Opening a Business Checking Account in Canada + Big 5 Bank Infographic

Every business, even those in the start-up stage, needs a business checking account. Business money should be kept separate from personal funds, and a bank account will be needed to pay start-up and operating fees, payroll, and to take in deposits.

Canadian citizen or not, this is what is needed to open a business checking account or business investment account:

• Two pieces of original identification (government issued ID) including at least one with a photo for each principal and signing officer; Think a passport, a driver’s license, or any other ID from your government that confirms your identity.
• Documentation specific to your business type (proof of business registration) that shows you are officially and legally registered as a business in Canada, and the type (for example ltd company, sole proprietorship, partnership…).

Now where to open you shiny new Canadian banking account? The big top 5 Canadian banks are a good place to start! The Infographic below shows a simple comparison of their 5 basic business checking accounts. Note that each bank has several different account options, ranging in fees, we just choose the most basic at each to keep things simple.

Ready to open your account or want more info? Here are some helpful links to get you started. Ready, set, GO!

• ScotiaBank
• CIBC
• TD Canada Trust
• Royal Bank of Canada
• Bank of Montreal

Written by Abel Pierre

Abel Pierre has 15 years of experience as a finance attorney and business consultant. He is currently the CEO of Ozark Consulting and Ozark Business Finance. At Ozark he specializes in helping business owners establish excellent business credit scores and then leverage those scores to access much needed cash and credit for their businesses. Abel Pierre is also the mastermind behind the Business Funding Suite.

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