Ecommerce Business Banking Canada 2026 — Best Accounts for Online Sellers

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Best Business Accounts for Canadian Ecommerce

Account	Monthly Fee	Stripe/Shopify Payouts	USD Account	Best For
EQ Bank Business	$0	Yes	Yes	CAD + USD ecommerce sellers
Wealthsimple Business	$0	Yes	No	CAD-only small online stores
RBC Digital Choice	$6/mo	Yes	Yes	Sellers needing business credit
TD Business	$19+/mo	Yes	Yes	High-volume online retailers
KOHO Free	$0	Yes	No	Early-stage Etsy/Shopify sellers

GST/HST on Ecommerce Sales in Canada

Canadian ecommerce businesses must collect and remit GST/HST based on the province of the buyer, not the seller. This "destination-based" taxation creates complexity for online sellers shipping to customers across multiple provinces:

GST/HST Rates by Province

Alberta, NWT, Nunavut, Yukon: 5% GST
British Columbia, Manitoba, Saskatchewan: 5% GST + provincial PST (separate)
Quebec: 5% GST + 9.975% QST (separate registration required)
Ontario: 13% HST
Nova Scotia, New Brunswick, PEI: 15% HST
Newfoundland & Labrador: 15% HST

Shopify tip: Shopify Tax automatically calculates provincial GST/HST/PST/QST at checkout for Canadian customers. Ensure your Shopify payments deposit directly to your business bank account for clean reconciliation.

USD Accounts for Canadian Ecommerce

Many Canadian ecommerce businesses sell to US customers and receive USD payments via Stripe, PayPal, Amazon Seller Central, or Shopify Payments. Managing USD efficiently is critical:

EQ Bank USD Business Account

EQ Bank offers a USD business account with no monthly fee and competitive CAD/USD exchange rates. This is ideal for sellers who want to hold USD between transactions rather than converting immediately (useful when the CAD/USD rate fluctuates).

Wise Business (Multi-Currency)

Wise Business allows Canadian sellers to hold USD, EUR, GBP, and 50+ currencies in one account. When you're ready to convert, Wise charges the mid-market rate + a small fee — significantly cheaper than Big 5 bank FX rates of 2.5–3.5%.

Big 5 USD Business Accounts

All Big 5 banks offer USD business chequing accounts. Monthly fees apply (typically $5–$15 USD/month). The main advantage: seamless integration with other banking products and branch-level US dollar cash handling if needed.

Stripe and PayPal Payouts to Canadian Business Accounts

The most common payment processors for Canadian ecommerce all support CAD payouts to Canadian business accounts:

Stripe: CAD payouts to any Canadian bank account via direct deposit. EQ Bank and all Big 5 banks are supported. USD payouts available if you have a USD business account.
Shopify Payments: Powered by Stripe — same payout infrastructure. Deposits to your linked business account on a 2-3 business day rolling cycle.
PayPal Business: Withdrawals to linked Canadian business bank account. EQ Bank and Big 5 all work. PayPal also offers a PayPal Business Debit Mastercard for direct spending.
Amazon Seller Central: Disbursements every 14 days to your linked Canadian bank account. EQ Bank and all major banks supported.

Frequently Asked Questions

Do I need a business account for my Shopify store?

Once your Shopify store generates meaningful revenue, yes — a dedicated business account is essential for clean bookkeeping, GST/HST tracking, and CRA compliance. EQ Bank or KOHO are free and ideal for Shopify sellers.

When do I need to collect GST/HST on ecommerce sales?

Once your Canadian sales exceed $30,000 in any 12-month period, you must register for GST/HST and collect the appropriate provincial rate from Canadian customers. US and international customers don't pay Canadian GST/HST.

What's the best way to handle USD revenue as a Canadian seller?

Open an EQ Bank USD business account or a Wise Business account to hold USD without immediate conversion. Convert at favourable rates rather than having your bank automatically convert at poor rates. Track all FX conversions for tax purposes.

Do Amazon FBA sellers need to collect provincial sales taxes in Canada?

Yes. Amazon Canada requires sellers to collect and remit GST/HST on sales to Canadian customers. Amazon's marketplace facilitator rules mean Amazon collects GST/HST on behalf of eligible third-party sellers in many cases — but you're still responsible for filing. Consult a CPA familiar with marketplace seller taxation.