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If you own a small business, you should get a small business bank account so you can keep your personal and business finances separate.
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Although opening a business bank account can be a little difficult, the benefits outweigh the costs and you will find it easier to run your business in the long run with your own checking, savings and investment accounts.
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In this guide, I cover the best business bank accounts available in 2023, including some free options and those best suited for businesses that require cashless transactions. limit
While bank fees are deducted as a business expense, a small business owner or sole proprietor can benefit from keeping their bank fees and charges to a minimum.
If you are looking for an account to send and receive money, including foreign currencies, Wise is a good choice.
When you sign up, you get 9 currency accounts which include British Pound, Euro, US Dollar, Australian Dollar, New Zealand Dollar, Hungarian Forint, Romanian Leu, Singapore Dollar and of course Canadian Dollar .
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And you can hold more than 50 currencies at the same time without having to exchange these currencies for Canadian dollars.
This account has no monthly fee and you get a physical and virtual Mastercard (debit card).
Fee: There is a one-time fee of $42 when setting up international banking. There are also fixed fees for sending money.
Best for: Businesses that employ expats and freelancers. It’s also great when you get paid in different currencies.
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Alterna Small Business eChecking qualifies as a free online business account if you maintain a minimum ending balance of $3,000 during the month.
This small business bank account includes unlimited electronic debit transactions, incoming Interac electronic transfers and 6 free outgoing Interac electronic transfers per month.
Fees: There is a $5 monthly account fee unless you maintain a daily closing balance of $3,000. You’ll pay an additional $1.50 for each outgoing Interac wire transfer and $2 for every $1,000 deposited in person at the branch.
While Tangerine does not offer a merchant checking account, it does have merchant accounts for CAD savings, USD savings, and guaranteed certificates of deposit (GICs).
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Because Wealthsimple does not have a checking account, you must link an external trading account before adding funds.
Like Wealthsimple and Tangerine, this account will work best if you already have a checking account at another bank and are looking for ways to earn more from your savings.
Fees: Deposits and transfers to linked accounts are free. Interac electronic bill payments and transfers cost $1.00 and a monthly paper statement costs $2.00.
The free business bank accounts above may not meet your small business needs. For example, if you regularly do personal banking transactions such as wire transfers, bank drafts, certified checks, etc., you will need a brick-and-mortar bank account.
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The RBC Digital Preferred Business Account includes unlimited electronic debit and credit transactions for a monthly fee of $5.
Charges: $1.50 each additional; check deposits are $2.50 each, $5/$1,000 cash deposit at branch; $3.50 for paper statements.
A TD Basic Business Plan account costs $5 per month and includes 5 free transactions per month and 5 free deposits (ie checks, money orders, etc.).
You can pair it with a TD US Dollar Basic Business Plan account for a monthly fee of $5 and get 5 transactions and 5 deposit items.
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Best for: Small businesses that only need a few transactions per month. You can also get a free TD Business savings account.
If your daily closing balance is at least $8,000 during the month, the $10.95 monthly fee is waived.
Best for: This account can pay off if you plan to carry a large balance and already have an account with Scotiabank.
The Daily Business Operations Account is $20 per month for self-service access and $25 per month if you want full service support.
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This monthly fee covers 30 transactions, including debit, Interac wire transfers, checks and credits, and the monthly fee is waived if you maintain a minimum daily balance of at least $15,000 .
Fees: Additional transactions cost $1.00 to $1.25; printed statements are $3.50; $2.25-$2.50/$1000 cash; and $2.50/$100 for coin deposits; additional fees may apply.
Bank of Montreal offers four Business Builder accounts that consider how many transactions you need each month.
Business Builder 1 account has a monthly fee of $22.50 and includes 35 transactions and 2 Interac electronic transfers. You also get unlimited Moneris transactions.
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Fees: Additional transactions cost $0.60 (electronic transactions), $1.25 (finger transactions); cash deposits $2.25/$1,000; $2.25/$100 for coin deposits; Monthly paper statements cost $4.00.
If you do a lot of business and don’t want to worry about staying under trading limits, you can save money by choosing a premium trading account.
A TD Unlimited business account costs $125 per month. This fee is waived if you maintain a minimum balance of $65,000 during the month.
You’ll also get a discount on the annual fee for the TD Aeroplan Business Visa Card or TD Business Travel Visa Card ($149 annual value) and a $10 discount on the monthly overdraft protection fee.
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Best for: Small to medium businesses with a lot of transactions and investments. Business owners looking for a free premium business credit card.
The $100 monthly fee is waived if you maintain a minimum daily balance of $75,000 throughout the month.
Fees: Additional paper transactions cost $1.25 each; Additional cash deposits are $2.50/$1,000; paper statements cost $3.50 to $4.50 each.
An unlimited CIBC Business Account costs $65 per month. This fee is waived with a minimum daily balance of $45,000. Includes debit and credit transactions with up to 100 check deposits per month.
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The unlimited option costs $120 per month and this fee is waived with a minimum daily balance of $75,000.
Best for: Businesses that do a lot of electronic and paper transactions as well as cash deposits at branches.
If you registered or incorporated a business in 2022 and are based in Alberta, you will receive a free ATB Unlimited Business account for 1 year.
Fees: $2.50/$1,000 to $15,000 Free; $2.50/$100 for free coin deposits of $1,500; $0.22 per check after 70 free items.
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A business bank account is opened in the name of your company and helps to separate your personal finances from the finances of your business.
While some banks allow you to start the process online and later verify your business documents at a branch, digital banks and online financial institutions like Tangerine and Wealthsimple complete the process online .
Company: Articles of Association, Certificate of Incorporation or Articles of Incorporation. You will also need documents with a list of directors and possibly a business name registration.
If the company has been in business for more than 12 months, you may also need one of the following:
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You’ll also need your name, address, type of business, and at least one government-issued photo ID for each person listed on the account (such as a Canadian driver’s license).
A business bank account helps keep your personal and business finances separate, which also makes it easier to file tax returns or get audited by the Canada Revenue Agency.
Providing clients and vendors with a bank account in your business name shows that you are running a professional and legitimate business, and they will take you more seriously.
If you are setting up a business, you will need a separate bank account for a legal business entity.
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A business account also means you can start building a credit history for your business and access loans or lines of credit in the future.
Although some accounts offer monthly fees with a minimum daily balance, you will not earn interest on that balance.
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Enoch Omololu is a personal finance expert and veterinarian. He has a Masters in Financial and Investment Management from the University of Aberdeen Business School (Scotland) and has taken several courses and certifications in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Medicine degree from the University of Ibadan. Enoch is passionate about helping others win with their finances and has been writing about money for over ten years. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, CBC News, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post and many other personal finance publications. You can learn more about it on the About page.
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Its main investment tools include Wealthsimple and Questrade. He earns cash back on purchases with KOHO, monitors his credit score for free with Borrowell and earns interest on savings with EQ Bank.
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