Where Canadian business banking gets expensive
Most owners simply open whatever account their personal bank already offers, and that is usually the priciest route available to them. A Big Five digital business account looks modest at C$5 to C$6 a month, but the included Interac e-Transfer allowance is thin: six to ten sends, then roughly C$1.50 for each one after that. A small shop issuing thirty invoices a month quietly pays around C$35 in transfer fees on top of the base fee, a cost that never appears in the promotional material.
Full-service packages climb much higher. CIBC Unlimited Business sits around C$65 monthly, RBC Ultimate around C$100 and TD Unlimited Business around C$125, unless you keep a large daily balance parked in the account. Those packages buy unlimited transactions and branch access, which matters if you deposit cash or need a bank draft the same day. They rarely make sense for a business with four clients and no storefront.
Cross-border work is the second place where costs hide. Handling US customers through a chartered bank typically adds 2.5 percent to 3.5 percent in currency markup on top of the transfer charge itself. On C$20,000 of annual US revenue, that is several hundred dollars you never see broken out on a statement.
Deposit protection confuses plenty of people as well. The Canada Deposit Insurance Corporation covers C$100,000 per depositor per institution, and for a sole proprietor it combines personal and business deposits under a single limit. Keep that number in mind before splitting savings and operating cash across the same bank.
What the main options look like side by side
| Provider | Monthly fee | Included e-Transfers | Currency markup | Best fit | Trade-off |
|---|
| EQ Bank Business | C$0 | 50 outgoing, 100 incoming | Card-network rates | Solo consultants, low volume | No branch, limited cash deposits |
| Airwallex Business | C$0 on the entry plan | Requests up to C$25,000 | About 0.5% for major currencies, 1% for others | Exporters, USD invoicing | Not a bank; funds held in trust accounts |
| Float | C$0 on the entry plan | Generous electronic transfers | About 0.25% on CAD-USD | Startups holding two currencies | Card limits for some sectors |
| Venn | C$0 to C$100 depending on tier | Tiered | About 0.45% on the entry tier | Teams wanting interest on CAD and USD | Higher tiers needed for full features |
| BMO Essential | C$5 | 6, then C$1.50 each | About 2.5% to 3% | Owners who want a nearby branch | Transfer overages add up |
| RBC Digital Choice | C$6 | 10 outgoing | About 2.8% to 3.2% | Straightforward domestic banking | Currency costs on US clients |
| TD Business Digital | C$6 | 10, then C$1.50 each | About 2.8% to 3.5% | Predictable domestic volume | The fee cannot be waived |
| Scotiabank Right Size | C$6 or per transaction | Charged per item | About 2.8% to 3.2% | Very low transaction counts | Costs rise with activity |
These figures are typical rather than guaranteed, and providers revise their fee schedules often. Confirm the current terms on each provider's own site before you apply, and treat any comparison table, including this one, as a starting point rather than a quotation.
Match the account to how money actually moves
A consultant billing three retainer clients needs cheap incoming transfers and clean bookkeeping exports far more than a branch that handles cash. EQ Bank's business account pays interest on CAD balances, includes a healthy e-Transfer allowance and connects to Xero and QuickBooks, which covers most of what a solo operator needs. For a freelancer in Mississauga who bills one US client each quarter, though, the currency spread still bites: drafting in USD and receiving CAD means losing a slice of every invoice to conversion. Freelancers in that position commonly move their US invoicing to a multi-currency account and keep the domestic account for rent and software subscriptions, so the bookkeeper receives one clean feed instead of two.
An incorporated company paying suppliers and running payroll has different priorities. Unlimited domestic transactions plus a proper business credit line usually beat a no-fee account with per-item pricing. If you sit outside the big-city branch network, talk to a credit union: Meridian in Ontario, Vancity in British Columbia and Servus in Alberta all offer business accounts with local decision-making, and Desjardins serves Quebec with French-language support throughout. In Calgary, e-commerce sellers often run a domestic account alongside a multi-currency one, because marketplace payouts arrive in USD and converting them monthly at bank rates erodes margin quickly.
Cash-heavy businesses need to be honest about the gap. Online-first providers generally cannot take a bag of bills at a counter, so a bakery or a landscaping crew should keep a branch-based account for deposits and add a digital account only for payables.
Opening the account without a wasted trip
- Get your business number from the Canada Revenue Agency first. Banks ask for it whether you are a sole proprietor or incorporated.
- Assemble the documents: government photo identification, your CRA business number confirmation, articles of incorporation or the provincial registration certificate, and details of anyone holding 25 percent or more of the business.
- Decide on signing authority before the application, not after it. Adding a second signer later means another verification round.
- Apply online, but check first whether the institution supports full digital onboarding in your province. Some still require a branch visit for incorporated entities in certain regions.
- Test the workflow during the first sixty days: count your outgoing e-Transfers, watch for the overage line on the statement and compare it against the fee you were quoted.
Local help exists and is underused. Your provincial registry office publishes incorporation document packages you can download the same day, chambers of commerce in most cities run short sessions on business banking basics, and Futurpreneur mentors can review an account structure at no cost if you qualify for their programs.
A habit worth adopting early is to keep operating funds and tax reserves in separate accounts from day one. A second no-fee account costs nothing and turns GST/HST season from a scramble into a single transfer.
Before you sign anything, ask two questions: what does one extra e-Transfer cost once the included allowance runs out, and what markup applies when a client pays in US dollars? The answers usually settle the decision faster than any feature list. Give the account a genuine two-month trial at your actual invoice volume, then move if the statement does not match the pitch.
This article offers general information about account structures and typical pricing patterns. It is not financial advice, and the terms you are offered will depend on your province, your business type and the provider's current schedule.
研究の知恵