What online business banking actually looks like in Canada
The market splits into two camps. On one side sit the Big Five — RBC, TD, Scotiabank, BMO and CIBC — which now let most sole proprietors and corporations open a business chequing account online in under fifteen minutes, then finish document verification later. On the other side are fintech accounts that freelancers use to separate business income from groceries, and payment platforms built for people who invoice clients in US dollars.
The gap between those camps matters more than most comparison pages admit. A registered corporation can't just sign up for any app with a debit card attached; it needs a real business account that matches its legal name, because the Canada Revenue Agency expects business income and expenses to run through something traceable. A sole proprietor operating under a trade name faces fewer rules but the same practical problem: mixing rent money with client deposits makes bookkeeping a mess by March.
Three frictions show up again and again.
Low-volume businesses pay for capacity they never use. Plans priced from roughly $19 to $72 a month assume steady transaction flow. A consultant with six invoices a month is effectively subsidising someone else's cash flow.
Cash and paper still exist here. Farmers in the Prairies, contractors in Ontario, and anyone selling at a market stall gets handed cash and the occasional cheque. Plenty of digital-first accounts simply can't accept a cash deposit, which pushes people back to a branch account they were trying to escape.
Cross-border income quietly eats margin. If your clients pay in USD — common for Vancouver design studios, Toronto software shops, and anyone contracting for US firms — the exchange spread on each deposit adds up faster than a monthly fee ever will.
Three ways to solve it without overbuilding
Match the account to your paperwork, not your ambitions
A sole proprietor with a business number can often run on a low-cost plan and add services as revenue grows. An incorporated company should confirm the account accepts its exact registered name and can produce statements an accountant can work with. One incorporated Toronto consultancy opened a $6-per-month digital account, discovered the name on file didn't match its articles, and spent two weeks untangling it. Cheap became expensive.
Keep a second rail for cash and cheques
Nadia, a florist in Hamilton, runs her deposit and e-Transfer activity through a digital account but keeps a basic branch account for cash from weekend markets. She pays one small monthly fee instead of driving across town to a single branch that would take her deposits anyway. Her words: "Two accounts, one bookkeeping spreadsheet. Simpler than I expected."
Treat foreign currency as its own decision
A Victoria web studio billing US clients in USD moved client payments onto a platform that holds USD balances and converts on its own schedule. The owner's estimate: several hundred dollars a year kept in the business rather than lost to conversion at the moment each payment landed. Verify current rates yourself — spreads change often.
Comparing the main options
| Provider and account | Monthly fee as posted | Best suited to | What works well | What to weigh |
|---|
| RBC Digital Choice Business Account | $6 | Sole proprietors with mostly electronic activity | Unlimited electronic debits and credits, unlimited electronic cheque and Moneris deposits, 10 free Interac e-Transfers monthly | No branch transactions; paper items and extra e-Transfers cost more |
| TD Basic Business Plan | $5 | Very low transaction counts | Lowest entry price among the Big Five business plans | Few included transactions; fees stack once volume rises |
| RBC Ultimate Business Account | $100, waived with a $75,000 minimum daily balance | Higher-volume businesses with mixed paper and digital activity | Unlimited electronic transactions, 500 e-Transfers, up to $25,000 in free cash deposits | The balance requirement is out of reach for most startups |
| Fintech accounts marketed to freelancers, such as KOHO | No monthly fee on entry tiers | Solo operators tracking income separately | Fast setup, spending visibility, no maintenance fee | Often not a true registered business account; confirm what your accountant will need at tax time |
| Wise Business | No monthly fee; per-transfer pricing | Businesses invoicing in USD or multiple currencies | Hold balances in several currencies, convert when you choose | Not a domestic chequing replacement for cash or cheque deposits |
A short path forward
Start with your structure. If you're incorporated, gather your articles of incorporation and business number before you touch an application form; that step alone saves weeks of back-and-forth.
Then list your real monthly activity: how many deposits, how many e-Transfers, how much cash, what percentage of income arrives in USD. Write the numbers down. Every plan above is priced against those four numbers, and the cheapest-looking option rarely wins once you count per-item fees.
Open the account you can verify. Big Five digital accounts let you complete the application online and confirm documents afterward, which suits anyone who wants a bank behind the app. Fintech options move faster but ask harder questions about tax reporting later.
Connect it before you need it. Set up e-Transfers, link your accounting software, and test one deposit and one payment while the amounts are small. Interac e-Transfer limits and deposit timing vary by provider, and finding the ceiling during payroll week is unpleasant.
Keep the paper trail clean from day one. One account for business income and expenses, one credit card feeding it, and a monthly export to your bookkeeper. Provincial registries and the CRA business account are already your reference points — the bank account is just where the numbers land.
If you're still staring at tabs, pick the plan whose fee structure matches your lowest-activity month rather than your busiest one. Then set a reminder to revisit in six months, once you know what your deposits actually look like.
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