Wealthsimple business chequing: what sole proprietors get at $0 per month
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Wealthsimple business chequing is now open to sole proprietors across Canada, registered or not. That is a real change. Until the end of October, it was a corporations-only product, and every unincorporated business in the country was turned away at the door.
Until the end of October, Wealthsimple's own business chequing page answered the question "Do you support non-incorporated businesses?" with "We don't." The same question now reads "Who can open a business chequing account?" and the answer names sole proprietorships, registered or unregistered. If you were told no earlier this autumn, the answer has changed. For the wider picture, see our business finance hub.
Wealthsimple Business Chequing Account
WealthsimpleCADBusiness
- Monthly fee
- $0
Apply Now
on Wealthsimple's website
- Monthly fee
- $0
- Regular interest
- Up to 2.25%Maximum from $500,000 in qualifying total Wealthsimple assets; starting rate of 1.25% below $100,000. For eligible businesses and organizations.Rate as of · Checked · Institution source
Wealthsimple Business Chequing Account has no monthly fee. Your balance earns 1.25% to 2.25% depending on your total assets with Wealthsimple (2.25% from $500,000). The account is reserved for Canadian-controlled private corporations (CCPCs) and charities or associations registered with the CRA.
What the account pays
Interest is tied to your combined assets at Wealthsimple, personal and business together. Below $100,000 CAD in combined assets, the rate starts at 1.25%. From $100,000 CAD, it rises to 1.75%. At $500,000 CAD, it reaches 2.25%. The rate is annualized, calculated daily, and paid monthly. All figures as of November 4, 2026.
| Combined assets at Wealthsimple | Interest rate |
|---|---|
| Under $100,000 CAD | From 1.25% |
| $100,000 CAD to $499,999 CAD | 1.75% |
| $500,000 CAD and above | 2.25% |
That structure matters more to a sole proprietor than to a corporation. Because the tiers count personal accounts too, a consultant with a TFSA and an RRSP at Wealthsimple can reach a higher tier than the business balance alone would earn. In practice, moving your own registered accounts over is what lifts the business rate.
What it costs to run
Wealthsimple charges no monthly account fee and sets no account minimum. It says clients save $230 CAD per year on average against the big five banks, where a base plan runs up to $7 CAD per month.
Here is what the usual fee lines look like:
- Incoming e-Transfers, direct deposits and wires: free and unlimited
- Outgoing Interac e-Transfer: up to $50,000 CAD daily, free
- Outgoing wire transfer: $15 CAD
- Payments to the CRA: free, including GST/HST and payroll remittances
- Number of chequing accounts: up to 8, all free, all earning the same rate
The eight-account limit is the detail an accountant notices first. Keeping operating cash, sales tax and income tax in separate accounts is a habit worth building, and most banks charge for each account you open. Here you can run the full set at no cost. Wealthsimple also connects to QuickBooks and Wave directly, and exports monthly CSV files for everything else.
The card that comes with the account
The account includes a prepaid business Visa. It pays 1% cash back on every purchase and charges no foreign exchange fee. There is no credit application. A virtual card is ready as soon as the account is open, and the physical card arrives 5 to 7 business days after it ships. You request it in the Wealthsimple app, not on the website. Either way, it draws straight from the chequing account it is attached to.
Read the word "prepaid" carefully, though. It is not a credit card. There is no credit check, and a prepaid card is not designed to build a business credit history or to carry the purchase protection or travel coverage that come with a business credit card. For a sole proprietor who already pays everything out of cash flow, that may not matter. For anyone who wants a few weeks between the purchase and the payment, it does. That gap should close in 2027. On November 5, 2026, Wealthsimple announced its own business credit card for early 2027, with 1% cash back, no foreign exchange fee and extra cards for employees. You will need the business chequing account to apply, and approval rests on you as the owner, not on the business: Wealthsimple asks for a personal income of at least $60,000 CAD or business revenue of at least $500,000 CAD.
What to check before you move
Three things decide whether this account suits a one-person business.
First, your deposit coverage. CDIC protects $100,000 CAD per business entity here, shared across your chequing and savings balances. If your operating float runs higher than that, you need a second institution.
Second, your cash habits. Wealthsimple has no branches, but it does take cash. You can deposit Canadian bills free of charge at more than 5,300 Canada Post locations, with a QR code from the app and a photo ID. Each deposit is capped at $3,000 CAD and each day at $9,000 CAD, the same limits as on a personal account. Cheques go through the app: you photograph them and deposit from your phone. A contractor paid in cash now and then can live with that. One who handles cash every day will find the trips to the post office add up.
Third, your business number. Registering is not required to open the account, but it is required for some tax payments from it. Wealthsimple states that sole proprietors need a registered business with a business number to make payroll, GST/HST and Revenu Québec payments. If you invoice under your own name with no registration, you get the account and the card, not the tax payments.
Incorporate, or stay a sole proprietor?
This account removes one argument for incorporating, and only one. A corporations-only chequing account used to be a small nudge toward incorporation for consultants who wanted clean books. Now that Wealthsimple has opened the door, that nudge is gone.
Everything else stays the same. Incorporation is still a tax and liability decision, not a banking one. Our incorporation calculator and our salary versus dividend calculator will tell you more about that choice than any account feature will.
Who should look elsewhere
A business that deposits large amounts of cash every day, since cash goes through Canada Post and stops at $9,000 CAD a day. A business whose balances sit well above the CDIC limit. A business that needs a line of credit tied to its operating account. Wealthsimple's business portfolio line of credit borrows against corporate investments, and a sole proprietor cannot open a business investment account, so it is out of reach. And any business that wants a dedicated account manager, which Wealthsimple does not advertise for this account.
For everyone else, compare it against the rest of the field in our ranking of the best business chequing accounts.
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Frequently Asked Questions
Can a sole proprietor open a Wealthsimple business account?
Yes. Wealthsimple's eligibility answer names sole proprietorships, registered or unregistered, alongside incorporated businesses. If your business is registered with your province or territory, Wealthsimple verifies it with the registry. If it is not registered, you confirm a few details yourself, such as your industry and your source of funds. Newfoundland and Labrador has no business registry, so every sole proprietorship there counts as unregistered; if you operate under a trade name, Wealthsimple asks for a document that shows it, such as a municipal business licence or a CRA business number confirmation. For more on banking for a one-person business, see our business finance hub.
What interest does the account pay?
Between 1.25% and 2.25%, depending on your combined personal and business assets at Wealthsimple, as of November 4, 2026. You earn 1.25% below $100,000 CAD in combined assets, 1.75% from $100,000 CAD, and 2.25% from $500,000 CAD. Interest is annualized, calculated daily, and paid monthly, and Wealthsimple can change it.
Are there monthly fees?
No. There is no monthly account fee and no minimum balance. Outgoing wire transfers cost $15 CAD each. Everything else on the usual fee list, including incoming transfers, outgoing e-Transfers up to $50,000 CAD daily, and payments to the CRA, is free.
Can I pay my GST/HST from the account?
Yes. You can pay GST/HST, payroll remittances and corporate income tax to the CRA directly from the account, at no charge, and you can schedule those payments in advance. Revenu Québec and Alberta Tax Service go through their own approved payment methods. One condition applies to sole proprietors: Wealthsimple requires a registered business with a business number for payroll, GST/HST and Revenu Québec payments. Our GST/HST calculator helps you work out the amount first.
Does the business Visa build business credit?
No. The card that comes with the account is a prepaid Visa, so it draws from your balance rather than extending credit, and there is no credit check. Wealthsimple's own business credit card, announced on November 5, 2026 for early 2027, will extend real credit, but approval is based on the owner's personal profile, and completing an application may involve a hard credit check on you personally. If building a credit file matters to you, pair the account with a business credit card and pay it in full each month.
Is my money insured?
CDIC insures up to $100,000 CAD per business entity, shared across your chequing and savings balances at Wealthsimple. Investments held through Wealthsimple Trade or a managed portfolio carry separate CIPF protection of up to $1,000,000 CAD. For a sole proprietor, that covers personal investment accounts only, since Wealthsimple does not open business investment accounts for unincorporated businesses. If your operating float exceeds the CDIC limit, spread it across two institutions.
Can I open an investing account for my sole proprietorship?
Not at the moment. Wealthsimple currently supports only business chequing accounts for sole proprietorships, which is also why the business portfolio line of credit is out of reach.
Do I have to register for GST/HST?
Yes, once your business earns more than $30,000 CAD in revenue over four consecutive quarters, whatever name you operate under. Registering also gives you the business number Wealthsimple requires for GST/HST, payroll and Revenu Québec payments from the account.
