Low-fee business accounts, free e-Transfers, payroll tools, and business credit cards for Canadian entrepreneurs
Choosing the right business bank account can save a small business owner hundreds or thousands of dollars per year. Key factors: monthly fees, transaction costs, e-Transfer limits, integration with accounting software (QuickBooks, Xero), and access to business credit when you need it.
RBC's Digital Choice Business Account is one of the best value business accounts in Canada: low monthly fee ($6/month), unlimited e-Transfers, and seamless QuickBooks/Xero integration. For businesses with a Canadian credit need (line of credit, business loan), RBC has the most robust small business lending program.
TD's small business banking is popular with service-based small businesses. TD Business Direct includes strong digital tools, seamless merchant payment integration, and solid business credit options. TD also has specialized advisors for immigrant entrepreneurs and multicultural business owners.
Scotiabank's small business banking offers competitive rates and strong international banking for businesses that trade with Latin America or Asia (leveraging Scotiabank's international network).
Relay is a Canadian online business banking platform with no monthly fees, free unlimited e-Transfers, and excellent expense management features. It integrates with QuickBooks and is ideal for freelancers, solopreneurs, and small teams.
| Bank | Monthly Fee | e-Transfers | Accounting Integration | Business Loans |
|---|---|---|---|---|
| RBC Digital Choice | $6/month | Unlimited included | QuickBooks, Xero | Yes |
| TD Business | $19–$125 | Varies by plan | Yes | Yes |
| Scotiabank Business | $22–$90 | Varies by plan | Yes | Yes |
| Relay Financial | $0 | Unlimited free | QuickBooks, Xero | No |
| BMO Business | $6–$60 | Varies | Yes | Yes |
Separate your personal spending from business with KOHO — no fees, cashback, and $100 free. Code: 45ET55JSYA.
Open KOHO — Code: 45ET55JSYALegally, incorporated businesses (Inc./Ltd.) must have a separate business bank account. For sole proprietors and partnerships, a separate account is not legally required but is strongly recommended for tax purposes, liability protection, and cleaner bookkeeping. Most accountants insist on it.
Relay Financial ($0/month) and RBC Digital Choice Business ($6/month) are the most affordable options for small businesses. Relay is best for purely digital businesses; RBC is better if you need a physical bank relationship for loans or complex transactions.
Yes. All major Canadian business accounts support Interac e-Transfer. Relay, RBC Digital Choice, and BMO Business all include unlimited e-Transfers. For customer-facing e-Transfer acceptance (like a payment request), your business email is used as the e-Transfer identifier.
RBC and TD are the top choices for small business lending in Canada, particularly for businesses under 5 years old. BDC (Business Development Bank of Canada) is also excellent for startups and businesses that don't yet qualify for traditional bank financing.
KOHO is a personal account and is not designed for incorporated businesses. However, many freelancers and sole proprietors use KOHO for business spending because of its zero fees and cashback. For any incorporated business, you need a proper business bank account (RBC, TD, Relay, etc.).