Corporate Bank Account Canada 2026 — How to Open One

Updated March 2026 · 100 min read

A corporate bank account (business chequing account) is required for any incorporated company in Canada. A corporation is a separate legal entity from its shareholders — using a personal account for corporate transactions creates bookkeeping problems, potential legal liability, and CRA audit flags. Here's the complete guide to opening a corporate account in 2026.

Documents Required to Open a Corporate Bank Account

All banks require proof that the corporation exists legally. Required documents typically include:

• Certificate of Incorporation — from Corporations Canada (federal) or your provincial corporate registry
• Articles of Incorporation — the founding document of the corporation
• Corporate resolution — a signed director's resolution authorizing the opening of a bank account and naming authorized signatories
• Government-issued photo ID for each authorized signatory and beneficial owner holding 25%+ of shares
• CRA Business Number (BN) — 9-digit number assigned by CRA; obtain at CRA's Business Registration Online (BRO)
• HST/GST registration number (if applicable)
• Corporate seal (not always required, but some banks request it)

Best Banks for Corporate Accounts in Canada

Big 5 Bank Corporate Plans Overview

RBC Business Chequing

RBC offers several tiers for business accounts. The eBusiness Plan starts around $6/month for low-volume operations. Small Business Banking packages run $35–$75/month and include wire transfers, multiple users, and integration with accounting software. RBC is known for strong online and mobile banking tools for businesses.

TD Business Banking

TD's business account fees range from $100/month to $125+/month for high-volume commercial plans. TD Business Express is targeted at startups and microbusinesses. TD integrates well with QuickBooks and other accounting platforms.

Scotiabank Business

Scotiabank's Select Account starts at $100.95/month with transaction bundles. Business banking relationship managers are available at most branches. Scene+ business rewards are available for eligible accounts.

Digital Business Banking Options

Wealthsimple Business

Wealthsimple has entered business banking with a no-fee account targeting small incorporated businesses and freelancers. No monthly fee, unlimited transfers, and integration with Wealthsimple Tax. A strong option for solopreneurs who don't need commercial banking complexity.

Relay Financial

Relay is a US-headquartered fintech now available in Canada for incorporated businesses. Relay offers no monthly fees (on the basic plan), multi-user access, up to 200 physical and virtual cards, and API integrations. Popular with tech startups and e-commerce companies.

Step-by-Step: How to Open a Corporate Bank Account

1. Incorporate your company (federal or provincial) and receive your Certificate of Incorporation.
2. Obtain a CRA Business Number at canada.ca/business-registration.
3. Prepare a signed corporate resolution authorizing the bank account and naming authorized signatories.
4. Book an appointment at your chosen bank branch (most Big 5 banks require in-person for corporations).
5. Attend the appointment with all required documents and all authorized signatories present.
6. Make an initial deposit to activate the account (minimum deposit requirements vary — often $10000–$50000).

Corporate Account Fees — What to Expect

Can I Use a Personal Account for My Corporation?

Technically possible but strongly inadvisable. Commingling personal and corporate funds creates personal liability exposure (piercing the corporate veil), CRA audit risk, bookkeeping chaos, and may violate your corporation's bylaw requirements. The CRA expects corporations to have separate bank accounts, and auditors look for this during business audits. Always keep corporate and personal finances completely separate.