Best Business Bank Accounts Canada 2026

Business-account accuracy: KOHO says it does not currently offer business accounts. Do not treat a KOHO personal account as a business account; confirm permitted use with the provider.

Provider-Verified Business Account Comparison — 2026

Rates, limits, and eligibility can change. The details below are tied to current provider sources; verify the linked terms before applying.

Account	Monthly fee	Transfers / transactions	Eligibility notes
EQ Bank Business Account	$0	50 free outgoing and 100 free incoming Interac e-Transfers monthly; $0.50 each after. Free EFTs and bill payments.	Registered sole proprietors and eligible corporations; unavailable in Quebec; one individual per business.
Wealthsimple Business Chequing	$0	Unlimited deposits and transactions, including e-Transfers; provider limits still apply.	Eligible Canadian-controlled private corporations and certain registered charities or associations; not non-incorporated businesses.
BMO Essential Plan	$5 for plans opened on or after March 9, 2026; the provider lists an exception for older Essential/eBusiness plans.	Unlimited electronic/ATM transactions and 6 Interac e-Transfers monthly; excess and service fees may apply.	Branch and digital access; confirm current plan eligibility and the full fee schedule with BMO.

Why Separate Business Banking Can Help

A dedicated business account can simplify bookkeeping and create a clearer record of income and expenses. Provider requirements depend on business structure, province, ownership, and signing authority.

Recordkeeping: CRA requires records detailed enough to determine tax obligations and entitlements.
Retention: CRA says required business records and supporting documents generally must be kept for six years from the end of the last tax year they relate to; exceptions apply.
GST/HST: Registration timing depends on the small-supplier rules, including whether taxable supplies exceed $30,000 in one calendar quarter or over four consecutive calendar quarters.
Operations: Compare signing access, cash deposits, branch service, transfer limits, accounting exports, tax payments, and foreign-currency support against actual business needs.

Official guidance: Review CRA record-retention rules and GST/HST registration timing. This page is general information, not tax or legal advice.

How to Compare Business Accounts

Total cost

Compare monthly fees together with e-Transfer limits, excess transaction fees, cash and cheque deposit charges, wire fees, paper statements, and minimum-balance conditions.

Eligibility and access

Confirm supported business structures, provinces, ownership layers, signing officers, user permissions, and required registration documents before starting an application.

Day-to-day operations

Check cash handling, mobile cheque deposit, EFTs, bill payments, CRA remittances, accounting exports or bank feeds, USD support, and branch access. A $0 monthly fee does not mean every service is unlimited or free.

Frequently Asked Questions

Does KOHO offer a business account?

No. KOHO’s official help centre says it does not currently offer business accounts. KOHO accounts should not be presented as business bank accounts.

What are current $0-monthly-fee options?

EQ Bank Business Account and Wealthsimple Business Chequing both list a $0 monthly fee, but their eligibility and transfer rules differ. EQ supports registered sole proprietors and eligible corporations but is unavailable in Quebec; Wealthsimple says its chequing account does not support non-incorporated businesses.

Can a sole proprietor use a personal account?

Whether business activity is permitted in a personal account depends on the institution’s terms. Confirm permitted use directly and keep business records clearly separated. Incorporated businesses should use an account that matches the corporation’s legal identity.

Which account is best for an incorporated company?

The answer depends on signing officers, ownership structure, cash handling, lending needs, branch access, transaction volume, province, and integrations. Compare current provider terms against the corporation’s operating requirements.