What Documents Do You Need to Open a Canadian Business Bank Account in 2025?

Opening a business account in Canada isn’t as straightforward as it should be, especially for small businesses, startups, and incorporated companies that want to move fast. Whether you're launching your first venture or expanding operations across borders, the documentation required can vary widely by institution, entity type, and even province.

This guide breaks down exactly what you need to open a business account with each of the Big Five Canadian banks; RBC, TD, Scotiabank, BMO, and CIBC. Then we’ll compare them to Venn, a modern financial platform designed for Canadian corporations that need faster onboarding, multi-currency support, and ACH-ready US accounts without stepping into a branch.

Why This Guide Matters

Too often, founders and finance leads are stuck waiting weeks to open accounts or are surprised by hidden in-person requirements, US-to-Canada wire fees, or restricted account features. This article eliminates that confusion.

We’ll show you:

• What documents are needed to open a business account in Canada
• How requirements differ between traditional banks and digital-first platforms
• Why many Canadian companies are choosing Venn to simplify global payments, expense management, and accounting integration

Whether you’re looking for a USD business account, need to send and receive ACH transfers from Canada, or simply want to open a business account online without visiting a branch, this guide has you covered.

Quick Take: What’s the fastest way to open a business account in Canada?

If you're incorporated, Venn enables same-day onboarding without an in-person visit. You can instantly connect your multi-currency CAD or USD account to accounting software, receive ACH payments from US clients, and manage expenses across currencies, all from one platform.

What Are the Core Documents Required to Open a Business Account in Canada?

Whether you are opening a business account with one of Canada’s major financial institutions or using a digital platform like Venn, the process begins with verifying the identity of your business and its authorized signers. While requirements vary slightly by provider, most adhere to standards set by FINTRAC, Canada’s financial intelligence unit responsible for anti-money laundering and identity verification.

Common Documents You’ll Need

Here are the standard documents required by most institutions when opening a business account in Canada:

1. Proof of Business Registration

• Articles of Incorporation or Certificate of Incorporation (for corporations)
• Master business Licence (for sole proprietorships or partnerships)
• Federal or provincial business registration documents

2. Personal Identification

• Two pieces of government-issued ID for each beneficial owner or authorized signer
• Acceptable IDs typically include a driver’s license, passport, or permanent resident card

3. Business Number (BN)

• Issued by the Canada Revenue Agency (CRA)
• Needed for tax identification and GST/HST purposes

4. Ownership and Structure Details

• A list of directors, shareholders, or beneficial owners
• Organizational chart or shareholder register if applicable

5. Corporate Resolutions or Partnership Agreements

• Required if multiple owners or signers are involved
• Confirms who has authority to open and operate the account

6. Proof of Address

• Recent utility bill, lease agreement, or CRA notice for the business or individuals

Entity-Specific Variations

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At a Glance: Do All Financial Institutions Require the Same Documents?

No. While the basics remain consistent, traditional banks may require in-person verification, notarized copies, or additional proof of address for foreign directors. Digital platforms like Venn offer streamlined onboarding but still collect essential documentation to comply with Canadian AML and KYC regulations.

Required Documents by Financial Institution

This section details the documentation and onboarding process required to open a business account at each of Canada’s five major financial institutions. Each subsection includes:

• Account types offered
• Required documentation
• Onboarding method (online or in-branch)
• Timelines and key considerations

RBC (Royal Bank of Canada)

Account Types:

• RBC Business Essentials Account
• USD Business Account
• Agriculture/Not-for-Profit/Professional packages

Required Documents:

• Articles of Incorporation or Master Business Licence
• Business Number (BN)
• Two pieces of valid personal ID per owner/signing officer
• Trade name registration (if applicable)
• List of directors and signing authorities
• Partnership agreement or corporate resolution (if needed)

Onboarding Method:

• Must schedule an in-branch appointment
• Some documents may be uploaded online in advance

Timelines and Notes:

• Verification may take 3 to 10 business days
• USD accounts must often be opened separately
• RBC may request additional ID if shareholders are non-residents

Key Takeaway:

RBC is a popular choice for incorporated businesses looking for a traditional in-branch experience. Setup requires documentation for identity, structure, and signing authority. Most accounts must be opened in person, and multi-currency options like USD are available but handled separately.

TD Canada Trust

Account Types:

• TD Basic Business Plan
• TD Every Day Business Plan
• USD Daily Interest Chequing Account (business)

Required Documents:

• Articles of Incorporation or Master Business Licence
• CRA-issued Business Number
• Two pieces of personal ID for each signing officer
• Partnership or shareholder agreements if applicable
• Proof of business address

Onboarding Method:

• In-branch appointment is required
• Limited support for digital pre-screening

Timelines and Notes:

• TD’s onboarding can take 5 to 15 business days
• International wire capabilities may require additional forms

Key Takeaway:

TD offers a broad range of account options for small to mid-sized businesses, but setup is entirely in-branch. Expect multiple identity checks, and potentially longer onboarding timelines for partnerships or international-facing accounts.

Scotiabank

Account Types:

• Right Size Account for Business
• ScotiaOne for Agriculture or Not-for-Profit

Required Documents:

• Government-issued business registration or incorporation documents
• Business Number (BN)
• Valid ID for all signers and shareholders (over 25%)
• Signed banking resolution
• Voided cheque or proof of account needs

Onboarding Method:

• In-branch appointment required
• Some digital forms available for prep

Timelines and Notes:

• Typical processing: 7 to 12 business days
• USD accounts may involve separate processes or additional ID

Key Takeaway:

Scotiabank is structured for businesses with predictable cash flow and prefers in-person verification. Account setup is slower for corporations with layered ownership, but options like dual currency accounts are available.

BMO (Bank of Montreal)

Account Types:

• Business Builder Account 1-4
• U.S. Dollar Business Account
• Agriculture or Professional Services packages

Required Documents:

• Articles of Incorporation or registration documents
• BN from CRA
• Government-issued ID (two per signer)
• Business address verification
• Shareholder and ownership info

Onboarding Method:

• Appointment in-branch required
• Some forms can be initiated online

Timelines and Notes:

• Account approval ranges from 5 to 14 business days
• BMO emphasizes relationship banking, which may delay setup

Key Takeaway:

BMO focuses on full-service business banking but has slower onboarding for newly incorporated companies. In-person setup is required, and additional documentation may be needed if your company has multiple owners.

CIBC (Canadian Imperial Bank of Commerce)

Account Types:

• CIBC Smart for Business Account
• USD Business Account
• Not-for-Profit and Professional Services options

Required Documents:

• Incorporation documents or provincial registration
• CRA Business Number
• Personal ID (two per authorized individual)
• Shareholder information and signing authorities
• Proof of business address

Onboarding Method:

• Primarily in-branch onboarding
• Online form available to request appointment

Timelines and Notes:

• 7 to 10 business days for full onboarding
• Delays possible for businesses with international ownership

Key Takeaway:

CIBC offers a solid range of business accounts but requires in-person onboarding and identity verification. Its digital tools are limited during setup, which may slow things down for remote or tech-forward businesses.

What About Venn? A Modern Alternative to Traditional Business Accounts

While Canada’s Big Five banks remain a common choice for business accounts, they often come with longer onboarding times, in-person requirements, and limited flexibility for international operations. For incorporated businesses that need faster setup and cross-border functionality, a digital-first platform like Venn offers a compelling alternative.

Venn is not a bank but a regulated Canadian financial platform designed for modern finance teams. It provides Canadian businesses with access to multi-currency accounts, ACH-ready US accounts, and real-time payment capabilities, all without the delays and paperwork traditionally required.

What You'll Need to Open an Account with Venn

To comply with Canadian financial regulations, Venn requires the same foundational documents you'd submit to a traditional institution, but onboarding is handled entirely online.

Required Documents:

• Articles of Incorporation with listed directors or Master Business Licence
  
• CRA-issued Business Number
  
• Government-issued ID for each authorized user
  

There’s no need for in-person appointments, notarized documents, or multiple follow-ups. Most businesses complete onboarding within 24 hours.

Key Features That Set Venn Apart

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Quick Take: How Fast Can You Start Using Venn?

Once your documentation is uploaded and verified, your business can start sending and receiving payments, both domestically and internationally, often the same day. You’ll receive access to local CAD and USD account details, issue Interac e-Transfers®, and connect your account to platforms like QuickBooks or Xero with minimal setup.

Why Businesses Are Choosing Venn

Canadian companies increasingly choose Venn for scenarios where speed, global reach, and automation matter. If your business:

• Needs to receive USD via ACH without paying wire fees
• Wants to simplify reconciliation in QuickBooks or Xero
• Sends payments across currencies or to multiple vendors
• Manages employee spend across departments or teams

Then Venn provides a streamlined alternative to traditional business account providers.

Comparison Table: Big 5 Banks vs. Venn (Documentation & Onboarding)

The table below summarizes how Canada’s major financial institutions compare to Venn when it comes to documentation, onboarding time, and business readiness. This helps Canadian founders, finance managers, and operations leads choose the right fit based on operational speed, regulatory burden, and platform flexibility.

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5 Things to Consider When Choosing a Business Account in Canada

Not every business account is built for how modern companies operate. While many financial institutions offer similar core services, sending payments, receiving funds, and holding balances. The differences often emerge in the fine print and daily usability. Before committing to a provider, here are five critical factors to evaluate.

1. Onboarding Time and Setup Flexibility

How fast do you need your account live?

If you're starting payroll, issuing invoices, or accepting international payments, delays in onboarding can affect cash flow. Some providers still require in-branch appointments and physical paperwork, which can stretch account setup to 10+ business days. Others offer full digital onboarding with identity verification, documentation uploads, and same-day activation.

Consider this if: You’re launching quickly, hiring soon, or need to move funds cross-border without delay.

2. Multi-Currency Support

Do you invoice or pay in USD, GBP, or EUR?

Traditional banks may offer USD accounts, but they often come with SWIFT-based routing, inbound wire fees, or slow settlement times. Look for platforms that offer true local accounts in the currencies you operate in and that allow you to hold, convert, and spend without hidden FX markups.

Consider this if: You sell to US clients, run an e-commerce store, or receive funds via Stripe or PayPal.

3. Payment Rail Access (ACH, EFT, Interac)

What types of payments do you need to send and receive?

Not all providers give you access to the full range of Canadian and US payment rails. ACH payments are essential for US clients; EFT and Interac are standard for domestic payables. Some financial platforms enable all three, often with automation tools that sync to your accounting software.

Consider this if: You manage vendor payments, pay staff, or want to reduce manual reconciliation.

4. Fees, FX Costs, and Hidden Charges

What’s the true cost of using the account?

Monthly maintenance fees, high FX spreads, wire charges, and limits on card cashback or volume can erode margins. Understand not just the upfront fees, but also the conversion rates, integration costs, and any account limitations that could cost more as you scale.

Consider this if: You’re focused on cash preservation or deal with multiple currencies.

5. Platform Integrations and Expense Management

Can your account talk to your tech stack?

Whether you use QuickBooks, Xero, or another accounting system, real-time sync saves hours of manual work. Look for providers that offer native integrations, customizable approval flows, and the ability to manage employee spend from one interface.

Consider this if: You want to automate reconciliation, track expenses by team, or simplify reporting.

Quick Take: What Kind of Business Account Do Canadian Startups Need?

If your business is incorporated, operates digitally, and has clients or vendors outside Canada, you’ll want more than just a place to store cash. You’ll need fast onboarding, multi-currency capabilities, and integrated tools that reduce financial admin. Traditional accounts may check some boxes, but modern financial platforms like Venn are purpose-built for scale.

FAQs About Opening a Business Account in Canada

These are some of the most common questions asked by founders, finance managers, and small business owners when researching how to open a business account in Canada.

Q: What documents are required to open a business bank account in Canada?

To satisfy regulatory requirements and verify your business structure, most institutions require four key items: proof of business existence, such as your Articles of Incorporation or a Master Business Licence; your CRA-issued Business Number (BN); two forms of government-issued ID for all signing officers; and formal proof of your business address. Keep in mind that digital platforms like Venn are often more accommodating, supporting sole proprietors with a simplified set of documentation.

Q: Can I open a business bank account online in Canada, and how long does it take?

The ability to open an account fully online is the major difference between traditional banks and digital providers. While traditional banks typically require an in-branch appointment for full verification, leading to opening times of 5 to 15 business days, digital platforms like Venn offer fully remote onboarding and identity verification. This allows incorporated businesses and sole proprietors to open and start using their accounts, often on the same day and sometimes in under 10 minutes.

Q: Can I open a USD business account from Canada, and what should I watch for?

Yes, you can open a USD-denominated account from Canada, but the routing method is crucial. Traditional bank USD accounts often rely on SWIFT-based routing, which introduces delays, costly FX markups, and triggers significant inbound wire fees for your U.S. clients. Conversely, platforms like Venn provide a true U.S.-based account with ACH capabilities (local U.S. account and routing numbers) and no cross-border transfer charges, making it a faster and cheaper solution for daily USD transactions.

Q: What are the fees to watch out for when choosing a business account?

When comparing business accounts, focus on common costs that severely erode profit: monthly account maintenance charges, transaction limits, and high fees for international payments. For example, traditional banks may charge $30 - $80 per wire plus a hidden FX markup of 2% - 4%, and they may charge an inbound fee for USD payments. To minimize these costs, look for platforms that offer no monthly fees, low FX rates (e.g., Venn's 0.25%), and free inbound ACH and Interac e-Transfers.

Q: Do I need a business number (BN) to open a business account, and why should I avoid using a personal account?

Most institutions require a CRA-issued Business Number (BN), especially for corporations. Even if a sole proprietor is permitted to open an account without one, using a separate business account is essential for clear financial management. This separation simplifies tax preparation, ensures compliance by maintaining the distinct legal entity status required for corporations, and provides clear expense tracking without the confusion of mixing personal and business transactions.

_{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.}

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