What Canadian owners keep running into
Most small businesses here start with whatever account their personal bank offers, then discover the cost later. Traditional Canadian banks charge roughly $5 to $35 a month for entry-level business accounts, and the bigger packages climb past $100. On top of that sits foreign exchange markup of about 2.5% to 3.5% — invisible on the statement, but expensive if you invoice clients in USD, sell on Etsy or Shopify, or pay overseas suppliers. A designer billing $4,000 a month in US dollars can lose more to conversion than to every bank fee combined.
The second snag is cash. Digital-first accounts are cheap, sometimes $0 monthly, but they have no branches and no way to deposit a envelope of twenties. In Calgary, Winnipeg or smaller Ontario towns, plenty of businesses still take cash — market stalls, contractors, cafés. And cheque deposits, while fading, still show up from older commercial clients and government programs.
Third, the paperwork catches people off guard. Opening a business account in Canada requires a business registration document such as Articles of Incorporation or a Master Business Licence, government-issued ID, and ownership details for anyone holding 25% or more. Sole proprietors can often finish online; corporations are frequently asked to verify documents at a branch, even when the application started on a website.
Then there is interest. Business chequing pays close to nothing at most banks. Business savings accounts tier up to around 2%, while a few digital options advertise 2.25% on CAD balances and up to 3.5% on USD. On $60,000 sitting idle for a year, the gap between 0.5% and 2.25% is real money.
The options, side by side
| Provider | Monthly fee | What you get | Fits best | Watch for |
|---|
| Airwallex Business Account | $0 on the Explore plan | Local receiving details in 20+ countries, corporate cards, 1% cash back on card spend | Exporters, e-commerce sellers, agencies billing in several currencies | No branches or cash deposits, no lending products |
| Venn | $0 | USD interest up to 3.5%, low conversion cost | Incorporated companies holding cash reserves | Not offered to Quebec corporations |
| EQ Bank Business Account | $0 | 2.25% interest on CAD | Freelancers and small teams parking cash | Limited cash handling, transfer caps |
| Wealthsimple Business Chequing | $0 | Interest up to 2.25%, clean interface | Solo consultants, one-person studios | Fewer business-specific tools |
| BMO Essential Business Account | $5 | Unlimited electronic transactions | Online-heavy businesses that still want a branch nearby | In-branch transactions cost extra |
| TD Business Digital Account | $6 | Unlimited electronic transactions, 10 Interac e-Transfers included | Sole proprietors with low cash volume | Extra e-Transfers billed per use |
| TD Business Essential Account | $35, waived at a $45,000 daily balance | 40 transactions, 50 deposit items, 10 e-Transfers, $5,000 cash deposits | Businesses needing cash deposits and credit | Waiver demands a large parked balance |
| RBC Ultimate Business Account | $100, waived at a $75,000 daily balance | 500 e-Transfers, unlimited electronic transactions | Higher-volume operations with mixed paper and digital activity | Fee is heavy if you rarely hit the balance |
Fees and rates move, so confirm current numbers on each provider's site before you commit.
A realistic split
Consider a Mississauga graphic designer who invoices three US agencies and one Toronto client. She kept a $5 BMO account for the occasional cheque and client e-Transfer, and moved USD invoicing to a multi-currency account that lets her hold dollars instead of converting them the day they land. Her bank fee stayed at $5, and the savings came from not paying a 3% markup every time a payment arrived. Two accounts, one spreadsheet, less leakage.
The mirror case: a Calgary landscaping company with cash-paying residential jobs and a need for equipment financing. A branchless account would leave its cash stranded, so a $35 account with a balance waiver makes more sense than chasing a $0 option that cannot accept deposits. Different business, different answer.
Deciding in about a week
Write down your money flows before you compare anything: currencies you receive, how often cash or cheques appear, monthly e-Transfer volume, card spending, and whether you plan to borrow. That list eliminates half the options immediately.
Next, check the waiver math honestly. A $35 fee waived at a $45,000 daily balance only pays off if that money would sit there anyway. If your operating balance runs at $8,000, you are paying $420 a year for the privilege of a branch.
Gather documents early. You will need a CRA business number, your provincial registration, personal ID, and ownership information. Ontario businesses register through ServiceOntario, BC companies through BC Registry Services, and Alberta through its corporate registry. Sole proprietors at BMO and TD can generally open online; RBC often asks for in-branch verification after the online application.
Ask two questions about protection. Deposits at banks that belong to the Canada Deposit Insurance Corporation are covered up to $100,000 per eligible depositor per institution, so splitting cash across institutions is normal practice. Payment fintechs are not banks; under the Retail Payment Activities Act they hold client money in segregated trust accounts, which is a different arrangement and worth understanding before you route large sums through one.
Finally, give it 90 days. Export your statements, add up account fees plus conversion costs, and compare that figure to what you projected. Most owners find the decision was never about the monthly fee.
If you take one number into this, make it the total you spent on bank charges and currency conversion over the past year. That figure tells you more about which account fits than any comparison table will.
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