Best Business Bank Accounts in Canada 2026

Separate your business finances, reduce fees, and focus on growing your company — not paying your bank.

KOHO for Business — No Fees + $100 Bonus

KOHO's personal account is perfect for sole proprietors and freelancers. Zero fees, cash back, and powerful expense tracking. Use code 45ET55JSYA for $100.

Get $100 Bonus →

Best Business Bank Accounts Canada 2026 — Ranked

AccountMonthly FeeTransactionsBest ForKey Feature
Wealthsimple Business Top Pick$0UnlimitedSole proprietors3% interest on balance
Tangerine Business$0UnlimitedFreelancersSimple no-fee setup
RBC Digital Choice$6/monthUnlimited digitalGrowing SMBsFull RBC ecosystem
TD Basic Business$5/month20/monthLow-volume bizTD branch access
Scotiabank Basic Biz$10.95/month25/monthEstablished SMBsScotia full-service
BMO eBusiness$0Unlimited onlineOnline-first bizBMO online platform
KOHO (sole proprietor)$0UnlimitedSole proprietorsCash back + interest

Note: KOHO is a personal account, not a registered business account. It works well for sole proprietors and freelancers who operate under their own name. Incorporated businesses should use a dedicated business account.

Do You Need a Separate Business Bank Account?

If you're incorporated (Ltd., Inc.), you're legally required to keep business and personal finances separate. If you're a sole proprietor or freelancer, it's not legally required but strongly recommended for:

What to Look for in a Business Bank Account

Monthly Fees

Business account fees range from $0 (online banks) to $30+/month for big bank plans. The best option depends on your transaction volume. If you process 100+ transactions/month, a $30/month plan with unlimited transactions may cost less than a $6 plan with per-item fees.

Transaction Limits

Big bank basic business plans typically include 20–50 transactions, with $1.25–$2.25 per extra. High-volume businesses should look for unlimited plans or negotiate custom pricing.

Cash Deposit

Online banks don't accept cash deposits. If your business collects cash, you need a big bank with physical branches and cash-handling services.

Payroll Integration

If you have employees, look for payroll integrations (Wave, Wagepoint, ADP). RBC and TD have strong payroll partnerships. Most online banks work with third-party payroll tools via EFT.

HST/GST Remittance

Online tax remittance (CRA My Business Account) is available regardless of bank. Look for easy bill payment setup for CRA remittances.

Merchant Payment Processing

If you accept credit cards, you'll need a merchant account. Many banks offer bundled merchant services — but compare rates, as independent processors (Square, Helcim) are often cheaper.

Cost Comparison: Online vs. Big Bank Business Accounts

Business ProfileWealthsimple BizRBC Digital ChoiceTD Basic Business
10 transactions/month$0$6$5
50 transactions/month$0$6$75
100 transactions/month$0$6$155
Annual (100 tx/month)$0$72$1,860

For businesses with moderate to high transaction volumes, online banks can save thousands per year compared to per-transaction big bank pricing.

Frequently Asked Questions

Can a sole proprietor use a personal account for business?
Legally yes, if you're a sole proprietor operating under your own name. However, it's strongly recommended to keep finances separate for tax clarity. KOHO or Simplii work well as a dedicated "business" personal account for freelancers and sole proprietors.
What's the best free business bank account in Canada?
Wealthsimple Business offers the best free business banking in Canada as of 2026, with no monthly fees, unlimited transactions, and 3% interest on your balance. BMO eBusiness is also free for unlimited online transactions.
Do business bank accounts have CDIC insurance?
Yes. Business deposits at CDIC member institutions are insured up to $100,000 per depositor. This is separate from your personal coverage, so you can have $100K protected personally and $100K protected for your business.
How do I open a business bank account in Canada?
Requirements vary. For sole proprietors, you usually need a government ID, SIN, and business name registration documents (if operating under a trade name). For incorporated businesses, you'll need articles of incorporation, a certificate of incorporation, and corporate resolutions authorizing the banking relationship.

Related Guides