What you need before you walk in
A Canadian business bank account requires proof that your business exists as a legal entity, proof of your identity, and documentation showing who owns or controls the business. The exact documents depend on your business structure — sole proprietorship, partnership, corporation, or cooperative — and which bank you choose. No two banks ask for identical paperwork, so calling ahead or checking the bank's website saves a trip.
You will need a government-issued photo ID (passport, driver's license, or provincial ID card). If you are opening the account in person, bring the original. If you are opening it online or by mail, you may need to upload a scan or have it certified by a notary public, depending on the bank.
You will also need proof of your business address. This can be a lease, a utility bill in the business name, a property tax assessment, or a letter from your landlord. A home address works if you are running the business from home — a utility bill or mortgage statement in your name at that address is usually enough.
Key Takeaways
- Sole proprietors need a business registration or a Social Insurance Number (SIN) and government ID; incorporated businesses need articles of incorporation or a corporate certificate from your province.
- Most banks require proof of business address, owner identity, and beneficial ownership information before opening an account.
- Online accounts can open in one to three business days; in-person accounts often take the same day or the next business day.
- You will need a Goods and Services Tax (GST) number if your business revenue exceeds $30,000 per year, though you can open the account before you have one.
- Banks differ in minimum deposit requirements, monthly fees, and transaction limits — comparing three or four before you commit saves money over time.
Documents for sole proprietors and unincorporated businesses
If you are operating as a sole proprietor (a business in your own name with no separate legal entity), you need your government-issued photo ID and proof of your business address. Some banks also ask for a Social Insurance Number (SIN), which you already have if you work in Canada.
If you have registered your business name with your province — for example, registering a "doing business as" name — bring that registration certificate. It is not always required, but it speeds up the process and removes questions about whether the business name is legitimate. Registration costs between $20 and $100 depending on the province and usually takes one to two weeks.
If you have not registered the business name yet, most banks will still open an account in your personal name or under an unregistered business name, though some larger institutions prefer registration. Ask the bank directly before you apply.
Documents for incorporated businesses and corporations
If your business is incorporated federally or provincially, bring your articles of incorporation or certificate of incorporation. This is the document issued by the government when you registered the corporation — not a business license or GST certificate. If you do not have a physical copy, you can order one from Corporations Canada (federal) or your provincial corporate registry for $20 to $40.
You will also need a corporate resolution or a board resolution authorizing the opening of the bank account and naming the person or people who can sign on it. Some banks provide a template; others accept a simple letter from the corporation stating who is authorized. If your corporation has multiple owners or directors, the bank may ask for a list of all beneficial owners — people who own 25 percent or more of the business.
Bring government ID for every person who will sign on the account. If the account will have multiple signatories, each person may need to visit the bank in person or provide certified ID and a notarized signature.
Partnerships and cooperatives
Partnerships require a partnership agreement or a letter from all partners confirming the partnership exists and naming the people authorized to operate the bank account. Government ID is needed for each partner, or at minimum for the partner who will be the primary account holder.
Cooperatives need their articles of cooperation (or bylaws) and proof of registration with the provincial cooperative registry. Bring ID for the authorized representative — usually the board chair or treasurer — and a board resolution naming who can sign on the account.
Opening the account: in-person, online, or by mail
Most Canadian banks offer all three routes. In-person is fastest if you have all documents ready — many accounts open the same day or within one business day. You will meet with an account manager, verify your identity, and sign the account agreement on the spot.
Online accounts typically open within one to three business days. You upload documents (photo ID, proof of address, and business registration if applicable), answer questions about the business and its owners, and sign electronically. Some banks use video verification instead of document upload — you show your ID to a camera and answer security questions. This route works well if you cannot visit a branch or prefer not to mail original documents.
By-mail accounts take longer — usually five to ten business days — because the bank must receive your documents, verify them, and mail back signed agreements. Use this route only if you cannot visit a branch or use online banking. Always send documents by registered mail so you have proof of delivery.
What banks ask about your business
Beyond ownership and identity, banks ask about the business itself. Expect questions about what the business does, how long it has been operating, how much revenue you expect in the first year, and whether you have any outstanding loans or legal judgments. These questions help the bank assess risk and comply with anti-money-laundering rules.
Be honest and specific. "Consulting" is too vague; "bookkeeping services for small retail businesses" is better. If the business is brand new, say so — banks open accounts for startups regularly. If you have a business plan or financial projections, having them on hand (though not always required) can speed things up.
Banks also ask whether you or any owner has been convicted of a financial crime or is subject to sanctions. Answer truthfully. Lying on a bank application can result in account closure and legal consequences.
Minimum deposits and ongoing fees
Minimum deposit requirements vary widely. Some banks have no minimum; others require $500 to $2,500 to open. A few waive the minimum if you set up direct deposit or maintain a certain balance. Ask about this before you commit — it affects your cash flow, especially for new businesses.
Monthly fees range from $0 to $50 depending on the bank and account type. Some accounts are free if you maintain a minimum balance or process a certain number of transactions per month. Others charge per transaction — typically $0.50 to $2 per deposit or withdrawal — which adds up quickly if you handle cash frequently.
Compare at least three banks. A business that processes 50 transactions per month could pay $0 at one bank and $50 at another. Over a year, that is a $600 difference for identical services.
GST registration and the business number
If your business revenue will exceed $30,000 per year, you must register for GST with the Canada Revenue Agency (CRA). You do not need a GST number to open a bank account, but you will need one within a certain timeframe once your revenue crosses that threshold.
You can register for GST online through My Business Account on the CRA website, by phone at 1-800-959-5525, or by mail using Form GST1. Registration is free and usually takes two to four weeks. Once approved, the CRA issues a GST/Harmonized Sales Tax (HST) number, which you provide to the bank if you want to use it on the account.
Some banks allow you to add the GST number to an existing account after registration; others require you to open a new account with the number from the start. Ask your bank about this before you open the account.
Frequently Asked Questions
Can I open a business bank account if my business is not yet registered?
Yes. Most banks will open an account in your name or under an unregistered business name. However, some larger banks prefer to see a business registration certificate or articles of incorporation. Call ahead to confirm the bank's policy before you visit.
What if I do not have a separate business address?
A home address works. Bring a utility bill, mortgage statement, or property tax assessment in your name at that address. Some banks also accept a letter from your landlord confirming you live there.
Do I need a lawyer to incorporate before opening a business bank account?
No. You can incorporate yourself through your provincial corporate registry or Corporations Canada online for $100 to $300. A lawyer is not required, though one can help if your business structure is complex or you have multiple owners.
How long does it take to open a business bank account?
In-person: same day or one business day. Online: one to three business days. By mail: five to ten business days. Speed depends on how quickly you provide documents and whether the bank needs to verify anything with a government agency.
Can someone else open the account on behalf of my business?
Not usually. The bank typically requires the business owner or an authorized representative (named in a corporate resolution or partnership agreement) to open the account in person or verify their identity online. A power of attorney may work at some banks — ask first.