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Five tips for setting your small business up for success

5 minute read

If you’re a small business owner, chances are you want this year to be even more successful than the last. After all, continually evaluating your business plan, growth needs, and product or service offerings are key to helping your business remain viable – especially in a rapidly evolving economic environment.

So, what should a small business owner consider when it comes to taking stock of the past year that could help set their business up for success?

To learn more, we spoke to Peter Owusu, Regional Manager of Black Community Business Development at TD, about five things that small business owners should consider as they look to the year ahead.

Get your finances in order

No matter what type of small business you run, whether it’s a photography studio or retail store, an organized system for tracking finances is key. You want to know how much money you spent in 2023 on things such as overhead costs, salaries, and small business insurance, how much you earned in profits, and the payments you made for any outstanding loans or lines of credit.

One of the best places to start is by evaluating the financial health of your business, Owusu said.

“Getting your finances in order, making sure your record keeping and accounting is ready to go, is the very first piece of advice I'd give to a small business owner,” Owusu said.

Celebrate your recent wins and set goals for the future

"Small business owners are busy, and often don’t take time to celebrate their wins or milestones," Owusu said.

But reflecting on the past year and what accomplishments you’re most proud of not only helps you as a business owner, but can help staff members feel recognized, too. This is important for retaining talent, as helping employees feel valued is crucial to curbing attrition, Owusu said.

Once you’ve acknowledged your wins, and hopefully celebrated them with your team, it’s time to set some goals. Think about what you want to accomplish, what your metrics of success are, and how you can help improve or build upon a successful initiative, such as an event or campaign, for example. You can also use the information gleaned from the previous year to help plan ahead accordingly.

“Now that the year is done, you are able to look back and see what months were busier, what months were less busy, and how products or services sold in each month,” Owusu said. “Take all of that information and create a plan for how you're going to improve on the previous year."

This goal setting and planning process can help business owners build a roadmap for the upcoming year and engage the necessary stakeholders. Which brings us to…

Evaluate growth needs

Understanding what you thought your needs were going to be last year, and where you may need to still make improvements for the new year, can help you make strategic decisions as a business owner.

Maybe you need to hire more employees, or apply for a small business loan, or attract new customers, or delegate some tasks you were doing last year but no longer have the bandwidth to do as your business grows. Hiring tends to pick up after a holiday lull in mid-January through to spring, so be ready to attract job-seekers, Owusu said.

By having a sense of what needs you’ll have for the new year, you can also approach knowledgeable people you trust for advice. This could include your lender (e.g. bank), your accountant or bookkeeper, or your lawyer. Owusu said it’s important to have a conversation with all of them so they can best support your business needs throughout the fiscal year.

“When speaking with your bank, share what your plans are for this year; you don't have to talk about a specific project, but instead discuss your larger vision and goals,” he said.

“Then you can both come up with ways to help you get there. Your bank may have a product you didn't know about, or there could be a change to a product you already use that might be beneficial to you.”

And, importantly, understanding the general health of the economy and how something like a recession could impact your business is key. Seek advice from your small business account manager, if you have one, to help you prepare for possible hardships.

“No one has a crystal ball to see what's going to happen in the future, but do your best to be prepared to adjust and adapt to changing financial and economic situations.” Owusu said.

Consider what needs updating

Like most Canadians, small business owners are feeling the impact of inflation and the rising cost of living. That’s why it’s important to revisit pricing and see if your rates or fees need to be increased to better align with your business' overhead costs. You might also want to revisit your products or services and make decisions about what offerings are most relevant to your customers, and which might need to be adjusted or discontinued.

Setting yourself up for the future should also include reviewing your business website, mission statement, social media platforms and even your own personal social media accounts such as LinkedIn. Are your messages consistent throughout? Do you need to update any key information, such as operating hours or team bios? Take time to comb through all public-facing content so that your customers can get the best impression of your business that you can provide.

Book off vacation time

Business owners might feel like they can’t take time off work because they’re incredibly busy and are juggling many responsibilities at once. They might worry that their business could suffer if they take a vacation. But working non-stop is a recipe for burnout — which can affect mood, mental health and decision making. That’s why it’s important for businesses owners to actually plan to take some vacation time, Owusu said.

“Burnout can really affect business owners and their ability to run their businesses,” he said.

“Even planning your vacation can help reduce stress levels, because it gives you something to look forward to. So, if you can plan to take some time off, it can help your mental health.”

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21 Best Small Business Bank Accounts in Canada [Ranked]

Small businesses are the backbone of the Canadian economy. Businesses such as yours are responsible for creating 68% of the total private labor force in Canada.

Table of Contents

While small business entrepreneurs are considered to be the fuel behind the lifeblood of the Canadian economy, they often have a hard time accessing the financial services they need to start, grow, and thrive. That’s where the best small business bank account in Canada comes in.

The best small business bank account in Canada is one that offers competitive interest rates, low fees, and a wide range of features and benefits specifically designed for small businesses.

When looking for the best small business bank account in Canada, be sure to compare a wide range of options before making your final decision. This will help you find an account that best meets the specific needs of your business.

The following is a list of the best small business bank account in Canada. This list was compiled based on a number of factors including, but not limited to, interest rates, fees, and the range of features and benefits each account offers.

Best Small Business Bank Accounts with No-Monthly Fees

1. wise business account (formerly transferwise).

Wise Business Account is an excellent business account for Canadian small businesses that deal with cross-border or international transactions such as eCommerce shop owners.

While not necessarily a bank, Wise offers small businesses the ability to transact internationally with no monthly, hidden, or conversion fees, Wise does charge low transfer fees for each money transfer transaction.

A Wise Business Account makes it easy and affordable for businesses to pay and get paid in a variety of currencies. This can save businesses a lot of money on international transfer and currency conversion fees, as well as streamline tedious accounting tasks.

Wise also offers many other features which can be of great use to businesses, such as:

– Multi-currency accounts in up to 7 different countries

– A Mastercard debit card for easy spending and ATM withdrawals

– The ability to send invoices in multiple currencies

– Automated currency conversion

All of these features make Wise Business Accounts a great choice for businesses that need to manage their finances in multiple currencies. To learn more, or to sign up for a Wise Business Account, visit their website today.

Open a free Wise business account here .

2. Alterna Business Account

If you’re looking for a no-nonsense business chequing account, Alterna’s eChequing Account is worth a look. There are no monthly fees as long as you maintain a $3,000 minimum balance, and you get unlimited debit and credit transactions as well as unlimited incoming Interac e-Transfers. You also have access to 3,300 ATMs via Canada’s EXCHANGE Network, and deposits are insured up to the max allowed by the Canada Deposit Insurance Corporation (CDIC).

Learn more about Alterna Business Account here .

2. BMO e-Business Plan

If you’re a small business owner who banks digitally, the BMO e-Business Plan can help you manage your business finances with fewer limits on electronic transactions. This plan doesn’t have a monthly fee, and you’ll have unlimited transactions each month. You won’t have to worry about minimum balances, either – so it’s perfect for businesses that are just getting started. Plus, the BMO e-Business Plan comes with reliable support from BMO Bank, so you can rest assured that your finances are in good hands.

Benefits of the BMO e-Business Plan:

No monthly fee

Unlimited transactions (Online/Debit)

No minimum balance required

Reliable support from BMO Bank

Perfect for small businesses that are just getting started .

Best Small Business Bank Accounts with Low Monthly Fees

4. rbc digital choice business account.

If you do most or all of your transactions electronically and don’t need to write or deposit many checks, RBC’s Digital Choice Business Account may be a good option. This account has a $5 monthly fee, but no minimum balance is required. Additionally, there are no fees for electronic debits and credits. However, standard fees apply to all non-electronic transactions: $2.50 charge for every paper debit or credit transaction, $5 fee for every $1,000 cash deposited in a branch and $2.25 per $1,000 charge for ATM deposits. Bank of Montreal (BMO) offers a similar eBusiness Plan, with the added bonus of no monthly fee at all.

Learn more about the RBC Digital Choice Business Account here .

5. RBC Flex Choice Business Account

The RBC Flex Choice Business Account has a monthly fee of $6 a month and is a great option for businesses that want a flexible small business chequing account. The RBC Flex Choice Business Account offers unlimited (Moneris) deposits, and only charges fees for paper deposits and electronic transactions. This makes it a great option for small retail businesses that want to keep their costs low. Additionally, the account offers competitive rates on cash deposits made through RBC ATMs or through their Night and Day deposits.

Learn more about the RBC Flex Choice Business Account here .

6. BMO Business Start Bank Account

The BMO Business Start Bank Account is a great option for small businesses looking for a simple, no-frills bank account. There is a $6 monthly fee, but there is no minimum balance requirement, which makes it a good choice for businesses that are just starting out but need a little more features. You also get seven free transactions each month, which is a nice bonus. However, if you go over the limit, fees start at just $0.60 per electronic transaction. This account is a good option for small businesses that want to keep their expenses low and don’t need a lot of fancy features.

Learn more about the BMO Business Start Bank account here.

7. TD Basic Business Plan

The TD Basic Business Plan is a plan that offers five free transactions and five free deposit items per month, with each transaction and deposit item after the first five costing $1.25 and $0.22, respectively. Additionally, there is a cash deposit fee of $2.50 per $1,000.

The TD Basic Business Plan costs $5.00 per month.

8. Scotiabank's Right Size Account for Business

The Scotiabank Right Size Account for Business is a great option for businesses that want to avoid paying high monthly fees, but still, need to make a limited number of transactions per month. This account has a $6 monthly fee but allows for four free transactions per month. After the four free transactions are used up, each additional transaction will cost $1-$1.25, depending on how many transactions are made. This account is perfect for small businesses that don’t need to make many transactions each month but don’t want to pay high fees.

9. Scotiabank Basic Business Account

The Scotiabank Basic Business Account is a great option for businesses that want to have a low-cost account with some added features. The monthly fee of $10.95 is waived if your minimum monthly balance is $8,000 or more, which is a great benefit. Additionally, each transaction costs $1.25, but this is still a relatively low price compared to other accounts. The account is available in both Canadian and U.S. dollars, making it a versatile option for businesses with operations in multiple countries.

Learn more here.

10. BMO Business Builder 1

BMO Business Builder 1 is a great account for businesses that are larger than the other three choices, but still aren’t too big. The account has a monthly fee of $22.50 and allows for 35 transactions a month as well as 25 deposits and $2,500 in cash transactions, and unlimited Moneris transactions. This account also comes with access to BMO’s online platform, which provides additional features like advanced cash management services and 24/7 customer support. If your business is on the larger side, the BMO Business Builder 1 account is a great choice for you.

Learn more about this small business bank account here.

11. TD Every Day Business Plan A

The TD Every Day Business Plan A is a budget-friendly plan for everyday business banking if your business has a low volume of transactions which is billed at $19 a month. There are 20 monthly transactions included with the plan and 50 deposit items. The additional transaction fee is $1.25, and $0.22 per additional deposit in excess of the account limit. Like the Basic Business Plan, there’s a fee of $2.50 per $1,000 of additional cash deposits.

Your monthly banking fee is rebated if you maintain a balance of at least $20,000.00

12. TD Every Day Business Plan B

The TD Every Day Business Plan B is a step-up to their Every Day Business Plan A billed at $39 a month with a 60 monthly transaction limit and a fee rebate if you can maintain a $35,000 minimum account balance.

Learn more about TD’s Every Day Business Plans here.

Best Small Business Bank Accounts for High Volume businesses

13. cibc unlimited business operating account.

If you’re looking for a business account that offers unlimited transactions, the CIBC Unlimited Business Operating Account is a great choice. With no monthly fees and a host of features, this account is perfect for larger businesses.

To open an account, apply online and take an application and principal owners of the business to a local branch to complete the process. The deposit package for this account includes $15,000 in cash, $1,000 in coins, and 100 cheques. Customers can get the monthly fee waived if they keep a minimum daily balance of $45,000, otherwise, their monthly fee or this small business chequing account is billed at $65.

Learn more about the CIBC Unlimited Business Operating Account here.

14. TD Unlimited Business Plan

The TD Unlimited Business Plan is another great choice for businesses that have a high number of transactions each month. The plan includes unlimited transactions and deposits, billed at $125 a month, which is rebated if you maintain a minimum daily balance of $65,000.00.

Learn more about the TD Unlimited small Business Account.

15. Scotiabank Account Unlimited

The Scotiabank Account Unlimited is also an excellent small business bank account for businesses that have a high volume of transactions each month. This account has no monthly fee as long as you maintain a minimum balance of $75,000. In addition to unlimited transactions, the account also offers cash deposits of $30,000 per month.

The ScotiaConnect Digital Banking service is complimentary with this account and allows you to manage your business activity, pay employees, file business taxes and receive EFTs.

The Scotiabank Account Unlimited is a great choice for businesses that need to process a lot of transactions each month.

Learn more about Scotiabank Small Business Bank Accounts here.

Best Small Business Savings Account in Canada

16. manulife bank business advantage account.

The Manulife Bank Business Advantage Account is a great choice for businesses who want to earn high interest on their excess or idle cash. The account comes with easy access to your money through online and mobile banking, as well as free deposits and bank-to-bank transfers between your accounts at other Canadian banks.

Plus, there are no minimum balance requirements and no monthly fees.

Manulife Bank knows that every business is different, so they offer a variety of ways to help you manage your account and maximize your earnings. For businesses looking for more interest on their cash, Manulife Bank’s Interest Plus feature allows you to earn tiered interest rates based on the total amount you have on deposit. And if you need to make a large purchase or invest in new equipment, their Business Line of Credit can provide up to $100,000 in flexible financing.

Learn more about whether the Manulife Bank Business Advantage Account is right for your business here.

17. Tangerine Small Business Savings Account

The Tangerine Small Business Savings Account is a great choice for businesses looking for high-interest savings account rates and no fees. Signing up is easy, and can be done in just 10 minutes online. There are no minimum balances or service charges, making it a great option for businesses of all sizes. The account also offers a U.S. Dollar Savings option, making it perfect for businesses with operations or clients in the U.S.

Learn more about Tangerine’s no-fee personal and business savings accounts here.

18. TD Business Savings Account

The TD Business Savings Account is a great option for small businesses that are looking for a high-interest savings account. This account offers a competitive tiered interest rate on account balances, allowing your business to grow its savings quickly. There are no monthly fees associated with this account.

Learn more about the TD Business Savings Account here.

19. CIBC Business Savings Account

The CIBC Business Savings Account is another great option for small businesses that are looking to grow their savings. This account offers a competitive interest rate of 0.40% to 0.65% based on the daily closing balance, with no monthly fees.

Learn more about the CIBC Business Savings Account here.

20. BMO Small Business Savings Account

The BMO Small Business Savings Account is a great option for small businesses that want to grow their savings. This account offers a tiered interest rate of 0.20% to 0.65% on your business savings account balance, with no monthly fees.

Learn more about the BMO Small Business Savings Account.

21. RBC Business Savings Account

The RBC Business Savings Account is a great option for small businesses that are looking to grow their savings. This account offers a tiered interest rate of 0.30% to 0.35% depending on the account balance, with no monthly fees.

There is no monthly maintenance fee for this account, however, they do charge on a per-transaction basis. You have two free debit transactions a month but you will be billed $3.5 each thereafter. Credits and deposits are charged at $1.00 each beyond 999 per month, items deposited at $1.00 each, and cash deposits at $10 per $1,000.00

Learn more about the RBC Business Savings Account.

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Small businesses have a variety of bank account options to choose from in Canada. Each account has its own set of benefits and drawbacks, so it is important to do your research and find the one that best suits your needs. The accounts listed above are some of the most popular options for small businesses in Canada, so be sure to check them out and see which one is right for you.

If you’ve already been in business for some time and you have a small business bank account that you swear by, please don’t hesitate to share your thoughts in the comments below or if you found value from this post and learned something that helped you, I’d love it if you shared this post in your social media communities.

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The Best Small-Business Bank Accounts in Canada

A small business owner in Canada has a unique set of banking needs. You don’t deposit or complete a high volume of transactions, but a personal account won’t offer you worthwhile benefits. You’re on the hunt for the best small business bank account in Canada.

By RICHARD C. FORD

A small business owner in Canada has a unique set of banking needs. You don’t deposit or complete a high volume of transactions, but a personal account won’t offer you worthwhile benefits. You’re on the hunt for the best small business bank account in Canada. 

You should avoid commingling business and personal funds to prevent confusion. Some business structures also do not allow commingling for regulatory reasons. The need for a second bank account is real. You want to avoid extra paperwork and fees.

All bank accounts incur administrative fees. There are ways to work around them. Some banks waive fees based on minimum account balances. It’s their effort to compete for your business. There are attractive offers for small business owners that scale with their companies. At this point, your revenue is probably limited. Anywhere that you can save on fees is a good deal.

As you browse the available bank account options, keep in mind that the fees shouldn’t make your final decision. It’s one factor. Think about what you’re trying to accomplish. You might be happy as a sole proprietorship. Some companies want to stay small. There are others that plan to grow.

When picking the best small business bank account, consider the fees. Also, consider the potential for growth. The bank that houses your business account can also be your lender and financial partner.  

The following is a list of the best small business bank accounts in Canada to consider.

If you already bank with a particular establishment, you may want to stay with them, especially if they’re on this list. Our list includes:

• BMO Business Start Bank Account
• eBusiness Plan

Scotiabank Right Size Account for Business

Cibc basic business operating account, cibc unlimited business operating account, rbc flex choice business account, rbc digital choice business account, td basic business plan, td everyday business account, factors that constitute a best small business account.

Banking fees pay the administrative costs of rendering services. A small business usually watches every cent that comes in and out. Budgeting for a \$6 monthly fee is not a slight afterthought. Take into consideration how often you’re going to make a deposit, pay your vendors, and transfer money. Each transaction requires oversight so that it is correctly completed every time.

Canadian banks are aware that small businesses are the heartbeat of the country, so they’ve made adjustments to their business accounts. Thanks to technology, some fees are offset with electronic, mobile, and app services.

Factors that constitute a best small business account are:

• Monthly fee amount
• Number of free transactions allotted per month
• Minimum balance required to keep the account open
• Number of fees waived based on minimum balance requirements
• Online banking options

Customer service also plays a role. If you feel appreciated by your banking representatives, that may outweigh the fees. If they nurture your business and goals, that’s something to keep in mind, too.

Here are our top picks for the best small business accounts in Canada broken down by bank.

Bank of Montreal (BMO)

Founded in 1817, the Bank of Montreal employs over 45,000 employees. In 2019, the Bank saw a revenue of $22.8 billion. Despite its size and multinational operations, BMO provides reliable customer service. They also offer small business bank accounts.

There is no shortage of business banking options. You can pick from six accounts. You’ll find that BMO’s fees are a little higher than other banks. The ability to switch between accounts at any time without a fee is the trade-off.

The BMO Business Start Bank Account ranks among the top inexpensive small business bank accounts.

BMO Business Start Account

This account features:

• No minimum balance
• A monthly fee
• Limited free transactions per month
• Fees for electronic, check, and deposits past the limited free transactions

The BMO Business Start account is a starter. Small business owners who require more free transactions per month can upgrade to the Business Builder 1, 2, or 3. 

The BMO Business Builder 4 account has the highest monthly fee if you maintain a balance below the designated minimum amount. If you maintain the minimum, the bank will waive the maintenance fee. There is no minimum monthly balance to keep the account open. You also receive the most free monthly transactions per month. 

Here’s how the numbers break down:

BMO eBusiness Plan

Another BMO small business account that ranks highly is the eBusiness Plan. This is an online-only account. It features:

• No limits on electronic transactions
• No monthly fees
• No minimum balance requirement

Bank of Nova Scotia (Scotiabank)

Founded in 1832, the Bank of Nova Scotia (Scotiabank) continues to service Canadian banking customers. The multinational banking and financial services company employs just over 100,000 employees. In 2019, it realized revenue of $32.8 billion. The bank is a member of Canada’s Big Five banks. It is the third-largest by bank deposits and market capitalization.

Like BMO, Scotiabank has no shortage of banking offerings for small businesses.

Scotiabank’s Right Size Account for Business is a top-rated and inexpensive option.

The Right Size Account for Business features:

• Fees per transaction over the free limited allowed

The Scotiabank Basic Business Account includes a higher monthly maintenance fee. This account waives the fee if you meet the monthly minimum threshold. For every minimum amount increment kept in the account, you receive a free transaction. Every transaction above the free transactions incurs a fee. Small business owners can opt for Canadian or United States dollars.

Here’s how Scotiabank’s small business accounts break down:

The bank also offers online banking features with ScotiaConnect and Mobile Banking for Business. ScotiaConnect includes:

• View account details
• Transfer funds
• Pay employees
• Wire transfers, send and receive

Mobile Banking for Business includes:

• View balances
• View statements
• Bill payment
• Account transfers

Canadian Imperial Bank of Commerce (CIBC)

The Canadian Imperial Bank of Commerce (CIBC) resulted from a merger between the Canadian Bank of Commerce and the Imperial Bank of Canada in 1961. They were founded in 1867 and 1873, respectively. 

CIBC employs 44,000 employees. In 2019, it was a revenue of $18.6 billion.

The Basic Business Operating Account ranks among the best in the inexpensive category. 

CIBC’s Basic Business Operating Account features:

• No free transactions
• A free per transaction

A variety of account options is a benefit that a bank of this size offers. CIBC provides lower fees. Stricter rules on transactions is the trade-off. Here’s how their other small business bank accounts break down:

CIBC also offers online business banking options. Online banking transactions don’t count toward the allotted transaction limit. 

CIBC SmartBanking for Business allows customers to import payroll and relevant accounting data from current software. Online Banking for Business is like most online services. It allows customers to access account information, complete transfers, and pay bills.

The Bank provides a complementary online banking app for further convenience.

CIBC’s Unlimited Business Operating account scores high marks for small business owners who require a high volume of transactions monthly.

The CIBC Unlimited Business Operating Account is considered a package account. Clients receive unlimited transactions with cash, coin, and checks. Even though most small businesses run a modest shop, those that require more transactions without the fees can opt for this account.

Royal Bank of Canada (RBC)

Founded in 1864, the Royal Bank of Canada (RBC), the bank remains one of Canada’s big five banks. In 2020, it saw a revenue of $47.2 billion. RBC receives praise for keeping their small business banking accounts simple

Two of RBC’s business bank accounts receive high marks. The Flex Choice Business account and the Digital Choice Business account.

The RBC Flex Choice Business Account features:

• Unlimited items per deposit
• Electronic deposit fee
• Paper transaction fee
• Deposit fees

The RBC Digital Choice Business account is a worthy option for business owners who don’t write or deposit several checks. Its features include:

• Unlimited electronic debits and credits

Here’s how RBC’s business banking accounts break down:

The RBC Digital Account package includes the monthly fee. Customers enjoy unlimited electronic transactions per month. Charges are assessed to full-service deposits and transactions.

TD Canada Trust (TD)

Founded in 2000, Toronto-Dominion Bank (TD) came together as a result of the merger between Toronto Dominion and Canada Trust. This bank is a small operation that places a focus on small business and commercial banking. The operation includes 1,100 branches and 2,600 ATMs.

The TD Basic Business Plan account scores well with small businesses. So does the TD Everyday Business Account.

The TD Basic Business Plan is a good fit for the small business that does not complete several transactions or deposits on a monthly basis.

It features a:

• Monthly fee
• Free limited number of monthly transactions
• Free limited number of monthly deposits
• Fee per transaction and cash deposit after the free ones 

A high volume small business benefits from the TD Everyday Business Account. It’s still low cost. It features a:

• High monthly deposit amount

Banking with TD offers several business bank options and perks. From the available accounts, there is at least one that matches your needs.

Here’s how TD Canada Trust’s business banking accounts breakdown:

TD customers receive access to online and mobile banking applications. There is no digital account. 

 What Else Do You Need to Know? 

Now that you know the best small business bank account options in Canada, you are almost ready to go! However, there is some more general information you should keep in mind when setting up an account for your small business. 

Online Banks

Online business banking is catching on. The younger generation of entrepreneurs grew up with these tech tools. Those who would like to bank on the go at any time of the day can rest assured that there are non-brick and mortar options, too. 

Small business accounts offered by Canadian banks have limitations. They’re best for sole proprietorships and small businesses that don’t engage in a high volume of transactions and deposits every month. 

Five online banks to consider are:

• Simplii Financial, a subsidiary of CIBC
• Tangerine Bank, a subsidiary of Scotiabank
• Wealthsimple

Each online bank provides checking and savings accounts. Wealthsimple has a slight investing angle. It’s a convenient choice for small businesses that are interested in earning interest from their accumulated funds.

Bank vs Credit Union

Credit unions provide small business account options, too. Credit unions take deposits, provide loans, and offer savings accounts. They are member-owned, so they operate on a more personal scale. The process to become a credit union member is more strict. Those strict guidelines usually lead to more favourable interest rates on savings and debt.

If the fees still gnaw at your wallet, there are several ways to minimize them. In some cases, there are zero to no fees. Meeting the minimum balances is a great way to zero out monthly fees. Bundling financial products at one banking institution can lower fees, too. Knowing the monthly transaction and deposit helps you avoid fees. Simply plan around the limits. 

It’s best to limit the number of cards per account. Too many transactions lead to increased fees. Those who complete several transfers monthly might consider an account that also provides online banking. This avoids transfer fees.

Why Is a Small Business Bank Account Important?

Some business structures protect the business owner’s assets against litigation. In this case, it’s crucial to separate business and personal funds. A separate account does mean more paperwork, especially if you’re a sole proprietorship. In the long run, it’s advantageous.

By having two separate accounts, year-end tax accounting is more organized. Purchases, vehicle payments, and employee payments come from one designated account. If a mathematical error occurs, it’s easier to pinpoint the source.

Difference Between Personal and Business Account

Personal and business bank accounts both store people’s money. They indeed have several similarities, too. Both allow account holders to deposit and keep their funds safe. When you need to make a withdrawal, you can. Making payments directly from the account through checks or a debit card works in the same manner for both accounts.

Online banking is far more common today. The feature is available for both accounts, too. 

The differences between the two accounts are in the fee structure, legal restrictions, and additional paperwork. Simply put, a business banking account requires more maintenance. The fees charged cover the administrative costs of the transactions and deposits. 

Do You Really Need a Business Bank Account?

When you go through all the fee information, you might wonder if you really need a business bank account. A sole proprietorship may not need a business bank account. When a company has more than one employee, vendor, and other business partnerships, it’s essential to keep track of all the money.

Money flows very easily out of a bank account. This is one reason why accounting software is so popular. There must be a way to keep track of deposits, payments, and other transactions. Organizing your company’s financial records and information, even if it’s a small shop, makes tax season easier, too.

Small Business Bank Account Benefits

There are always two sides to every story and two sides to every coin. A small business bank account is no different. It has pros and cons.

The downside of business bank accounts is the fees. To qualify for a fee waiver, you must maintain balances that might be too high for a small business. Transactions are limited per month in most cases. 

To open a business banking account, you must provide extra documentation. Banks must verify that your company exists before granting the account.

In business, there are always trade-offs and compromises. Plenty of trade-offs exist that help you maximize your finances. 

Steps to Open a Small Business Bank Account

Opening a Canadian small business bank account is similar to opening a personal account. To prevent fraud, expect to present additional documentation.

Sole proprietorships must present a government-issued picture ID and business licenses. Partnerships and Corporations must present more information.

Partnerships must present:

• Government-issued picture ID
• Government-issued documents that acknowledge the partnership exists
• Registered trade name documents
• Legal paperwork that acknowledges the partnership

Corporations must present:

• Articles of incorporation
• Tax business number
• Business licenses
• Certificates of existence and compliance
• Government-issued picture ID of each person who will be an authorized user of the account

You must open most small business bank accounts in person at a branch location. Opening a bank account online is gaining traction. In either case, you must still collect proper identification, documents, and signatures.

There are usually no fees attached to opening a small business bank account. As soon as it’s opened, you can make your first deposit. To avoid fees, you should make the minimum deposit.

Best Small Business Bank Account in Canada Conclusion

There is enough variety and competition among Canada’s Big Five banks. This competition leads to an array of small business bank account options, which allows you to pick the account that best suits your needs in the present. Ideally, the bank account and institution will scale with you as your company grows. If you aim to stay small, the account and banking institution will nurture your financial needs.

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