Compare business chequing accounts in Canada. Find low monthly fees, included transactions, and integration with payroll and accounting software.
National Bank of Canada · chequing
It offers unlimited transactions. Current offer: Up to $1,688 in annual savings.
Scotiabank · chequing
The Select Account for business costs $20/month but the fee is waived with a $20,000 minimum balance.
Waived at $20,000
Scotiabank · chequing
Chequing account from scotiabank with standard terms.
RBC · chequing
The RBC Ultimate Business Account Package costs $100/month but the fee is waived with a $75,000 minimum balance. It offers unlimited transactions.
Waived at $75,000
RBC · chequing
It offers unlimited transactions.
Complete Guide
Compare business chequing accounts in Canada. Find low monthly fees, included transactions, and integration with payroll and accounting software.
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.
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 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.
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Accounts analyzed
Jun 2026
Last updated
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Independent
FAQ
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.
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.
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.
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