basic business plan td

This worksheet describes the basic components of any business plan. Please note that every plan will be unique to its particular company.

How To Write A Business Plan (2024 Guide)

Updated: Apr 17, 2024, 11:59am

Table of Contents

Brainstorm an executive summary, create a company description, brainstorm your business goals, describe your services or products, conduct market research, create financial plans, bottom line, frequently asked questions.

Every business starts with a vision, which is distilled and communicated through a business plan. In addition to your high-level hopes and dreams, a strong business plan outlines short-term and long-term goals, budget and whatever else you might need to get started. In this guide, we’ll walk you through how to write a business plan that you can stick to and help guide your operations as you get started.

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Drafting the Summary

An executive summary is an extremely important first step in your business. You have to be able to put the basic facts of your business in an elevator pitch-style sentence to grab investors’ attention and keep their interest. This should communicate your business’s name, what the products or services you’re selling are and what marketplace you’re entering.

Ask for Help

When drafting the executive summary, you should have a few different options. Enlist a few thought partners to review your executive summary possibilities to determine which one is best.

After you have the executive summary in place, you can work on the company description, which contains more specific information. In the description, you’ll need to include your business’s registered name , your business address and any key employees involved in the business. 

The business description should also include the structure of your business, such as sole proprietorship , limited liability company (LLC) , partnership or corporation. This is the time to specify how much of an ownership stake everyone has in the company. Finally, include a section that outlines the history of the company and how it has evolved over time.

Wherever you are on the business journey, you return to your goals and assess where you are in meeting your in-progress targets and setting new goals to work toward.

Numbers-based Goals

Goals can cover a variety of sections of your business. Financial and profit goals are a given for when you’re establishing your business, but there are other goals to take into account as well with regard to brand awareness and growth. For example, you might want to hit a certain number of followers across social channels or raise your engagement rates.

Another goal could be to attract new investors or find grants if you’re a nonprofit business. If you’re looking to grow, you’ll want to set revenue targets to make that happen as well.

Intangible Goals

Goals unrelated to traceable numbers are important as well. These can include seeing your business’s advertisement reach the general public or receiving a terrific client review. These goals are important for the direction you take your business and the direction you want it to go in the future.

The business plan should have a section that explains the services or products that you’re offering. This is the part where you can also describe how they fit in the current market or are providing something necessary or entirely new. If you have any patents or trademarks, this is where you can include those too.

If you have any visual aids, they should be included here as well. This would also be a good place to include pricing strategy and explain your materials.

This is the part of the business plan where you can explain your expertise and different approach in greater depth. Show how what you’re offering is vital to the market and fills an important gap.

You can also situate your business in your industry and compare it to other ones and how you have a competitive advantage in the marketplace.

Other than financial goals, you want to have a budget and set your planned weekly, monthly and annual spending. There are several different costs to consider, such as operational costs.

Business Operations Costs

Rent for your business is the first big cost to factor into your budget. If your business is remote, the cost that replaces rent will be the software that maintains your virtual operations.

Marketing and sales costs should be next on your list. Devoting money to making sure people know about your business is as important as making sure it functions.

Other Costs

Although you can’t anticipate disasters, there are likely to be unanticipated costs that come up at some point in your business’s existence. It’s important to factor these possible costs into your financial plans so you’re not caught totally unaware.

Business plans are important for businesses of all sizes so that you can define where your business is and where you want it to go. Growing your business requires a vision, and giving yourself a roadmap in the form of a business plan will set you up for success.

How do I write a simple business plan?

When you’re working on a business plan, make sure you have as much information as possible so that you can simplify it to the most relevant information. A simple business plan still needs all of the parts included in this article, but you can be very clear and direct.

What are some common mistakes in a business plan?

The most common mistakes in a business plan are common writing issues like grammar errors or misspellings. It’s important to be clear in your sentence structure and proofread your business plan before sending it to any investors or partners.

What basic items should be included in a business plan?

When writing out a business plan, you want to make sure that you cover everything related to your concept for the business,  an analysis of the industry―including potential customers and an overview of the market for your goods or services―how you plan to execute your vision for the business, how you plan to grow the business if it becomes successful and all financial data around the business, including current cash on hand, potential investors and budget plans for the next few years.

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Julia is a writer in New York and started covering tech and business during the pandemic. She also covers books and the publishing industry.

Kelly Main is a Marketing Editor and Writer specializing in digital marketing, online advertising and web design and development. Before joining the team, she was a Content Producer at Fit Small Business where she served as an editor and strategist covering small business marketing content. She is a former Google Tech Entrepreneur and she holds an MSc in International Marketing from Edinburgh Napier University. Additionally, she is a Columnist at Inc. Magazine.

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Please note that the information in this tool is for general information purposes only and isn't intended as financial, tax, legal, accounting or other professional advice and should not be relied upon in that regard. As always, please consult with appropriate professional advisors to discuss your specific situation.

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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Personal Finance

TD basic business plan, definition of transactions

• Last Updated:

Sep 6th, 2019 10:24 pm

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• Search this thread

Sep 6th, 2019 2:29 pm

• Reply with quote

Sep 6th, 2019 2:36 pm

Sep 6th, 2019 3:30 pm

busrel wrote: ↑ Hi all, I have TD basic small business plan, the monthly fee is $5 and it says "5 free transactions", what accounts for *transactions*? electronic deposit by my client to my account, or physicial cheque deposit to my account? does *paper cheque out of my account* considered a transaction as well? Thanks

Sep 6th, 2019 4:57 pm

Manatus wrote: ↑ Basically all of the above. Essentially every line item that appears in your bank statement, except ones created by the bank (e.g. interest or fees) is a transaction. · Withdrawals, transfers, bill payments and deposits at any TD Canada Trust branch or Green Machine ATM · Deposits through TD Remote Deposit Capture · In-branch night deposits · Telephone operator-assisted transactions, including bill payments · Telephone automated transfers and bill payments · Web transfers, bill payments and Interac® Online purchases · Use Interac e -Transfer® to send, receive, and request money · Debit payments in Canada and the U.S.15 · Cheques, pre-authorized payments and automated transfers · Where a deposit at a TD Canada Trust branch contains multiple deposit items (cheques, money orders, drafts and all other clearing items), up to 250 such items are one transaction

Money Smarts Blog wrote: ↑ I agree with the previous posters, especially Thalo. {And} Thalo's advice is spot on.

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Best 5 Business Accounts in Canada for Small Business 2024

Are you newly launched business owner looking to open a business account? Do you know having a business account is really important? So, here we have gathered an exclusive list of Best Business Accounts in Canada for Small Business . These will definitely guide you in making the right choice.

Business Bank Accounts Canada

Do you run your own business in Canada or are you thinking of starting one? Using the best business bank account is essential. But it is often easy to feel frustrated and overwhelmed with all the options out there. Also, according to Canadian law, non-sole proprietorships need a separate bank account. Therefore, opening a business bank account is non-negotiable.

A business bank account helps your business to build a credit profile making it easier to secure a business credit card. It also makes your business look more professional and trustworthy when sending or requesting funds. But small-business banking has become a competitive market in Canada. Not to talk of the numerous low-fee options available for businesses. Therefore, it’s worth comparing the choices. Here are the best business bank accounts for Canadian small businesses.

Documents Required to Open a Business Account

Opening a business account in Canada is not a tough task. You can either apply online or visit the bank branch and fill the application form. Since it’s a business account the procedure is a bit different than a personal account. When it comes to documentation it depends on the bank you are choosing and the type/structure of your business. Here is a list of documents:

• Name, address and SIN.
• Sole Proprietor- Registration Certificate, Master business license
• Partnership- Partnership agreement, Trade name certificate, Photo ID of all partners
• Corporation- AOA, Trade name registration, Photo ID, financial statements or certificates.

Best Business Accounts for Small Business in Canada

Let’s take a sneak peek into the popular business accounts available for Canadian small business owners:

1. Wise Business Account

The Wise Business account is one of the best for small business owners. It provides low-fee transfers, and you can receive and hold 55 different currencies. You can also send payments to over 80 countries and connect various currencies to your business debit Mastercard.

Wise business accounts charge zero banking fees when sending and receiving money. Transactions and monthly deposits are also unlimited. The account provides cheap conversion rates for foreign currencies. It also links up accounting software like Quickbooks and FreeAgent, keeping your books and banking info up to date.

Additionally, Wise business accounts have an easy invoicing system that lets you make one-time, recurring or batch payments. 

2 . RBC Digital Choice Business Account

The RBC Digital Choice Business Account is great for small businesses with online transactions. It is a smart choice for business owners that need a basic business account that provides online services. But, non-electronic transactions, such as those conducted through paper debit cards, credit cards, or ATMs, have additional costs. 

The RBC Digital Choice Business Account charges a $5 monthly fee for unlimited electronic debit and credit transactions with no minimum balance requirement. This account also allows users to accept payments however their customer wants to pay them. Furthermore, you can apply online and complete the process by visiting a local branch or RBC.

3. TD Basic Business Plan

The TD Basic Business Plan is a cost-effective and simple way to manage small business transactions. It is designed as an everyday business operating account with a mobile banking app. The account is the perfect choice for start-up businesses with few monthly transactions. It is also simple to use, allowing you to keep track of your finances no matter where you go.

The TD Basic Business Plan charges $5 with five transactions and five free deposits monthly. TD Basic Business Plan charges an additional $1.25 fee per transaction if you exceed the limit and a $0.22 fee for each additional deposit above the limit.

4. Alterna Business Account

Alterna business accounts require no monthly fee as long as you maintain a $3,000 minimum balance. There are unlimited debit and credit transactions with unlimited incoming Interac e-Transfers. It is also one of the few online-only banks that offer a business-specific chequing account.

Alterna business account gives customers 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. The account also offers small business loans and payment processing. Also, customers with a business chequing account are more apt to get these additional services through a bank they are already using.

5. Scotiabank Basic Business Account

Scotiabank is one of the largest banks in Canada, with many local offices and ATMs around the country. These make Scotiabank Basic Business Account one of the most accessible business banking accounts. With this account, you can hold the United States and Canadian dollars, which is very useful. It also provides one free transaction for every $1,500 in the account.

Scotiabank Basic Business Account also provides overdraft insurance and digital banking access. These allow you to pay bills and make transfers with ease. But, the account has a standard monthly fee of $10.95. However, the fee is waived if you have a balance of more than $8,000.

Important: Banks and financial institutions keep running promotional offers to win new clients. These may include cashback, bonus, gift cards, account credits, etc. So, do keep note of it! This can add some money to your pocket.

Not to miss our exclusive post on Financial Literacy in Canada

Choosing the Right Bank Account for Your Business

There are many things you should put into consideration when looking for the best bank account for your small business. They include the following:

Many banks charge their customers a monthly fee, while others do not. Also, keeping the minimum balance avoids paying an account fee at your bank. A no-fee checking account might be all you need if you do most of your banking online. But, you will be charged an additional fee if you want to take advantage of other features or require access to a branch from time to time. Therefore, do thorough research on the services provided by each bank to choose the one that best suits your needs. 

If you feel that monthly fee is not something you want to pay then try the Digital business bank accounts started by – Loop, Vault, Wise, Tangerine and WealthSimple. The usual monthly fee for business accounts start with a minimum $6 and for transactions the fee is extra.

2. Availability

Check if the bank offers free ATMs at convenient sites. You do not want to save money on monthly expenses only to pay it in transaction fees later.

3 . Insurance Safety  

Ensure the bank you choose has insurance. These give you peace of mind knowing your money is secured. Additionally, all the banks listed above are active Canadian Deposit Insurance Corporation members. Your deposit accounts are fully protected up to $100,000.

4. Interest Rates

Check the minimum deposit required to open an online savings account with your chosen bank. Also, note down their interest rate and compare them with other banks. While some banks waive most monthly and everyday banking fees on an online bank, others do not.

You may also like reading about How to Open a Business Bank Account in Canada?

It is important to know if the bank of your choice provides bonuses for small business accounts. Such bonuses include A package that includes; a free business chequing account, business savings account, drafts, safe deposit box rentals, credit card fee rebates, loyalty points, and many more.

6. Beware of Misleading Promotions

Many institutions often feed the public with attractive but misleading information when marketing their services. This is done to gain new clients. While these bonuses may sound very lucrative, some of them may not benefit for long. So, do verify the facts and representations made to you.

You may also like to explore Best Online Banks in Canada

Small Business Bank Account Canada

It is important to choose the best Canadian business bank account when starting your business. Avoid missing out on the distinct benefits of business banking and the ability to build business credit.

Do thorough analysis and check your priorities before finalizing your business account. After all, you will be having a long-term business relationship with the bank, so it’s your right to clarify all the terms and conditions beforehand.

Are you thinking to start a new business? Learn the process of starting a profitable Vending Business in Canada .

Have you opened a business account? Which small business account do you prefer? Do you wish to add any other name to our list of Best Small Business Accounts in Canada? If yes, you may comment below or email us with details and why the bank should be a part of our top business accounts list.

1 thought on “Best 5 Business Accounts in Canada for Small Business 2024”

Thank you for your insights. This was a very informative blog. The topic has been explained in a very easy and apt manner.

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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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