The best business chequing accounts in Canada for 2025

Canada’s best business chequing accounts at a glance

Choosing the best business chequing account in Canada often comes down to the details. Here’s a side-by-side look at rates, fees, and key features so you can quickly see which account is the right fit for your business.

Best overall business chequing account

RBC Digital Choice Business Account

The RBC Digital Choice Business Account is a simple, budget-friendly option for business owners who prefer to bank online. For $6 per month, it includes unlimited electronic debit and credit transactions, unlimited mobile cheque deposits, and 10 free Interac e-Transfers each month. You’ll also benefit from unlimited Moneris deposits, making it easier to accept payments from customers in any form.

And with the option to open your account online in under 15 minutes, it’s a fast, flexible choice for freelancers, startups, or small businesses that want to keep day-to-day banking simple and digital.

Best for small or medium businesses

BMO Business Start

The BMO Business Start Chequing Account is designed for new or seasonal businesses that only need to process a small number of transactions each month. It’s an affordable entry-level plan with no minimum balance requirement and the flexibility to upgrade to a higher-tier account as your business grows.

Best for high-volume transactions

TD Every Day Business Account

The TD Every Day A Business Plan is a strong fit for businesses that process a large number of transactions each month. With built-in allowances for deposits, cash handling, and electronic activity, it supports higher-volume banking without running up excessive fees. Backed by TD’s nationwide branch and ATM network, it’s a practical choice for businesses that need both scale and reliable access to in-person banking.

Best for non-profits

TD Bank Community Plan Plus

The TD Bank Community Plan Plus is designed for non-profit organizations that need reliable day-to-day banking at a low cost. It includes a generous number of free monthly transactions, reduced fees, and the option to have the monthly charge waived by keeping a minimum balance. With both digital and in-branch access, it’s a practical and affordable choice for charities, community groups, and other not-for-profit organizations.

Best for freelancers/sole proprietors

BMO eBusiness Plan

The BMO eBusiness Plan is a no-fee account that’s especially well-suited for freelancers and sole proprietors who do most of their banking online. It comes with unlimited electronic and Moneris transactions, no minimum balance requirement, and straightforward digital access, making it a simple, cost-effective choice for solo business owners who want flexibility without extra costs.

Honorable mention (Best for international transactions)

Wise Business Account

The Wise Business Account is ideal for companies that work across borders. With low, transparent fees and access to real exchange rates, it makes paying overseas suppliers, staff, or partners much cheaper than with traditional banks. Businesses can also receive payments in multiple currencies, link to popular accounting tools, and issue team debit cards without foreign transaction fees.

Our guide to business chequing accounts in Canada

Every business chequing account works differently, and choosing the wrong one can cost you in fees or limit how you operate. Here’s what you need to know to make the best choice for your business.

What are business chequing accounts?

A business chequing account is built for handling company money. It’s designed to manage things like payroll, supplier payments, incoming customer deposits, and daily operating expenses. Having a dedicated business bank account makes it easier to manage your books, prove income, and build a financial record that banks rely on when you apply for credit.

Every business chequing account in Canada comes with its own set of rules on transactions, fees, and features. Some are tailored for digital-first companies that never need to visit a branch, while others are built for businesses that deal with cash or cheques every day. 

Do you need a business chequing account?

The short answer is yes. If you’re running any type of business in Canada (whether you’re a freelancer, managing a mid-sized company, or operating a large firm) a dedicated business chequing account is one of the basics you can’t skip.

Here’s why:

Streamlining taxes

Mixing business and personal spending in the same account is a guaranteed headache at tax time. A business chequing account in Canada makes it easier to track revenue and expenses, keep receipts aligned, and provide clean records to your accountant or the Canada Revenue Agency (CRA).

Build transaction history

Banks and lenders look at your transaction history when deciding whether you’re eligible for loans or lines of credit. A strong record through a business bank account helps prove stability, which can make financing easier to secure when you want to expand.

Other features that support your business

Many of the best chequing accounts in Canada come with perks beyond basic transactions. These can include payroll tools, merchant payment processing, mobile cheque deposits, and higher cash deposit limits than personal accounts. Over time, these features save you effort and give your business the flexibility to scale.

How to choose the best business chequing account for you

Knowing which is the best business chequing account for your Canadian business depends on how your company operates. What works for a single freelancer won’t cut it for a company with employees, suppliers, and payroll deadlines. 

Key things to consider include transaction volume, overdraft and service fees, digital vs. in-branch access, and whether the bank offers perks like fee rebates, welcome bonuses, or promotional periods. Choosing carefully can save you hundreds of dollars a year and spare you the hassle of switching accounts later.

Here are some things to think about:

What types of transactions can you perform with business chequing accounts?

Most business chequing accounts in Canada include things like deposits, withdrawals, transfers, bill payments, debit card purchases, cheques, and pre-authorized payments in their list of “transactions.” Some also include online and mobile banking activity, while in-branch services such as night deposits or operator-assisted transactions often count as separate line items.

It gets trickier when it comes to deposit items. These are things like drafts and money orders. A bank might advertise 50 included transactions a month, but only allow 20 deposit items. That means you could stay under your transaction cap yet still get dinged with fees if you exceed the deposit item limit.

Cash deposits are another area where the fine print matters. Many accounts include a set amount of cash you can deposit each month (for example, up to $5,000). Once you cross that threshold, the bank often charges a small fee (usually around $2 for every additional $1,000 deposited). For businesses that deal with a lot of cash, those charges add up quickly.

What fees do business chequing accounts have?

Monthly account fees are the starting point, but most business chequing accounts in Canada also have charges for extra services. 

The most common is a transaction fee. If your plan includes 10 transactions, and you complete 15, you’ll pay for the extra five. At around $1–2 each, that’s an additional $5–10 on your monthly bill.

Fees can also vary by type of transaction. For example, cash deposits, e-transfers, and in-branch services may each have their own cost if you go above the included amount. Deposit items like money orders are sometimes counted separately as well.

How to open a business chequing account

Follow these steps to set up a business bank account that fits your needs. The process isn’t difficult, but it does involve more paperwork than opening a personal account. 

Here’s how to open a business chequing account in Canada:

Step 1) Gather your required documents

Have everything ready before you apply. Business banking involves more documentation than personal accounts because banks need to protect against fraud and confirm who has control over the account. The exact paperwork depends on how your business is set up:

Sole proprietorship

If you’re operating your business on your own, you’ll typically need:

• Two pieces of ID for the owner (one with a photo)
• Signature card or specimen signature
• Trade name registration (if you operate under a name other than your own)

Corporation

If you’re operating a corporation, you’ll typically need:

• Two pieces of ID for each owner with 25% or more ownership
• Two pieces of ID for all signing authorities
• Articles of Incorporation
• If incorporated for more than one year, banks may also request one of: Certificate of Status, recent tax assessment, liquor licence, or GST/HST business number

Partnership

If you’re operating your business with a partner, you’ll typically need:

• Two pieces of ID for each partner
• Partnership agreement
• Trade name registration or Master Business Licence

No matter the business type, you’ll also need basics like your legal business name, operating name, address, CRA business number, and contact details.

Step 2) Compare options at several lenders

Every account is different. Compare transaction limits, included services, fee structures, and perks like fee rebates or promotions. Consider how your business actually operates: do you need cash deposits, or will digital-only banking cover you? Looking at two or three options side by side makes it easier to see where you’ll save the most.

Step 3) Choose how you will bank

Decide if you need digital banking only, in-person service, or a mix of both. Online-only accounts are often low-cost and flexible, but they won’t work if you deposit cheques or cash often. If you rely on branches or ATMs, prioritise a bank with a strong physical presence.

Step 4) Confirm fees, limits, and rebates

Review the fee schedule carefully. Check monthly costs, included transactions, cash deposit thresholds, and overdraft charges. Many accounts also offer ways to reduce fees, like keeping a minimum balance or pairing with a business credit card.

Step 5) Fund the account if a minimum balance is required

Some banks require an opening deposit or a minimum balance to waive fees. Decide how you’ll fund the account, whether it’s through a transfer from another bank, an e-transfer, or an in-branch deposit.

Step 6) Apply online or in-branch

Most digital-first accounts let you apply online by uploading documents and verifying your identity electronically. Traditional banks may still require an in-branch appointment, especially for corporations or partnerships. Bringing all your documents with you ensures the process goes smoothly.

Step 7) Set up account features

Once approved, set up your account to match your operations. Add signing authorities, enable e-transfers and bill payments, order cheques if needed, and connect your accounting software for easier reconciliation.

Step 8) Move your banking activity

Switch over gradually by updating invoices, supplier payments, and payroll deposits. Keep your old account open for a cycle or two to catch any lingering automatic payments.

Step 9) Review after the first month

Check how your usage lines up with your plan. If you’re constantly going over limits, consider upgrading. If you’re under-using the account, a lower-cost plan might be better. The goal is to keep your account aligned with your business activity so you’re not paying more than needed.

What other types of business banking products exist?

A business chequing account is the foundation of your company’s finances, but it isn’t the only tool worth having. Most businesses also benefit from a credit card and a savings account to round out their setup.

• Business credit cards- A business credit card helps you manage expenses and create a separation between personal and business spending, just like a business chequing account does. Many business credit cards also offer rewards such as cash back, travel points, or insurance coverage that can add real value. They are especially useful for tracking employee spending, since some banks let you issue additional cards with set limits for staff.
  
  
• Business savings accounts- Business savings accounts give you a safe place to set aside funds you don’t need for daily transactions. You can use them to hold money for tax payments, build an emergency reserve, or earn interest on surplus cash instead of leaving it in your chequing account. Some of the best business chequing accounts in Canada can be paired with high-interest business savings accounts. This way you can keep working capital accessible in your chequing account while putting extra funds into savings to grow quietly in the background.

Alternatives to business chequing accounts

Not every business relies on a traditional bank account for daily operations. While a business chequing account in Canada is still the most reliable way to manage money, there are alternatives that may suit certain businesses, especially freelancers, digital-first companies, or startups with very specific needs.

The bottom line

The business chequing account you choose will affect how you run your company every day. The right account helps you separate business and personal finances, simplify your tax time prep, and avoid paying more in fees than needed. It also gives your business credibility with clients, suppliers, and lenders. By comparing the best business chequing accounts in Canada and matching their features to the way you operate, you set up your business with a foundation that supports growth instead of holding it back.