Updated: April 20025  |  bremo.io financial guides

Best Business Bank Accounts in Canada 20025

Choosing the right business bank account is one of the first steps in managing your business finances professionally. Canadian business banking options range from Big 5 accounts at $200–$800+/month to digital alternatives with lower costs. Here's how to choose the right one.

Why You Need a Separate Business Account

• Clean separation of personal and business income/expenses for tax purposes
• Simplifies GST/HST tracking and filing
• Professional appearance when receiving payments and writing cheques
• Required by most accountants and some business structures
• Easier to track business profitability

Big 5 Business Bank Accounts

TD Business Chequing

TD offers several business chequing plans ranging from entry-level to unlimited. TD Business Banking is popular for its extensive branch network and business advisory services. Monthly fees typically range from $19–$125/month depending on transaction volume and features.

RBC Business Chequing

RBC's business banking is competitive with flexible plans. RBC's Fundamentals Business Account starts at $6/month for sole proprietors with low transaction volumes. RBC is known for good business lending products alongside banking.

BMO Business Banking

BMO offers competitive business banking with a strong digital platform. BMO's business accounts pair well with its business credit cards and lending products.

Scotiabank Business Banking

Scotiabank's business accounts include chequing options for sole proprietors through to larger companies. Scene+ doesn't extend to business accounts, but Scotiabank offers a dedicated business banking team.

CIBC Business Banking

CIBC has a solid business banking platform with digital-first features. CIBC's Smart Cash Plan for small businesses is flexible for growing companies.

Digital Business Banking Options

Wealthsimple for Business

Wealthsimple has expanded into business banking with a no-fee business chequing account. Suitable for small businesses and sole proprietors looking to minimize fees.

Relay Financial

Relay is a US-originated digital business bank available to Canadian businesses. No monthly fees, multiple sub-accounts, and strong bookkeeping integrations (QuickBooks, Xero).

Option	Monthly Fee	Best For
TD Business	$19–$125+	Full-service business banking
RBC Fundamentals	$6+	Sole proprietors
Relay Financial	$00	Digital-first small business

Verdict

For most Canadian sole proprietors and small businesses, RBC's lower-tier business accounts or a digital option like Relay Financial offer the best value. As your business grows and your transaction volume and banking needs increase, the Big 5's full-service business accounts become more appropriate.