Every Canadian small business needs a dedicated business bank account — mixing personal and business finances creates accounting headaches and CRA compliance issues. But business banking in Canada is expensive. Monthly fees range from $5 to $150+, and per-transaction charges add up quickly for active businesses. This guide covers the best business chequing accounts in Canada for 2025, from solo entrepreneurs to established small businesses.
The CRA requires that self-employed Canadians and corporations maintain clear separation between personal and business income and expenses. A dedicated business account makes tax filing significantly easier, provides clean records for HST/GST remittances, and demonstrates professional financial management to lenders, investors, and accountants. Even if you're a sole proprietor, a separate business account is strongly recommended.
RBC is one of the most popular business banks in Canada, largely due to its size and comprehensive business lending capabilities. RBC's business accounts start at approximately $6.00/month for a basic plan with 7 transactions. Active small businesses typically use the RBC Digital Choice Plan at around $19/month with 50 transactions and unlimited e-Transfers, or the Unlimited Package starting at $22/month for unlimited transactions.
RBC's strength for business banking is its lending relationships — business owners who bank with RBC often find it easier to access business lines of credit and equipment financing from the same institution. RBC also has a strong small business advisor program with dedicated advisors at most branches.
TD's business accounts are similarly priced to RBC, with the TD Basic Business Plan at around $5-6/month for very low-volume businesses and the TD Everyday Business Plan at $19/month for 25 transactions. TD offers extended banking hours, which is genuinely useful for business owners who need to make deposits or speak to advisors outside regular hours.
TD's business Visa cards integrate well with TD business accounts, and the TD Business Cash Back Visa is a popular choice for everyday business expenses. TD also offers strong US dollar business accounts for Canadian businesses with US clients or suppliers.
Scotiabank's business banking offerings include the Basic Business Account (starting around $10/month) and the Select Business Account for higher-volume businesses. Scotiabank is known for competitive business lending and its international banking network, which is valuable for Canadian businesses with Latin American or Caribbean clients or suppliers.
BMO offers a Business Builder plan for small businesses and a Business Value plan for more established businesses. Monthly fees start around $12/month. BMO is well-regarded for supporting immigrant entrepreneurs and small businesses through its community lending programs. BMO's online business banking platform is strong.
CIBC's business accounts start at around $6.50/month for the Basic Business Operating Account. CIBC's business banking platform integrates with its Investor's Edge platform, which may appeal to business owners who want to invest retained earnings in a low-cost self-directed investing account alongside their business banking.
RBC's Ownr platform is designed specifically for startups and sole proprietors, combining business incorporation, business banking, and related services in one platform. It offers a low monthly fee structure tailored for newly incorporated businesses.
Relay is a US-founded but Canadian-available business banking platform designed for small businesses. It offers no-monthly-fee business banking with multiple account capabilities, team-based banking controls, and integration with accounting software like QuickBooks and Xero. Relay is increasingly popular with Canadian freelancers, consultants, and e-commerce businesses. Note that Relay is not a CDIC member bank — funds are held through partner institutions.
Wealthsimple has begun offering business banking products. Given its strong reputation in personal finance, its business offerings are worth monitoring, though they are newer to the market than established business banking options.
Match your account's included transactions to your actual volume. A business making 10 transactions monthly is paying for nothing by choosing an unlimited plan. A business making 200 transactions per month needs unlimited transactions or will face heavy per-transaction fees.
If your business regularly receives cash or cheque payments, you need branch access or mobile cheque deposit capabilities. Fully digital businesses can function without cash deposit access; brick-and-mortar businesses generally cannot.
Big 5 banks have the strongest business lending relationships. If you anticipate needing a business line of credit, equipment financing, or commercial mortgage, banking with a major bank where you have an established relationship is valuable. Credit unions are also excellent for small business lending and often more flexible.
Canadian businesses with US clients should consider a USD business account. TD and RBC are strongest for Canada-US business banking. For frequent international transfers, services like Wise Business offer significantly lower costs than bank wire transfers.
Most major Canadian banks offer direct feeds to QuickBooks, Sage, and Xero. Confirm that your bank supports your accounting software before opening an account.
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Open KOHO Free — No Fees — Code 45ET55JSYABusiness banking costs more than personal banking in Canada, and that's unavoidable when you need business-specific features like multi-user access, business loans, and professional accounting integration. Compare accounts based on your actual transaction volume before committing — overpaying for unlimited transactions you don't use is a common mistake among new business owners. Negotiate with your bank, explore credit unions for more flexible lending, and keep international payment costs low by using Wise for cross-border transfers rather than bank wire transfers.