Best Business Accounts Summary
| Bank |
Monthly Fee |
Free Transactions |
Best For |
| KOHO Business |
$0 |
Unlimited |
Freelancers |
| Tangerine Business |
$0* |
25 |
Low volume |
| BMO eBusiness |
$6 |
10 |
Budget |
| RBC Business |
$6-$46 |
15-100 |
Branch access |
| TD Business |
$10-$99 |
10-unlimited |
TD users |
| Scotiabank Business |
$11-$50 |
25-100 |
Full service |
| CIBC Business |
$6-$49 |
25-100 |
CIBC users |
*With minimum balance
No-Fee Options
KOHO Business
| Feature |
Details |
| Monthly fee |
$0 |
| Transactions |
Unlimited |
| e-Transfers |
Free |
| Card |
Prepaid Mastercard |
| Cash back |
1% (5% partners) |
| Interest |
Up to 4% on balance |
| Invoicing |
Built-in |
| Accounting |
Integrations |
Best for: Freelancers, solopreneurs, side hustles.
Tangerine Business Account
| Feature |
Details |
| Monthly fee |
$0 (with $3,000 min) |
| Without minimum |
Currently no standalone business |
| e-Transfers |
25 free |
| ATMs |
Scotiabank network |
| Debit card |
✅ Yes |
Note: Tangerine business offerings are limited compared to personal.
Simplii Business (Coming)
| Feature |
Details |
| Monthly fee |
Expected $0 |
| Features |
TBD |
| ATMs |
CIBC network |
Check availability — Simplii may expand business offerings.
Big Bank Business Accounts
RBC Business
| Account |
Monthly Fee |
Transactions |
Best For |
| Small Business |
$6 |
15 |
Low volume |
| Essential |
$24 |
50 |
Growing |
| Performance |
$46 |
100 |
Established |
| Feature |
Details |
| ATMs |
RBC network |
| e-Transfers |
$1-$1.50 each |
| Overdraft |
Available |
| Credit cards |
Business cards available |
| Lending |
Lines of credit, loans |
TD Business
| Account |
Monthly Fee |
Transactions |
Best For |
| Pay As You Go |
$0 |
Pay per transaction |
Very low volume |
| Basic |
$10 |
10 |
Startups |
| Plus |
$30 |
40 |
Growing |
| Unlimited |
$99 |
Unlimited |
High volume |
| Feature |
Details |
| ATMs |
TD network |
| e-Transfers |
$1-$2 each |
| Cash deposits |
Limited free |
| Credit cards |
Multiple options |
| US accounts |
✅ TD cross-border |
BMO Business
| Account |
Monthly Fee |
Transactions |
Best For |
| eBusiness |
$6 |
10 |
Budget |
| Business Builder |
$14 |
25 |
Basic |
| Business Plus |
$40 |
60 |
Growing |
| Business Premium |
$75 |
100 |
Established |
| Feature |
Details |
| ATMs |
BMO network |
| US accounts |
✅ BMO Harris |
| Lending |
Available |
| Payroll |
Partner services |
Scotiabank Business
| Account |
Monthly Fee |
Transactions |
Best For |
| Basic Business |
$11 |
25 |
Low volume |
| Business Plus |
$24 |
50 |
Growing |
| Ultimate Business |
$50 |
100 |
High volume |
CIBC Business
| Account |
Monthly Fee |
Transactions |
Best For |
| Basic Business |
$6 |
25 |
Budget |
| Everyday Business |
$29 |
60 |
Growing |
| Full Service |
$49 |
100 |
Established |
Credit Union Business Accounts
| Credit Union |
Monthly Fee |
Notes |
| Coast Capital |
$0-$9 |
BC-based |
| Meridian |
$4-$25 |
Ontario |
| Vancity |
$9-$30 |
BC |
| Desjardins |
Varies |
Quebec |
Credit unions often offer competitive rates and personalized service.
Digital Business Banking
Ownr (RBC)
| Feature |
Details |
| Incorporation |
Online |
| Banking |
RBC integration |
| Accounting |
Linked |
| Cost |
Registration + banking fees |
Waveapps (Personal + Business)
| Feature |
Details |
| Accounting |
Free software |
| Banking |
Through partners |
| Invoicing |
Free |
| Integration |
Strong |
What Business Accounts Include
Typical Features
| Feature |
Big Banks |
Digital |
| Debit card |
✅ |
✅ Most |
| Cheques |
✅ |
❌ Limited |
| e-Transfers |
✅ (fee) |
✅ Often free |
| Bill payments |
✅ |
✅ |
| Wire transfers |
✅ |
❌ Limited |
| Cash deposits |
✅ |
❌ |
| Lines of credit |
✅ |
❌ |
| Merchant services |
✅ |
Partner |
| Bookkeeper access |
✅ |
✅ |
Business Credit Cards
| Bank |
Card |
Annual Fee |
Rewards |
| RBC |
Avion Business |
$120 |
Travel points |
| TD |
Business Travel |
$149 |
Travel |
| BMO |
Air Miles Business |
$150 |
Air Miles |
| Amex |
Business Edge |
$99 |
MR points |
| Scotia |
Business Visa |
$99 |
Scene+ |
Choosing the Right Account
By Business Type
| Business Type |
Recommended |
| Freelancer/solopreneur |
KOHO Business |
| Low transaction volume |
BMO eBusiness |
| Corporation |
Big bank for lending |
| E-commerce |
TD or RBC |
| Cash-heavy |
Big bank with cash deposits |
| High volume |
TD Unlimited |
| Cross-border |
TD, BMO (US accounts) |
By Transaction Volume
| Monthly Trans. |
Best Option |
| 1-10 |
KOHO, BMO eBusiness ($6) |
| 10-25 |
Bank basic plans |
| 25-50 |
Bank plus plans |
| 50-100 |
Bank premium |
| 100+ |
TD Unlimited |
By Priority
| Priority |
Choose |
| Lowest fees |
KOHO Business |
| Branch access |
Big bank |
| Lending |
Big bank relationship |
| US banking |
TD, BMO |
| High interest |
KOHO Business |
| Accounting integration |
Check partners |
Opening a Business Account
Requirements
| Requirement |
Details |
| Business registration |
Sole prop or incorporation |
| Personal ID |
Government ID |
| Business number |
CRA business number |
| Articles of incorporation |
If incorporated |
| Resolution |
Corporate signing authority |
| Operating agreement |
Partnerships |
Steps
| Step |
Action |
| 1 |
Register business |
| 2 |
Get business number (CRA) |
| 3 |
Choose bank |
| 4 |
Gather documents |
| 5 |
Apply (online or in-branch) |
| 6 |
Fund account |
Hidden Costs to Watch
| Cost |
Watch For |
| Per transaction fees |
After free limit |
| e-Transfer fees |
$1-$2 each |
| Cash deposit fees |
Per $1,000 deposited |
| Wire transfer fees |
$15-$50 |
| NSF fees |
$45+ |
| Cheque printing |
$50-$100 |
| Overdraft interest |
19%+ |