit the required initial amount into the account to activate it. The amount varies depending on the bank and the specific account type chosen.
Once the account is opened, you will receive account details, including account number, banking cards (if applicable), and access to online banking.
You can also place free funds on a savings account.
Calculate your future income on a savings account (example):
| Amount, $ | Rate, % | Accrued %, $ |
| 25,000 | 3.70% | 925 |
| 25,000 | 3.80% | 950 |
| 25,000 | 3.90% | 975 |
| 60,000 | 4.00% | 2,400 |
| 60,000 | 4.10% | 2,460 |
| 60,000 | 4.25% | 2,550 |
| 140,000 | 4.35% | 6,090 |
| 140,000 | 4.45% | 6,230 |
| 140,000 | 4.55% | 6,370 |
| 340,000 | 4.65% | 15,810 |
| 340,000 | 4.75% | 16,150 |
| 340,000 | 4.85% | 16,490 |
Can a business bank account be free?
Yes, it is possible to find business bank accounts in Canada that offer free or no-fee options, especially for small businesses or startups. These accounts typically have certain conditions or limitations, but they can be a cost-effective choice for managing your business finances.
Many banks offer promotions for new businesses, which may include a period of free banking for a set number of months or transactions.
Some banks waive monthly account fees if you maintain a minimum balance in the account. The required balance varies among banks and account types.
Certain accounts offer a limited number of free transactions each month (e.g., deposits, withdrawals, electronic transfers). Additional transactions may incur fees.
Here are some examples of Free Business Bank Accounts in Canada:
- Tangerine Business Savings Account
- CIBC Everyday Business Operating Account for Startups
- RBC Small Business eAccount
- Scotiabank Basic Business Account
- Meridian Credit Union Business Accounts
Can I open a business checking account online?
Yes, it is possible to open a business checking account online in Canada with many financial institutions. The process typically involves filling out an online application and submitting necessary documentation electronically.
See the similar FAQ about Canadian banks:
- B2B bank RRSP loan
- CIBC collections contact
- CIBC loan and financial calculators
- Citizens Bank student loans
- Coast Capital calculators
Details of companies offering the financial services:
Bank Of Montreal
Head office’s address: 119, rue Saint-Jacques Montreal, Quebec H2Y 1L6
Contact center: 877-225-5266
Phone: 416-867-5000
Web-site: http://www.bmo.com/main/personal
Swift code: BOFMCAM2
Stock code: BMO
BSB: 001
CIBC
Head office’s address: 199 Bay St, 44th Floor Toronto
Contact center: 800-465-2422
Web-site: https://www.cibc.com/en/personal-banking.html
Swift code: CIBCCATT
Stock code: CM
BSB: 010
RBC Royal Bank
Head office’s address: 200 Bay St, 9th Floor South Tower, Toronto
Contact center: 800-769-2511
Web-site: http://www.rbc.com/canada.html
Swift code: ROYCCAT2
Stock code: RY
BSB: 003
Scotiabank
Head office’s address: Scotia Plaza, 44 King Street West Toronto
Contact center: 800-472-6842
Phone: 416-866-6430
Web-site: http://www.scotiabank.com/ca/en/0,,2,00.html
Swift code: NOSCCATT
Stock code: BNS
BSB: 002
TD Bank
Head office’s address: Toronto-Dominion Centre, Po Box 1 Stn Toronto Dom, Toronto
Contact center: 866-222-3456
Web-site: https://www.td.com/about-tdbfg/our-business/index.jsp
Swift code: TDOMCATTTOR
Stock code: TD
BSB: 004