TD Bank Business Banking Review 2025

Updated March 2025 · 10 min read

TD Bank — officially TD Canada Trust — is one of Canada's Big Five banks and a top choice for small business banking. With one of the largest branch networks in the country, extended branch hours, and a comprehensive suite of business products, TD is worth a close look if you're setting up or switching business accounts. This review covers everything small business owners need to know about TD business banking in 2025.

TD Business Banking Account Plans

TD offers several tiers of business chequing accounts designed to match different transaction volumes and business needs.

TD Business Everyday Banking Plan

This is TD's entry-level business plan, suitable for businesses with lower transaction volumes. It includes a set number of monthly transactions (typically around 20) at a base monthly fee of approximately $19–$25. Additional transactions are charged at a per-item rate. Good for freelancers, very early-stage businesses, and sole proprietors with simple banking needs.

TD Basic Business Plan

A step up from the entry plan, this includes more bundled transactions and is suited to businesses processing 30–60 transactions per month. Monthly fees are in the $25–$40 range. This is a common starting point for incorporated small businesses.

TD Business Unlimited Banking Plan

TD's flagship small business account provides unlimited electronic transactions including Interac e-Transfers, online bill payments, and electronic credits. Paper-based transactions (cheques, cash deposits) may still have fees or limits. Monthly fees start around $55. This is the right choice for most established small businesses that process moderate to high transaction volumes digitally.

TD Premium Business Banking

Designed for larger businesses with higher cash handling needs and more complex requirements. Includes dedicated relationship managers, preferential loan rates, and full-service treasury management. Fee structures are negotiated based on the business relationship.

TD Business Banking Fees

Understanding TD's full fee structure helps you avoid surprises:

• Monthly plan fee: $19–$65+ depending on tier
• Excess transactions: $0.75–$1.25 per item beyond plan limit
• Cash deposits: Approximately $2.50–$5.00 per $1,000
• Paper cheques processed: $1.00–$1.50 per cheque on some plans
• ABM withdrawals (non-TD): $2.00+ per transaction
• Interac e-Transfer: Included in most plans; some entry plans charge $1.00–$1.50 per transfer
• US dollar transactions: Exchange fee applies; consider a USD account if dealing regularly in US dollars

TD occasionally runs promotions offering 3–6 months of free business banking for new business customers. Ask your TD advisor about current offers when opening your account.

TD Business Online Banking

TD's online banking platform for businesses (TD Business Banking Online) is one of the stronger platforms among Canadian banks. Key features include:

• Multi-user access with customizable permissions (great for bookkeepers and accountants)
• Payroll processing integration
• Direct integration with QuickBooks Online and other accounting platforms
• Pre-authorized debit setup for recurring payments
• Electronic funds transfer (EFT) for batch payments
• Remote cheque deposit via the TD Business app
• Business credit card management in the same portal

TD Business Mobile App

The TD Business app allows you to manage accounts, deposit cheques by photo, send Interac e-Transfers, pay bills, and view transactions from your phone. It's available for iOS and Android and has received generally strong reviews from business users for reliability and ease of use.

TD Small Business Lending

One of TD's strongest areas is small business lending. Products include:

TD Business Line of Credit

Revolving credit for short-term cash flow needs. Limits typically start at $100 and can go substantially higher based on business financials and collateral. Interest is charged only on the amount drawn. This is one of the most popular products for businesses with seasonal revenue or variable cash flow.

TD Small Business Loan

Term loans for equipment purchases, leasehold improvements, working capital, and business acquisition. Amortization periods typically range from 1–7 years. TD participates in the Canada Small Business Financing Program (CSBFP), which allows them to offer government-backed loans up to $1 million for qualifying businesses.

TD Commercial Mortgage

For businesses purchasing commercial property. TD is an active commercial real estate lender, particularly for owner-occupied properties.

TD Business Credit Card

TD offers several business credit card options including the TD Business Travel Visa and TD Business Cash Back Visa. These integrate with TD's business banking portal for easy expense tracking.

CSBFP Loans Through TD

The Canada Small Business Financing Program (CSBFP) is administered by Innovation, Science and Economic Development Canada. It allows participating lenders like TD to offer government-guaranteed loans to small businesses with gross revenues under $10 million. Key terms:

• Loan amounts up to $1 million (up to $500,000 for equipment and leaseholds)
• Government guarantees 85% of the loan, reducing lender risk and improving your approval odds
• Fixed or floating interest rates, capped by regulation
• Registration fee of 2% of the loan amount (can be financed into the loan)
• Used for equipment, real property, and leasehold improvements — not working capital

TD Business Banking: Pros and Cons

Pros

• Largest branch network with extended hours including evenings and weekends
• Strong small business lending programs including CSBFP participation
• Solid online and mobile banking platform
• Good business credit card options
• Excellent for businesses that need regular in-person branch access
• US banking available through TD Bank (US), useful for cross-border businesses

Cons

• Monthly fees are not the lowest among Big Five banks
• Paper cheque and cash deposit fees can add up for high-volume businesses
• Some business customers report slower approval times for credit applications compared to smaller lenders
• Foreign currency services can be expensive — shop around for FX if you do significant international business

Who Should Choose TD for Business Banking?

TD is an excellent choice for:

• Businesses that need frequent branch access (retail, food service, cash-intensive businesses)
• Business owners who value extended hours and weekend banking
• Companies that need a strong lending relationship as they grow
• Cross-border businesses with US operations (TD has strong US-Canada integration)
• Businesses using government-backed CSBFP financing

TD may not be the best fit for fully digital businesses with minimal branch needs, or for businesses that prioritize the absolute lowest fees over service quality.

How to Open a TD Business Account

Opening a TD business account requires an in-person appointment at a TD branch. You'll need:

• Certificate of Incorporation or Business Name Registration
• Articles of Incorporation (for corporations)
• Government-issued photo ID for all directors and signing officers
• Corporate signing authority documentation
• Business Number (BN) from the CRA

TD typically completes the account opening process in a single appointment. Book online through the TD website or call your nearest branch.