Business Banking Comparison 2025
| Bank | Account | Monthly Fee | Transactions Included | Best For |
|---|
| TD | Basic Business Plan | $19/mo | 20 transactions | Very low-volume businesses |
| TD | Business Plus Plan | $55/mo | 60 transactions | Small businesses |
| RBC | RBC Business Essentials | $6/mo | $1.25/txn after 3 free | Micro-businesses |
| RBC | RBC Business Builder | $50/mo | 75 transactions | Growing small businesses |
| Scotiabank | Basic Business Account | $10/mo | 15 transactions | Sole proprietors |
| BMO | eBusiness | $0 (online only) | Unlimited | Digital-only businesses |
| BMO | Business Value Plan | $22/mo | 35 transactions | Standard small business |
| CIBC | Basic Business Operating | $6/mo | 15 transactions | Micro-businesses |
| National Bank | À la carte Business | $0 base | Pay per transaction | Very occasional transactions |
Do You Need a Business Bank Account?
If you operate any business in Canada — sole proprietorship, partnership, or corporation — you should have a separate business bank account. Here's why it matters:
- CRA compliance — mixing business and personal finances creates accounting nightmares and raises audit flags. The CRA expects business income and expenses to flow through a dedicated account.
- Liability protection — for corporations, separate accounts maintain the legal separation between you and the corporation. Mixing funds can "pierce the corporate veil" and expose you to personal liability.
- Professionalism — clients and suppliers prefer paying a business name rather than a personal name. Most business accounts include a business name on the account.
- Bookkeeping simplicity — a dedicated business account makes year-end accounting, HST returns, and expense tracking dramatically easier.
TD Business Banking
TD has one of the most popular business banking offerings in Canada, with strong support for small businesses and a large branch network. The TD Business Banking app is well-reviewed and includes features like bill payments, payroll integration (with ADP and other services), and business overdraft protection.
TD's relationship managers for business clients are particularly valued by growing businesses that need credit facilities (lines of credit, business loans) alongside their day-to-day banking. TD Merchant Solutions is a common point-of-sale and payment processing addition.
RBC Business Banking
RBC offers a range of business accounts starting with a very low-cost entry option ($6/month). For businesses that need more volume, the RBC Business Builder and Business Premium plans scale up with more transactions included.
RBC's business banking is well-integrated with its personal banking products, which is convenient for entrepreneurs who also bank personally with RBC. The RBC Business Account also connects with RBC's business credit cards, which include strong travel and cashback rewards options.
BMO eBusiness — Best Free Option
BMO's eBusiness account is the only major-bank business account in Canada with no monthly fee and unlimited transactions — for online/digital transactions only. Cash deposits and branch transactions incur per-item fees.
For e-commerce businesses, freelancers, and digital-first companies that rarely handle cash, BMO eBusiness is an exceptional value. The account supports Interac e-Transfers, wire transfers, and online bill payments at no additional cost.
Best for digital businesses: If your business operates primarily online — freelancing, SaaS, e-commerce — BMO eBusiness offers unlimited digital transactions for $0/month. This can save $200–$600/year compared to standard business plans.
Digital-Only Business Banking
In 2025, several fintech options are available for Canadian businesses:
- Relay Financial — US-focused but available in Canada, offering multi-account business banking with no fees
- National Bank eBusiness — low-cost digital business banking for Quebec-based businesses
- Wealthsimple Business — limited but growing business account features
Traditional banks still dominate Canadian business banking because credit facilities (business loans, lines of credit) require a banking relationship, and most major credit products are only available at chartered banks.
Business Account Required Documents
To open a business bank account in Canada, you typically need:
- Government-issued personal ID (passport, driver's licence)
- Business registration documents (Certificate of Incorporation for corporations; Master Business Licence or equivalent for sole proprietors and partnerships)
- Business number (BN) from the CRA (required for corporations; optional for sole proprietors)
- SIN for beneficial owners (required under federal anti-money laundering regulations)
- Operating agreement or shareholder agreement (for multi-owner corporations)
Frequently Asked Questions
Can a sole proprietor use a personal bank account for business? +
Technically yes — there's no legal requirement to have a separate account as a sole proprietor. However, it's strongly advisable for tax, accounting, and CRA audit purposes. Many small business owners use a dedicated personal account (e.g., KOHO or Simplii) as their "business" account if formal business account fees are prohibitive.
Which bank has the best business account in Canada? +
For digital-only businesses with no cash transactions, BMO eBusiness offers unlimited transactions for free — hard to beat. For businesses needing a full-service relationship (credit, payroll, cash handling), TD and RBC are typically rated highest for small business support and relationship management.
Are business accounts CDIC insured in Canada? +
Yes — eligible business deposits (cash savings, GICs under 5 years) at CDIC member banks are insured up to $100,000 per depositor per insured category. Business deposits are a separate insured category from personal deposits, so a business owner can have $100K in personal accounts and $100K in business accounts at the same CDIC member, all insured.