How to Open a Business Account Online in Canada (2025 Guide)

Why You Need a Business Account in Canada

If you’re starting or scaling a business in Canada, opening a business account isn’t optional, it’s critical. From tax compliance to managing day-to-day operations, a dedicated business account lays the groundwork for financial clarity and credibility.

A business account is essential for CRA registration and tax compliance

One of the first steps in setting up a business in Canada is registering for a Business Number (BN) with the Canada Revenue Agency (CRA). To do this, and to manage GST/HST, payroll deductions, and corporate income taxes, you’ll need a business account in place. This separation of business and personal finances isn’t just best practice; for incorporated businesses, it’s a legal requirement.

It helps manage payments, payroll, and cash flow

From paying vendors and employees to receiving customer payments from platforms like Stripe, PayPal, or Shopify, your business account acts as a central hub. It also supports integrations with accounting software like QuickBooks or Xero, which simplifies reconciliation and improves cash flow visibility, two pain points often cited by Canadian startup CFOs and finance leads.

It builds credibility and future-proofs your business

Transacting through a proper business account (rather than a personal e-transfer or cheque) signals to clients, partners, and lenders that you're running a legitimate operation. It also allows you to invoice under your business name, create a financial trail for credit building, and avoid red flags during audits or due diligence.

Why open a business account online in Canada?

More entrepreneurs are asking this exact question, and for good reason. Online business accounts in Canada are now faster to open, easier to manage, and in many cases, tailored for startups and SMBs. We’ll walk through how to open one step-by-step, what documents you’ll need, and which fintech or financial providers offer the most efficient experience.

Can You Open a Business Account Entirely Online in Canada?

Yes,  many Canadian businesses can now open a business account 100% online, but the experience varies significantly between financial institutions. While some offer fully digital onboarding, others still require in-person steps, especially for corporations or businesses with multiple stakeholders.

The shift toward online business banking

As digital financial services evolve, more providers in Canada, including fintech platforms like Venn, have made it possible to open a business bank account without visiting a branch. This is especially valuable for remote founders, digital-first startups, and time-constrained finance managers.

Still, it's important to know what “online” really means:

• Fully online onboarding: Offered by some fintech platforms and digital-first institutions. You submit documents, verify ID, and activate your account entirely online.
• Hybrid process: Traditional banks may allow you to start online, but require an in-person meeting or additional identity verification at a branch to finalize your setup.

Which types of businesses qualify for online account opening?

Most sole proprietorships, partnerships, and privately held corporations can apply online, especially if:

• They have straightforward ownership structures
• The directors and beneficial owners are Canadian residents
• All required documentation (e.g., Articles of Incorporation, Business Number) is ready

More complex businesses or those with non-resident stakeholders may be flagged for additional due diligence.

What about compliance and KYC checks?

All institutions offering online business accounts in Canada must comply with FINTRAC regulations. This means you’ll still need to pass Know Your Customer (KYC) and Anti-Money Laundering (AML) checks, even if everything is submitted digitally. These are for the most part short identity checks and are often approved within 24 hours.

What You Need to Open a Business Account Online in Canada

Before you begin your application, gathering the right documentation can save time and prevent delays. While requirements vary by provider and business type, most online business account applications in Canada follow a consistent playbook.

Required documents by business structure

Here’s what you’ll typically need to apply online:

For sole proprietors

• Government-issued photo ID (e.g., driver’s licence, passport)
• Business registration certificate (if operating under a trade name)
• CRA Business Number (optional, but often requested)

Looking to incorporate? You can do so using Venn’s new incorporation tool, learn more now!

For partnerships

• Partnership registration certificate
• Partnership agreement
• Personal ID for all partners
• CRA Business Number

For corporations

• Articles of Incorporation
• Certificate of Incorporation or Certificate of Good Standing
• Personal ID for all directors and beneficial owners
• CRA-issued Business Number (BN)
• Corporate ownership structure chart (if applicable)

Tip: Have your business address, industry classification, and online presence (e.g., website or social profiles) ready. Some platforms request this to verify your operations.

Do you need a CRA business number to open an account?

Not always, but it helps. Some platforms let sole proprietors open a business account without a CRA Business Number (BN). However, if you're incorporated or plan to collect GST/HST or hire employees, you’ll need to register for one. You can do that online through the CRA's Business Registration portal.

Step-by-Step: How to Open a Business Account Online in Canada

Opening a business account online in Canada can often be done in under an hour, if you're prepared. While exact steps vary between institutions, here’s a general process that applies across most fintech platforms and banks:

Step 1: Choose a provider that supports full online onboarding

Not all “online accounts” are created equal. Look for a provider that offers:

• Full remote identity verification (no branch visits)
• Support for your business type (e.g., incorporated vs. sole proprietor)
• Local CAD and USD account options
• Competitive FX rates if you deal internationally

Venn, for example, allows you to open a real CAD or USD account fully online, with same-day onboarding for most businesses.

Step 2: Complete the online application

You’ll be asked to submit:

• Business legal name and trade name (if applicable)
• Type of business (corporation, partnership, etc.)
• Business number (BN) from the CRA
• Details on owners, directors, and stakeholders

Some platforms ask for details on your business activity, revenue estimates, or website to help verify legitimacy.

Step 3: Upload verification documents

Upload digital copies of:

• Government-issued ID for each stakeholder
• Business formation documents (e.g., Articles of Incorporation)
• Proof of address (for the business and individuals, if required)

Certain platforms also use biometric verification (e.g., facial recognition via mobile) to meet KYC/AML requirements.

Step 4: Complete verification and get account access

Most fintechs and some banks can verify your documents within 1–3 business days. Some (like Venn) offer near-instant approvals.

Once verified, you’ll receive:

• Your account number(s) and institution details
• Digital access to manage your funds
• Optional features like virtual cards or FX tools

Comparing Canada’s Online Business Account Options

The number of platforms offering business accounts online in Canada has grown, but they’re far from equal. Each option varies in cost, onboarding speed, supported currencies, and how “online” the experience really is.

Big Banks: Still paper-heavy

Traditional financial institutions like RBC, TD, BMO, and CIBC now offer partial online applications, but most require:

• A branch visit for final identity verification
• Longer processing times (often 5–10 business days)
• Inbound wire fees, even for US-to-US transfers
• Limited multi-currency options (and high FX rates)

They may be familiar, but they aren’t designed for modern, cross-border business needs.

Neo-banks and fintech challengers

Platforms like Loop, Float, and Wise promote digital-first onboarding. However, their offerings often fall short for Canadian SMEs:

• Loop offers US accounts, but not real Canadian accounts for local bill pay, CRA payments, or payroll
• Float lacks EUR/GBP accounts, and their cashback come with high minimums that can be difficult for small businesses to reach
• Wise offers competitive FX, but lacks EFTs and integration with Canadian compliance workflows

Venn: The only truly local + cross-border option

Venn combines the compliance-ready infrastructure of a Canadian provider with the multi-currency power of a fintech:

• Open real CAD, USD, GBP, and EUR accounts, all online
• Pay bills, taxes, and employees locally (via EFT or Interac)
• Receive USD payments with no SWIFT fees, and avoid Stripe’s 1.5% cross-border fee
• Automate workflows via QuickBooks, Xero, and card-level spend controls
• Instant in-account FX conversions at rates as low as .25%

Most importantly: Venn gives you a real US account that can send/receive ACH, meaning you can send USD same day, for free.

Wrapping Up: Open Your Business Account Without the Bank Branch Hassle

Opening a business account online in Canada is more accessible than ever, but not all providers are created equal. From faster onboarding to real local USD and CAD accounts, the right platform can eliminate hidden fees, speed up operations, and help you scale globally from day one.

Whether you're a founder looking to receive Stripe payouts without conversion costs or a finance lead who’s tired of slow wires and cross-border headaches, switching to a modern provider like Venn gives you the tools, and real accounts, you actually need.

Ready to stop waiting in lines, paying FX fees, and losing time to manual admin?

Open your business account online with Venn

No branches. No minimums. No SWIFT delays.

• Get local US + Canadian accounts that send and receive
  
• Pay vendors in 36+ currencies, fast
  
• Automate payroll, expenses, and tax payments

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Frequently Asked Questions

Q: Can I open a business account online with bad credit in Canada?

A: Yes, some providers, including Venn, don’t perform personal credit checks. Instead, they focus on verifying your business and its beneficial owners. Traditional banks may be more restrictive.

Q: Do I need a CRA Business Number to open a business account?

A: In most cases, yes, especially for corporations. Venn supports businesses with a CRA BN, and offers guides to help you get registered quickly if you don’t already have one.

Q: What documents do I need to open a business account online?

A: Requirements vary by business type. Most will need:

• Government-issued ID
  
• Proof of business registration (e.g. Articles of Incorporation or Master Business Licence)
  
• CRA BN confirmation
  

Q: Is a fintech platform like Venn as secure as a bank?

A: Yes Venn is fully covered under CDIC coverage. Venn safeguards client funds through regulated Canadian financial partners and does not lend out your money. You retain full access and visibility, with stronger automation than most banks offer.

Why You Should Trust Us

This guide was developed by Venn’s content and financial product experts, drawing on hands-on experience from testing 15+ Canadian business account providers, including major banks, fintechs, and international platforms.

Who conducted the research?

Our team includes former startup CFOs, financial product strategists, and compliance consultants specializing in Canadian payments infrastructure. We know what it’s like to open and operate business accounts both as founders and finance leads. Our team of professionals have worked for some of the top fintechs globally, including Revolut, Wise, Koho, and more.

Why it matters

Too many “business accounts” in Canada are repackaged personal tools, offshore accounts, or limited-use platforms. We created this guide to help founders and finance teams cut through the noise, and choose solutions that actually work for Canadian businesses today.

‍_{This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Venn Software Inc or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional. We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.}