Business chequing accounts are tiered by transaction volume. Sole proprietors and freelancers can usually get by with a low-tier account ($5–20/month) bundling 25–50 transactions. Incorporated SMBs handling payroll, vendor payments, and CRA remittances need higher tiers ($25–100/month) or unlimited-transaction accounts.

What to Look For

Beyond monthly fee and transaction limits: integration with QuickBooks/Xero/FreshBooks, e-Transfer pricing for B2B payments, USD account availability, and EFT/PAD setup for payroll. Some digital banks (RBCx, Wise Business) cut Canada-to-foreign-currency fees dramatically.

Sole Prop vs Incorporated

Sole props can technically run business through a personal chequing account but a dedicated business account simplifies bookkeeping at tax time. Incorporated companies are legally required to keep business and personal funds separate.

FAQ

Frequently Asked Questions

1Do I need a business account if I'm self-employed?

Legally, no — sole proprietors can use a personal chequing account. Practically yes: bookkeeping is dramatically easier with separate accounts, especially at tax time when you reconcile business expenses against your T2125.

2What documents do I need to open a business chequing account?

Sole prop: business registration (master business licence or BN). Incorporated: articles of incorporation, certificate of incorporation, and corporate seal. Both: government ID for all signing officers and proof of business address.

3Can I get unlimited transactions on a business account?

Yes. RBC Business Unlimited, BMO Business Banking Plan III, and Scotiabank Right Size Account for Business all offer unlimited transactions for $80–110/month. They make sense once you exceed ~80 transactions/month on a tiered plan.