- Find a Branch
- Call 1-800-769-2511
Online Banking for Business
Business banking that fits your needs.
Looking to spend less time banking and more time focusing on your business? Look no further. With RBC Business Banking, it’s easy to view your business transactions all in one place while seamlessly transferring funds from your business account to your personal one.
How can we help you with your online business banking?
We have different options available for business online banking 1.
Choose the one thats right for you.
RBC Online Banking for Business
Bank according to your schedule while managing your finances with clarity. Review your accounts, pay bills, transfer funds and file government remittances all in one place.
RBC Express
RBC Express is a premium online banking tool that allows delegation to multiple users within your organization, giving you control over your cash management, insight into your banking information and the security you need to protect your business—at home and around the world.
Have more needs?
Answer a few short questions using Your Digital Business Advisor tool, and we’ll recommend a complete solution that addresses the overall needs of your business.
Let us find a tailored solution just for you and your business.
Answer a few short questions using Your Digital Business Advisor tool, and we’ll recommend the right products and services, tailored to meet your business needs.
Your Details
Your Solution
Get Started
Ready to Get Started?
Our dedicated specialists will work with you to provide the financial advice and solutions that best suit your business.
Call our 24/7 Business Helpline
Locate a branch near you, contact a business specialist.
View Legal Disclaimers Hide Legal Disclaimers
Compare Your Options
- RBC Business Banking Review
The Forbes Advisor editorial team is independent and objective. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive payment from the companies that advertise on the Forbes Advisor site. This comes from two main sources.
First , we provide paid placements to advertisers to present their offers. The payments we receive for those placements affects how and where advertisers’ offers appear on the site. This site does not include all companies or products available within the market.
Second , we also include links to advertisers’ offers in some of our articles. These “affiliate links” may generate income for our site when you click on them. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impact any of the editorial content on Forbes Advisor.
While we work hard to provide accurate and up to date information that we think you will find relevant, Forbes Advisor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof.
RBC Business Banking Review 2024: Financial Products For Businesses Of All Sizes
Updated: Feb 12, 2024, 8:32am
Fact Checked
RBC has many business banking options for companies of all sizes and also offers products and services that may be useful as your business grows.
- Large variety of account options compared to most other big banks
- Competitive features on many accounts
- Has additional products, such as group savings plans for employees
- Difficult to determine the overall cost of the Business Trust and International Banking accounts at a glance and without consultation from an account manager, as fees are customized.
- Tiered interest rates on some business savings accounts
- Some banks have more chequing or U.S. dollar account options
Table of Contents
Rbc business bank accounts, other rbc products for your business, access on the go, how rbc financial stacks up, methodology, is rbc business banking right for you.
RBC has a variety of chequing and savings accounts for businesses.
- RBC Digital Choice Business Account Package: This account has a $6 monthly fee and is designed for those who primarily use online banking. It includes unlimited electronic debits and credits, unlimited electronic cheque deposits, unlimited Moneris deposits, 10 free outgoing Interac e-Transfers and no minimum balance requirements.
- RBC Flex Choice Business Account Package: This account has a monthly fee of $7 and is made for those who want both digital and in-branch banking. You can save 40% on transactions made through online banking, the mobile app and ATMs. There’s also preferred pricing on cash deposits and no minimum balance requirement. The account allows you to only pay for the transactions you make and there are unlimited Moneris deposits.
- RBC Ultimate Business Account Package: This account has a $100 monthly fee (waived if you have a minimum $75,000 daily balance) and is designed for businesses with numerous transactions. It comes with unlimited electronic debit and credit transactions, plus 500 outgoing Interac e-Transfers and 100 paper transactions a month. There are also unlimited electronic cheque and Moneris deposits, plus up to $25,000 free cash deposits. There’s also a $50 fee waiver on the RBC Express set up fee.
- Royal Business Community Account: is designed for non-profits and has a monthly fee of $3.75 (waived for the first three months). You get 25 free cheques when you open the account and 15 free transactions per month.
- U.S. Dollar Business Account: This account, designed for businesses making transactions in U.S. dollars, has a fee of USD$9, which is waived if the monthly transaction fees exceed that amount or the balance is USD$2,500 or more. The benefit of having this account is not paying foreign transaction fees by holding your balance in U.S. funds. However, there are no free transactions and the costs vary by each type.
- Online Foreign Currency Account: This account is for businesses that make and receive payments that aren’t in Canadian or U.S. dollars. Funds only need to be converted when you need to do so. It has a monthly fee of $25 and no minimum balance requirement. Having this account allows you to save on foreign exchange costs by not having to pay a fee for every transaction. Additional fees vary based on the type of transaction.
- International Business Banking: This option can be applied to U.S. Dollar Business Accounts and has a custom monthly fee and is designed for businesses that want to expand globally. It allows you to open an account in various regions of the world to pay suppliers and employees in more than 30 countries. As your needs become more complex, there are additional services and features that are available.
- RBC Business Essentials Savings Account: This savings account has no monthly fee or minimum balance and is designed for businesses that want to earn interest on any unused funds. The account has 999 free deposits per month, two free debits per month and tiered interest rates on balances. However, you won’t earn any interest on balances of $2 million or more.
- Royal Business Premium Investment Account: This account also doesn’t have a monthly fee, but requires a minimum balance of $100,000 in order to earn interest. The account has unlimited deposits, two free debits per month and tiered interest rates. Interest is paid on every dollar as long as the balance is $100,000 or more.
- AgriInvest Account: This account is available only to farmers that participate in the Government of Canada’s AgriInvest program . The savings account has no monthly fee, unlimited transactions and no minimum balance requirements. The interest rate is the same on all balances.
- Business Trust Account: This account is handy when you need to hold money on behalf of your clients. The monthly fee varies based on your operating account and there are no minimum balance requirements.
RBC offers a variety of products for businesses, including:
- Credit cards
- Loan insurance
- Payment solutions
- Overdraft protection
- Lines of credit
- Asset-based lending facilities
- Equipment leasing loans
- Business and commercial mortgages
- Registered pension and group retirement savings plans
With RBC, you can bank on your computer, on an app, on the phone, at a branch, or at an ATM.
RBC’s regular mobile app has these features:
- View account balances and transactions for accounts, loans and credit cards
- Mobile cheque deposits
- Request Money feature to remind clients about outstanding invoices and provides real-time notifications on outstanding payments
- Branch and ATM finder
- NOMI financial insights
- Lock misplaced credit or client cards directly from your phone
The RBC Express business banking app has these additional features:
- Approve other users’ transactions
- Release fully approved transactions from your mobile device
- View balances/transactions made on your business deposit accounts
- Transfer funds between accounts
RBC Business Banking vs. CIBC Business Banking
CIBC and RBC both have similar account offerings, but RBC offers more.
While CIBC offers one more regular chequing account than RBC, it only has one foreign currency account (only in U.S. dollars) compared to three at RBC and CIBC only has one regular business savings account while RBC has two. Both offer a non-profit account and an AgriInvest account.
However, CIBC does offer the ability for fees to be waived on most of its operating accounts if a minimum balance is held while RBC does not offer this as readily. Despite this, RBC has an advantage because it does offer more account options.
RBC Business Banking vs. TD Business Banking
TD has many more business accounts than what RBC offers, likely because it has a large presence in the United States.
TD has five regular business chequing accounts compared to just three at RBC. They both offer accounts for non-profits. TD also has five U.S. dollar chequing accounts and one non-profit account. RBC has just one U.S. dollar account , but also has other foreign currency accounts that TD doesn’t offer. RBC and TD both have regular and premium savings accounts, an AgriInvest account, and a trust account.
In terms of savings accounts, TD’s regular business savings account offers better rates for balances $500,000 or higher. TD’s premium savings account provides the same rate for all balances while RBC offers a tiered rate. RBC’s rate is only higher than TD if the balance is $25 million or more. TD also offers a premium U.S. dollar savings account, while RBC does not.
Although TD doesn’t offer non-Canadian or U.S. dollar accounts, it does have a better overall selection than RBC.
RBC Business Banking vs. HSBC Business Banking
HSBC has very few account options for businesses. It has a business chequing account, which is available in Canadian or U.S. dollars. And it has three types of accounts for savings, one of which is available in both U.S. and Canadian dollars.
RBC has HSBC beat in terms of account offerings. Also, RBC has agreed to acquire HSBC and these accounts may no longer be available if the transaction closes. The deal was approved by the Competition Bureau and is waiting for approval from the federal finance minister.
Forbes Advisor compared 41 banks, 20 of which are nationally available —both traditional brick-and-mortar institutions and online-only banks—to find the best options available. To make this list, the bank had to be available to Canadians nationwide. They were rated out of five stars according to the following data points and formula out of 100%:
- Product Offerings – 11%
- Minimum Deposit – 5%
- Minimum Balance – 5%
- Availability – 5%
- 3P Ratings – 5%
- Customer Reviews – 2%
- Live Chat – 2%
- Digital Experience – 10%
- ATM Network – 10%
RBC offers a comprehensive selection of accounts for businesses of all sizes. However, you should shop around to see what other banks offer as there might be an account that’s better suited to your needs.
Frequently Asked Questions (FAQs)
What do you need to open an rbc business account.
You need at least one form of government-issued ID, such as a Canadian driver’s license, Canadian passport or Canadian permanent resident card. You also need a business registration document, such as a master business license, articles of incorporation or a certificate of existence. You will need to bring these documents to an RBC branch to verify your identity and activate your account.
Can I open an RBC business account online?
You can open some accounts online and receive your account information once the application is completed. However, you will need to verify your identity at an RBC branch before the account can become active.
What is the minimum balance for an RBC business account?
There are no minimum balance requirements for an RBC business account. However, if you want to earn interest with a Royal Premium Investment Account, you need to have a minimum balance of $100,000.
How do you contact RBC business?
You can contact a business specialist at RBC. Alternatively, you can search for one online or at find someone at your local branch.
How much money do you need to open an RBC bank account?
There aren’t any minimum requirements for opening a business account at RBC.
What are the advantages of an RBC Business Bank Account?
You have a variety of account options at RBC. As your business grows, you can add different accounts or additional products.
Craig Sebastiano is a personal finance writer based in Toronto. He was previously the managing editor at Ratehub.ca and has written about credit cards, mortgages, banking, investing and investment products, retirement planning, insurance, and income taxes. Craig has written for a variety of financial publications, including MoneySense, Rates.ca, GreedyRates.ca, LowestRates.ca, Morningstar.ca, WealthRocket, Zensurance, and PolicyMe.
- Best High Interest Savings Accounts
- Best No-Fee Chequing Accounts
- Best Savings Accounts
- Best Online Bank Accounts
- Best U.S. Dollar Chequing Accounts
- Best Student Chequing Accounts
- Best RRSP Savings Accounts In Canada
- Best TD High-Interest Savings Accounts
- Best Joint Savings Accounts
- Best Scotiabank Savings Accounts
- Best Scotiabank Chequing Accounts
- Best TD Chequing Accounts
- Best EQ Savings Accounts
- Best Chequing Accounts
- Best Tax-Free Savings Accounts
- Best Online Banks In Canada
- Best Budgeting Apps
- EQ Bank Review
- WealthSimple Review
- Royal Bank Of Canada (RBC) Review
- Simplii Financial Review
- BMO Bank Of Montreal Review
- Compound Interest Calculator
- Income Tax Calculator
- Best GIC Rates
- Best Short-Term GIC Rates
- Best TFSA GIC Rates
- Best EQ Bank GICs
- Bank Draft Vs. Certified Cheque Vs. Money Order
- What Is A Void Cheque?
- First Home Savings Account (FHSA)
- What Is A Canada PRO Deposit?
- What Is A Routing Number In Canada?
- Prime Rate In Canada
- Interac e-Transfer
- Can You Deposit Cash At An ATM?
- What Is A Bank Institution Number?
- ATM Withdrawal Limits: What You Need To Know
- What Is A Bank Draft?
- What Is A Transit Number In Canada?
- How To Close A Bank Account
- Bank Withdrawal Fees And How To Avoid Them
- How To Read A Cheque
- Types Of Bank Accounts
- What Is A Money Order And How Does It Work?
More from
What is a wire transfer, how to switch to a new bank or credit union in canada, best budgeting apps for february 2024, what is mobile cheque deposit how does it work, best td high-interest savings accounts in canada for february 2024, best scotiabank chequing accounts for february 2024.
Let’s Get Started
Thanks for choosing RBC Royal Bank for your new business account. If you have your business and personal information ready, you can open your new account online in just a few minutes.
Open Your Account Online
Answer a few questions, to see if we can help you better online or with an advisor.
If you sign up online, tell us about your business and how you’ll use the account.
That’s it. We’ll open the account and give you your account number immediately. *
*Some clients will have to get their business account number at their RBC branch or by meeting with an advisor.
Please note, this online application will be unavailable between 9:30pm and 3:30am.
Then visit a branch to:
Pick up your Client Card (that’s your debit card) and fill in any details you didn’t complete online.
Sign up for online banking.
Order your cheques.
In this application, RBC will collect and confirm your business’s identity, existence, background and financial situation
Any information you provide for the application ( even if you don’t complete it ) will be held in accordance with RBC’s enterprise record retention policy.
It may be made available to you during the applicable retention period.
If you agree, let’s get started.
- Life & Money
- Innovation & Perspective
- Inspired Investor
Starting a Business: Five Things you Need to Know
- RBC Small Business Poll reveals Canadians are turning to entrepreneurship for financial security and career autonomy
- Celebrating Small Business Month: The Stories Behind Today's Successful Entrepreneurs
- October is Cyber Awareness Month: Time to Check in On Your Cyber Security
- Ask the Experts: How to Protect Your Business from Fraud and Cyber Threats in 2023
- Experts Share What you Need to Know Before you Open a Franchise
- How Business Bankruptcy Can Affect Your Employees
- Fae Pictures Creates Cinematic Content for, By and About Queer, Trans and BIPOC People
- Ask Bryan and Sarah Baeumler Anything: [Exclusive Virtual Event]
- Learn How the Canada Small Business Financing Program Can Help Grow Your Business
By Joel Kranc July 11, 2016
- Share on Facebook
- Share on Twitter
- Share on LinkedIn
- Share by Email
In some cases, coming up with the idea or business concept may be the hardest part. It’s not necessarily important why you’ve made the decision to be an entrepreneur, but rather what you intend on doing with it. Here are five steps to get you on the right path.
1. Build a Business Plan
A business plan will help you define the structure of your business as well as help get your business advisors—accountants, lawyers, bankers—on your side. Consider it the roadmap to your destination (a thriving business). Business plans help define what your business is and how it will operate.
Define the structure of your business with this business plan template .
2. Research Your Market
Do your due diligence by researching your local market . Is there a need for your product or service? Who will you be selling to? Where are your potential customers located? Are there competitors in the area? Market research will help you identify any obstacles that could impede your success.
3. Register Your Business
Once you have determined your business idea could thrive in your market, you’ll need to register your business with the right government agencies. In addition to paying taxes and fulfilling rules and regulations, registering your business creates a sense of legitimacy and credibility.
4. Know Your Financials
Creating financials will help you identify the initial start-up costs such as business licenses, equipment, inventory, office or store front and marketing costs. Ongoing financials will help you manage your cash flow and keep you on track to success.
Identify your initial start-up costs using this calculator .
5. Create a Cash Flow Forecast
Building off of early financial documents, cash flow forecasts help you to manage cash flow and help you to meet immediate and future needs. Consider using accounting and invoicing software to keep track of money coming in and going out of your business.
Your idea was just the beginning. Following the five easy steps above can keep you on track to move from dream to successful business venture.
For more tips and resources on starting a business, download this helpful guide: RBC Starting Your Business Guide .
More from the 5 Easy Steps for Small Business Series :
Five Easy Steps to Declutter Your Small Business Finances
Getting your Business Online: Five Easy Steps
Five Easy Steps to Digitize Your Business
Manage Your Business Growth: Five Easy Steps
Make the Most of Your Marketing Budget: Five Easy Steps
5 Easy Steps: Digitize Your Business and Cut Down On Paper
Five Easy Steps: Create an Elevator Pitch That Will Get You Places
Out of Town: Prince Edward County, Ontario
Joel Kranc is Director of KRANC COMMUNICATIONS in Toronto, focusing on business communications, content delivery and marketing strategies.
This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.
Most Recent
Read This Next
Taking the Leap: Tips for Successful Transition from Employee to Freelancer
Eight Easy Tips: How to Save on Small Business Banking Costs
How to Avoid the Most Common Business Pitfalls
Speak with an advisor today. Call our 24/7 Business Helpline. 1-800-769-2520
- Contact Customer Service
- Call 1-800-769-2553
- Locate a No-Fee 2 U.S. ATM
- RBC Bank (U.S.) Online Banking
- RBC Royal Bank Online Banking
Cross-Border Business Banking
Hassle-free banking for the u.s. side of your business.
Manage U.S. deposits, payroll and merchant services from anywhere.
Get the RBC apps for banking anytime, anywhere.
Suspendisse viverra elit vitae libero vehicula luctus.
Cross-Border Essentials
Doing business in the U.S. as a Canadian?
Enjoy a 2.53% APY 17 on our U.S. Business Money Market 14 account when you maintain a balance of $250,000 USD – but only until March 31, 2024. That’s more than 16x our usual rate of 0.15%!
Want more information?
Why Canadians love our Business Banking
Save money on your transfer and transaction fees, with banking services designed to help RBC clients do business in the U.S.
No more expensive wires
Move money between your Canadian and U.S. RBC business accounts — online, instantly and for no additional charge. 1
Get paid faster
Easily receive U.S. payments and deposit U.S. checks using your smartphone, desktop or tablet.
Pay U.S. employees and vendors
Make one-time or recurring payments through our U.S. Business ACH Origination service.
Avoid currency exchange
Keep your U.S. receivables in U.S. dollars and have funds on hand to pay bills, vendors and employees.
Put your USD to work
Earn interest on your U.S. money and have it available for expansion, employee bonuses or unforeseen expenses.
It's easy to set up an account
We leverage your RBC Royal Bank Canadian profile, so setting up an account is simple — no U.S. address required!
Types of U.S. business accounts
U.s. business checking.
Make and receive payments in the U.S. and avoid foreign transaction fees.
Monthly debits
Deposits & payments
- Automatically convert and instantly transfer money for free 1 between your RBC Canadian and U.S.-based accounts through Online Banking
- Pay U.S. bills, view your account balance and see your account transactions online
- Deposit U.S. checks using your smartphone, tablet or desktop through our U.S. Remote Deposit for Business service
- Get cash at over 50,000 no-fee 2 ATMs across the U.S.
- Avoid foreign transaction fees by using your RBC Bank U.S. Visa ‡ Debit card to make cash withdrawals and pay for U.S. purchases
- Enjoy personalized service from your dedicated RBC Bank U.S. Business Account Manager
- Receive FDIC protection on your U.S. funds — up to $250,000 per ownership category 12
Monthly fee: $150 ($175 with Business ACH service)
Talk to your RBC Royal Bank Business Account Manager for more information.
U.S. Business Money Market Savings 14
Earn interest on your surplus business funds and enjoy easy access to your money.
Withdrawals
Earned on balances
Monthly fee
- No monthly maintenance fee when you keep a $1,000 minimum balance
- Access your Canadian and U.S. accounts online with our mobile-friendly single sign-in feature
An RBC Bank Business Checking account is required to open a Business Money Market Savings account.
Make secure payments online, anytime
With our U.S. Business ACH Origination service, you can make payments securely and online, without the need for any special hardware or software.
- Make one-time or recurring payments to U.S. employees or vendors
- Set up regular payments to occur on specific dates — such as your insurance, lease or mortgage payments
- Set up authorized users with customized levels of access
- View and export transaction reports
Depositing U.S. checks is as easy as 1-2-3
Log into RBC Online Banking or Remote Deposit Business.
Take a photo of your check with your smartphone or tablet, OR scan into Remote Deposit Business.
Enter the amount and the account you’re depositing it to. Voila! Your check is deposited. With Remote Deposit Business simply scan your checks, validate and confirm deposits and you are all set!
Common questions
FAQ Loading...
Common Questions
- Opening Accounts
- Online Banking
- Transferring Money
- Making Deposits
Content TBD
online banking FAQ TBD
transferring money FAQ TBD
marking deposits FAQ TBD
disclaimers TBD
Credit Cards
Investments
Accounts Overview
RBC Vantage
Explore Account Types
Chequing Accounts
Cross-Border Banking
Savings Account
Youth and Student Banking
Earn More with RBC
Value Program
Chequing Products
Advantage Banking
Advantage Banking for Students
Day to Day Banking
Signature No Limit Banking
VIP Banking
US Personal Banking
Savings Products
High Interest eSavings
Enhanced Savings
Day to Day Savings
Leo’s Young Savers Account
Tools & Resources
Account Selector Tool
Compare Chequing Accounts
Compare Saving Accounts
Customer Service
Managing Your Bank Account
Wire Transfer
International Money Transfer
Virtual Visa Debit
Direct Deposit
Additional Account Services
Get iPad with an eligible account
Credit Cards Overview
View All Credit Cards
Travel Cards
Rewards Cards
Cash Back Cards
Low Interest Cards
No Annual Fee Cards
Student Cards
Business Cards
Help me Choose a Credit Card
Company Credit Cards
Frequently Asked Questions
Cards Advice: How Do I…
Improve my credit score
Reduce my credit card interest
Pay my credit card bill
Manage expenses with credit cards
Protect from credit card fraud
I’m a Cardholder
Activate My Card
Cardholder Resources
Report Lost or Stolen Credit Card
Add an Additional User
Benefit Guides and Insurance Documents
Optional Add-On Services
Three Simple Ways to Keep your Money Safe from Fraud and Scams
Mortgages Overview
Mortgage Rates
Mortgage Products
Manage Your Mortgage
Special Mortgage Offers
Connect with a Mortgage Specialist
Get Pre-Qualified in 60 Seconds
Your Next Move
Buy Your First Home
Buying Your Next Home
Renovate Your Home
Buying an Investment Property
Buying a Vacation Home
Renew Your Mortgage
Switch Your Mortgage to RBC
Refinance Your Mortgage
Mortgage Payment Calculator
Home Value Estimator
Neighbourhood Explorer
Rent or Buy Calculator
All Mortgage Tools & Calculators
RBC Homebuyer Advantage
Get up to $3,500 and 55,000 Avion points, only with an eligible RBC mortgage.*
Personal Loans
Loans Overview
Lines of Credit
Student Lines of Credit
Home Improvement Loans
Car Loans & Vehicle Solutions
Car Loans Overview
Car Loans Through a Dealer
Loans for Electric Vehicles
Financing Your Boat or RV
Business Vehicle Solutions
Buying Your First Vehicle
Buying Your Next Vehicle
Managing Your Car Loan
Car Loan Prequalify Calculator
Tools & Calculators
My Auto Affordability Tool
Car Loan Calculator
RV & Marine Locator
Loan Payment Calculator
Debt Consolidation Calculator
Compare Lines of Credit & Loans
Pay Down Debt & Improve Cash Flow
Get Pre-Qualified for an RBC Automotive Loan Today
Savings and Investments Overview
Popular Accounts & Products 1
Tax-Free Savings – TFSA
Retirement Savings – RRSP
First Home Savings – FHSA
Education Savings – RESP
Guaranteed Investment Certificate – GICs
Mutual Funds
Exchange-Traded Funds – ETFs
Stocks and Bonds (RBC Direct Investing)
ESG Investing
All Investments Accounts and Products
Ways to Invest
With Access to an Advisor
Low-Efffort, Automatic Investing (RBC InvestEase)
Trade and Invest Yourself (RBC Direct Investing)
Purchase Investments
Advice and Planning
How to Save and Invest Guides
Retirement Planning
Financial Planning (RBC Financial Planning)
Customized Wealth Planning (RBC Wealth Management)
Resources and Tools
All Investment Tools & Calculators
TFSA Calculator
RRSP Calculator
GIC Selector
Compare GICs
Retirement Budget Calculator
The First Home Savings Account (FHSA) is Here! Save for your first home, tax-free!
1 Products and services may be offered by Royal Bank of Canada or by a separate corporate entity affiliated with Royal Bank of Canada, including but not limited to Royal Mutual Funds Inc., RBC Direct Investing Inc. (Member–Canadian Investor Protection Fund), RBC InvestEase Inc., RBC Global Asset Management Inc., Royal Trust Company or The Royal Trust Corporation of Canada
Insurance Overview
Creditor Insurance
Creditor Insurance Overview
HomeProtector Insurance
LoanProtector Insurance
BalanceProtector Insurance
Travel Insurance
Travel Insurance Overview
Travel Insurance Packages
Travel Medical Insurance
Trip Cancellation and Interruption Insurance
Get a Quote
Creditor Protection Selector
HomeProtector Insurance Quote
LoanProtector Insurance Quote
Make a Travel Insurance Claim
Ways to Bank
Student Solutions
Beyond Banking
Sustainable Finance Solutions
Ways to Bank Overview
Online Banking
ATM, Branch, & Telephone Banking
RBC Digital Banking Security Guarantee
Mobile Banking apps
Avion Rewards
Pay with Your Mobile Device
Learn How To…
Reset Your Password
V iew or Print a Void Cheque
Add or Remove a Payee
Set up Direct Deposit
Transfer Money Between Accounts
View or Print Your Tax Documents
View All Tutorials
Newcomers Overview
The RBC Newcomer Advantage
Advice by Visa Status
Permanent Resident
International Student
Business Owner/Entrepreneur
Foreign Worker
What Our Partners Can Offer You
How Banking Works in Canada
Building a Credit History in Canada
Buying Your First Home in Canada Checklist
Buying Your First Car in Canada Checklist
Retirement Overview
I’m Saving and Planning
I’m Getting Close
I am Already Retired
Retirement FAQ
Tools and Resources
Test Your Retirement Knowledge
Will and Estate Planning
What is CPP and QPP?
Tailored Products & Offers
Retirement Income Fund – RRIF
Student Hub
Student Bank Accounts
Student Credit Cards
Student Loans
Popular Accounts
RBC Advantage Banking for Students
RBC High Interest eSavings
RBC Leo’s Young Savers Account
Build Your Career
Future Launch
Gain New Skills
Grow Your Network
Work Experience
Personal Beyond Banking
Business Beyond Banking
Arrive: For Newcomers to Canada
Learn More About Arrive
Sustainable Finance Solutions Overview
Switch to Electronic Statements
Savings & Investments
Travel & Commuting
Electric Car Financing
Electric Car Cost Calculator
Electric Car Guide
Electric Car Rebates
Home Energy Rebates
Rewards Overview
Avion Rewards Credit Cards
Pay with Points
RBC Petro-Canada
Rewards Credit Cards
Popular Rewards Cards
RBC Avion Visa Infinite
RBC ION Visa
RBC Avion Visa Infinite Privilege
RBC ION+ Visa
What’s New
View Offers
#LifeMatters: Bryan Baeumler on Choosing a Path Less Travelled
- My Money Matters
Struggling to Make Ends Meet
Managing and Consolidating Debt
Managing Expenses
Improving Your Credit Score
Unexpected Events
Loss of Income
Handling Financial Stress
Money in an Emergency
Personal Bankruptcy
Business Bankruptcy
Consumer Proposals
Need Financial Help?
Book an Appointment
1 800 769-2511
Buying a Home
Buying your First Home
Buying your Next Home
Investment Property and Vacation Home
Home Building and Renovations
Refinancing and Downsizing
Buying a Vehicle
Finding the Right Car
Financing Your Car
Travel and Cross-Border
Planning for a Big Trip
Buying or Refinancing a US property
Travelling and Shopping in the US
Studying in the US
Living in the US
School and Career
Going to College or University
Finding a Job
Continuing Education
Medical or Dental Students
Planning for Retirement
Living in Retirement
Family Events
Death of a family member
New to Canada
Settling in Canada
Employment in Canada
Banking in Canada
Studying in Canada
Starting a Business in Canada
Settling into your new life in Canada can be hard. Talk to an RBC Newcomer Advisor
Banking Basics
Account Types
Banking Tips
Money Mindset
Credit and Borrowing
Understanding Loans
Understanding Credit and Credit Scores
Types of Investments
Understanding Risk
Investing Basics
Cyber Security
Understanding Cyber Safety
Cyber Security for Business
Economics 101
Economics for Beginners
Understanding Inflation
Understanding Interest Rates
Climate Change
Business Stages
Start a Business
Grow Your Business
Transition Your Business
Managing Your Business
Business Planning
Business Financing & Funding
Cash Flow Management & Financials
Making & Receiving Payments
Get Inspired
Business Success Stories
Right-Sized Business Advice
Small Business
Solo Entrepreneur
Ideas & Voices
Go To Grandma with Kathy Buckworth
Real Life Stories of Cyber Crime
Take 2 Minutes
The Wealthy Barber
Inspired Investor
Ideas & Motivation
Investing Academy
Smart Savings
What’s your money mindset?
Finance, Fitness and your Future
- 20220701_114707
- 20220612_122545
- Capital Markets
- Investor Services
- Find a Branch
- Call 1-800-769-2511
- English (Canada)
- Français (Canada)
Business Banking: The Benefits of Separating Business From Personal
Share this:
Published August 16, 2023 • 3 Min Read
No matter the type or size of your business, the path to financial success begins with smart business banking. From legal protections to accurate financial records, easier auditing, and more, here are the key benefits of separating business from personal banking in Canada:
Legal protection
Establishing a legal separation between your personal assets and those of your business can provide liability protection, preventing creditors or legal actions against your business from directly impacting your personal assets.
Accurate financial records
Keeping your business and personal accounts together can complicate your finances and increase the chances of making mistakes when managing your financial records. Separation helps you to maintain accurate records of business-related transactions, making accounting and tax preparation simpler and more organized. When tax season rolls around, having separate accounts can also help you identify deductible business expenses like office supplies, travel and utilities.
Easier audit and compliance
In the event of an audit, a dedicated business account will allow you to present organized, transparent and professional financial records. These records are useful in demonstrating and ensuring compliance with regulatory requirements and meeting tax obligations related to your business.
Professionalism
Professionalism is key to any and all types of businesses. Establishing a distinction between your business and personal accounts adds a layer of professionalism to your business, enhancing credibility with customers, vendors, or financial institutions.
Financial planning
Similarly to managing your financial records, separating personal and business funds allows you to more effectively manage your cash flow and budgeting, making it easier to allocate funds and plan for expenses, investments, or savings goals.
Simplified financial analysis
It’s important to analyze your business’s financial performance separately from your personal financial situation so you can track business-specific metrics such as revenue, expenses, and profitability. This will help provide a clearer picture of your business’s financial viability and help you make better and more informed decisions.
Access to business banking services
A business banking account can help provide access to additional tools and services to manage your business, like business credit cards, loans, fraud prevention tools and more.
Future scalability
If you plan to expand your business in the future or seek external funding, having a separate business bank account demonstrates financial stability and proper financial management. Potential investors, lenders, or partners often want to see a clear separation of business and personal finances as part of due diligence. So, it may be best to establish this separation from the outset to ensure you’re on the right track — whatever your business goals may be.
Running a business is challenging, but one way to help simplify your finances is to separate your personal and business accounts.
To learn more about business banking, including how to help manage and monitor cash flow with greater control, receive payments and pay vendors, employees and government with ease, visit RBC’s Business Banking page.
Things our lawyers want you to know
This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.
Share This Article
Read This Next
Best Business Bank Accounts in Canada for 2024
What you should know.
- Business bank accounts at Canada’s major banks come with monthly fees, low or no included free transactions per month, and no interest or rewards on balances and spending.
- RBC and BMO offer a discounted or no-monthly-fee option for digital accounts, with unlimited free electronic transactions.
- Having a traditional business chequing account at a major bank provides convenient access to other services such as loans and in-branch banking.
- Maintaining a minimum account balance can waive monthly account fees for some business bank accounts.
Comparing Account Features of the Best Business Bank Accounts in Canada
Traditional major banks, comparing fees of major banks' business accounts.
Note: Fees are as of September 2023
RBC Digital Choice Business Account
What We Like:
✅ No minimum balance
✅ Unlimited debit and credit transactions
✅ Bank digitally or in-branch
What We Don’t Like:
❌ Monthly fee
❌ Fee on branch transactions
❌ Opening an account requires visiting a branch
For business owners who don’t need in-branch banking, the RBC Digital Choice Business Account Package is a digital-only account that comes with a lower monthly fee of $6 per month. Plus, it has unlimited debit and credit transactions, cheque deposits, and 10 Interac e-Transfers per month.
For those needing a physical branch, the RBC Flex Choice Business Account Package offers a variety of features that can help businesses manage their finances. It's called "flex choice" because you can choose to bank digitally while still having the option of being able to go to a physical branch for your banking needs. You also only pay for what you use, with transactions such as withdrawals and transfers each having fees.
To open an account, you can start your application online or over the phone. However, you’ll need to visit a branch to verify your identity before your account can be opened.
RBC Business Banking Fees
There’s a $7 monthly fee for the RBC Flex Choice Business Account but no minimum balance requirement. Electronic deposits to your account cost $0.75 each, while cash deposits cost $2.50 per $1,000 in-branch or $2.25 per $1,000 at ATMs. Sending Interac e-Transfers costs $1.50 each.
The account is part of a package since items deposited have no transaction fee, saving you from the regular fee of $0.22 per cheque or draft deposited.
Online Business Banking
RBC's Online Banking for Business is for one user with access to all of RBC's business banking services, such as paying bills, transferring funds, filing and paying taxes, depositing mobile cheques, and email or SMS money transfers.
The expanded RBC Express allows for unlimited users, letting you assign employee access. It also comes with additional features such as making and receiving payments in foreign currencies, making multiple cheque deposits, and sending wire transfers at preferred foreign exchange rates. However, RBC Express can come with a monthly fee.
Other RBC Business Accounts
Those who operate in the U.S. might find the RBC U.S. Dollar Business Account to be convenient if you want to keep all of your banking in the same place. It has a $9 USD monthly fee unless you hold a minimum balance of $2,500 USD.
Excess funds can be kept in RBC’s Business Essentials Savings Account , which pays 2.55% up to 3.3% on your balance, depending on your account size, as of September 2023.
Other RBC business accounts include:
- Community and Not-For-Profit Accounts
- Online Foreign Currency Account
- Ultimate Business Account
- AgriInvest Account
- Business Premium Investment Account
TD Basic Business Plan
❌ Fee on transactions
For businesses with low transaction volumes, the TD Basic Business Plan is a business chequing account offering five transactions per month for a $5 monthly fee. Each additional transaction costs $1.25 each, with cash deposits costing $2.50 per $1,000 deposited. There’s no minimum balance required for this account.
For larger businesses, TD offers other business banking plans starting from $19 per month for 20 transactions, $39 per month for 60 transactions, $72 per month for 120 transactions, and $125 per month for unlimited transactions.
Fee rebates are available if you hold a minimum balance, such as $20,000 to waive the TD Every Day A Business Plan's $19 monthly fee or $65,000 to waive the TD Unlimited Business Plan's $125 monthly fee.
Comparing TD Business Bank Account Fees
Note: Fees as of September 2023
Scotiabank Right Size Account for business
Scotiabank’s cheapest option, the Right Size Account for business , has a low monthly fee with a pay-per-transaction model. There's a monthly fee of $6 with a transaction fee that depends on how many monthly transactions you make. Those making 1 to 15 transactions per month will pay $1.25 per transaction, lowering to $1.00 once you make over 50 transactions per month.
However, businesses looking to make more transactions will be better suited with Scotiabank’s other business accounts. Scotiabank’s Basic Business Account, available both in CAD and USD, comes with one free transaction per month for every $1,500 in the account, with the monthly fee waived for monthly balances over $8,000. The monthly fee on this account is $10.95 per month.
Scotiabank can get you to learn your ABCs with their Plan A, Plan B, and Plan C Select Accounts for Business.
Comparing Scotiabank Business Bank Account Fees
Bmo ebusiness plan.
✅ No monthly fee
✅ Unlimited electronic transactions
❌ Requires an appointment to open an account
If you’re looking for a no-monthly fee business account with unlimited free electronic transactions, then BMO’s eBusiness Plan would be the traditional business bank account for you. It’s the only business bank account offered by a major Canadian bank that has no monthly fee. It also gives you two free Interac e-Transfers each month, something that not all other paid bank account plans offer. This makes the BMO eBusiness plan the best bank account for small businesses and startups.
For merchants that conduct point-of-sale transactions, it also allows unlimited Moneris transactions. However, the main drawback of this account is that you’ll need to book an appointment to open an account. This makes the account opening process lengthier than other banks, where some even allow you to open an account completely online without having to visit a branch. Once the account is opened however, you’ll be enjoying no fees!
For businesses wanting a step up from the standard eBusiness Plan, BMO gets you to start counting your 1-2-3-4s with their Business Builder plans, a twist from Scotiabank’s and TD’s version of the ABCs. Specialty business accounts at BMO include:
- Business Premium Rate Savings Account
- Business Current Account
- Community Account
Comparing BMO Business Bank Account Fees
Cibc basic business operating account.
✅ Online application
CIBC’s cheapest business account is the CIBC Basic Business Operating Account . At $6 per month, this monthly fee doesn’t include any transactions. Each transaction costs $1 for self-serve transactions, such as those conducted online or at ATMs, or $1.25 for full-service transactions at a branch or by a CIBC representative.
Unlike other major banks that require you to visit a branch to open an account, CIBC lets you open a business account online in as little as 30 minutes.
CIBC’s Unlimited Business account has a lower monthly fee than other banks, making it an excellent option for small businesses. Plus, you get unlimited transactions and access to CIBC business advisors who can provide advice on banking services, credit and financing solutions, cash flow management and more.
Comparing CIBC Business Bank Account Fees
Comparing major banks’ premium business accounts, what do i need to open a business account.
To open a business account, you’ll need to provide some basic information about your business. Banks may also ask for the following documents depending on your type of business:
Documents for Sole Proprietors:
- Certificate of Business Registration
- Trade Name Registration (if applicable)
Documents for Partnerships:
- Partnership Agreement
- Trade Name Registration or Master Business License (if applicable)
- Information on each signing authority with ID
- Proof of business address, such as a utility or property tax bill
Documents for Unincorporated Associations:
- Articles of Association, or the Association’s constitution and bylaws
- If donations are solicited from the public, the Canada Revenue Agency registration business number
Documents for Corporations:
- Articles of Incorporation
- Director information, for each director
Corporations may also be asked to provide documents such as the company’s annual report for the past fiscal year, most recent notice of assessment, business licenses or vendor permits, or health and safety certificates.
Free Business Bank Accounts
If you’re looking for digital business bank accounts, there are some completely free options available in Canada. However, it’s a good idea to still have a traditional bank account at a major bank. This gives you access to in-branch banking, such as to make cash deposits or to write and deposit cheques . These are the best free digital business bank accounts in Canada .
For more details: The 5 Best No-Fee Business Bank Accounts in Canada
Business Continuity Plan
- Find a Branch
- Call 1-800-769-2511
- Personal Banking Overview
- Frequently Asked Questions
- Client Card Activation
- Credit Card Activation
- Power of Attorney
- Legal Disclosures Library
- Product Migration Guide
- Private Banking & Wealth Overview
- Small Business Overview
- Commercial & Corporate Overview
Small Business Banking Clients at HSBC Bank Canada
Your business banking, financing and payment needs are important to us.
Over the coming months, you will be receiving details about the migration of your HSBC Bank Canada and its subsidiaries * products and services to Royal Bank of Canada (RBC) or its subsidiaries, which will occur upon completion of the acquisition by RBC of HSBC Bank Canada. Meanwhile, please explore this site for tips and other resources to help ensure a smooth transition.
This acquisition is subject to customary closing conditions.
Last updated: February 5, 2024
Your Business Banking, Financing and Payment Needs are Important to Us
What’s happening and when, tips for a smooth transition, digital business banking, benefits you can expect.
Below are key dates to be aware of for the migration of your products, services and balances to RBC. For now, please continue to do business at HSBC Bank Canada as you normally would.
January 2024
What to expect:
You will receive information detailing your RBC products and services, and when they will be available to you.
What to do:
You do not need to take any action at this time.
February 2024
- If you are enrolled on HSBC Bank Canada Online Banking, you will receive an email via HSBC Bank Canada Online Banking with instructions on how to onboard to RBC's online business banking platforms when we are ready for you to begin the migration to RBC.
- You will receive your RBC Royal Bank Client (Debit) Cards (if applicable, Primary, Additional Business Client Card and Agent).
- If you have an HSBC InvestDirect account, you will receive instructions on how to enrol and gain access to your RBC Direct Investing account.
- Keep your RBC Client Cards safe until March, when your HSBC Bank Canada account(s) will be migrated to RBC.
- Follow the instructions you received to onboard to RBC's online business banking platforms using your Primary Business Client Card. Your RBC Royal Bank Client Card number will populate when you onboard. Take note of this number for later logins.
February to March 2024
You will receive your RBC Royal Bank business credit card(s), if applicable.
- Keep your credit cards safe until March, when your HSBC Bank Canada credit card account(s) will be migrated to RBC.
- If you use cheques, you can call 1-800-ROYAL21 to order RBC cheques. There will be no cost for your first order, if printed by RBC.
- If you use Night Deposit Services, you can call 1-800-ROYAL21 to order RBC deposit slips and an RBC Night Deposit bag. There will be no cost for your first order.
By the End of March 2024
Your HSBC Bank Canada products and services will be migrated to RBC Royal Bank and your incoming payments will be automatically routed to these RBC Royal Bank accounts by March. The migration of your products and services will be completed for you , including:
- Preserving your HSBC Bank Canada Relationship Manager support
- Migrating your accounts, users, payees, pre-authorized debits and credits, as well as past transaction information
- Limiting the need to sign new agreements
- Preserving lending facilities and pricing where applicable
We are working to minimize any additional steps that you may need to complete. More details will be provided in the coming months.
Ensure your information is up to date.
Please ensure that the system administrator(s), user(s), payment templates, beneficiaries, bill payees, and account information you have on file with HSBC Bank Canada Online Banking is correct so that you can receive future updates.
Stay informed.
Review the FAQs below if you have questions or want to see the latest updates about the transition.
Protect yourself against fraud.
Be aware of random, unexpected requests for your banking or investment-related information, including personal details, usernames and passwords. Unless you contacted us first, neither HSBC Bank Canada, RBC, nor their affiliates will ask for this information through email, text or over the phone.
Safeguarding your information is important to us. We hold ourselves to the highest standards of privacy management practices to keep your information safe. Please see the RBC Global Privacy Notice and RBC Digital Privacy Notice for details.
RBC offers two core digital business banking platforms and a suite of solutions designed to support businesses at every stage of growth. You will be invited to onboard to the RBC digital business banking platform suitable to the needs of your business and your current digital products, services and user profile.
See below for an overview of each platform or view the Platform Comparison Chart (PDF) for a detailed list of capabilities.
RBC Online Banking for Business
- RBC Express ®
RBC Online Banking for Business is for businesses with a single digital banking user requiring domestic currencies and standard payment solutions.
Users can also download the RBC Mobile 2 app, which offers Mobile Remote Deposit Capture and many of the features available on RBC Online Banking for Business.
What to Expect During Onboarding
Here’s what to expect if you are invited to enroll on RBC Online Banking for Business:
- If you have access to HSBC Bank Canada’s digital business banking platform, you will receive an email inviting you to register your RBC credentials.
- After completing your registration, on your first day with RBC, you will be ready to use RBC Online Banking for Business, your day-to-day business banking platform.
- If your business requires additional features and services beyond RBC Online Banking for Business, please speak with your Relationship Manager on or after your first day with RBC to discuss opportunities to enroll on RBC Express, our commercial banking platform.
When it is time to start onboarding, you will receive an email prompting you to begin the process.
RBC Express
RBC Express is an enterprise-level platform for businesses with multiple digital banking users requiring domestic and/or international currencies and higher-value payment solutions. It provides ease of access to other RBC applications designed to support complex cash management needs.
Users can also download the RBC Express 5 Mobile app, which offers the following mobile capabilities:
- View balance reporting and account statements
- Create, view and approve account transfers
- Approve bill payments, ACH and wire payments
Here’s what to expect if you are invited to enroll on RBC Express:
- Each of your system administrators and users who have access to HSBC Bank Canada’s digital business banking platform will receive an email inviting them to register their RBC credentials.
- Businesses whose users have multiple login IDs with HSBC Bank Canada’s digital platform will need to register credentials for each of the login IDs separately.
- After your system administrators have set up their RBC credentials, they will receive a second email inviting them to set up your business on RBC Express and any connected RBC digital business banking platforms you need for your first day with RBC.
When it is time to start onboarding, each of your system administrators and users who have access to HSBC Bank Canada’s digital business banking platform will receive an email prompting them to begin the process.
As an RBC small business client, you will retain everything that matters most to you, while also gaining access to services and programs that go well beyond conventional business banking.
A Dedicated Team
Continue to receive industry-specialized support and guidance from your existing HSBC Bank Canada Relationship Manager.
Consistently High Level of Service
Benefit from service, expertise and global solutions that earned RBC the “Best Trade Finance Bank in Canada” for 11 consecutive years 1 .
Bank Anywhere, Anytime
Enjoy simple, easy banking no matter where your business takes you with the RBC Mobile 2 app and digital banking solutions.
International Language Support
Speak with live 24/7 RBC agents available in English, French, Mandarin or Cantonese.
Largest Branch and ATM Network in Canada
Enjoy the convenience of over 1,100+ branches and 4,000+ ATMs across Canada.
Award-Winning Advice 3
Get financial advice and support from RBC’s team of advisors, who can tailor solutions around your journey and business lifecycle.
International Capabilities
Stay connected to your global accounts—view your HSBC account balances in other regions, hold foreign currency accounts and trade on Canadian, U.S. and international exchanges through RBC Direct Investing .
Portfolio of Partners
Access “Beyond Banking” offerings across a range of sectors to help your business grow, including helloDarwin, Sherweb, Moneris, ADP, Magnet, and more.
CDIC Coverage
When your account(s) holding deposits migrate to RBC, the eligible deposits will continue to be protected by the Canada Deposit Insurance Corporation (CDIC).
HSBC Private Investment Counsel 4 Client?
Your services will be migrated to RBC Wealth Management, where you will have access to world-class investment and wealth stewardship services.
FAQs for Small Business Clients
- Credit Cards
- Digital Banking
- Direct Investing
- Branches / ATMs
- Rewards Program
Maintaining the service and value you have experienced with HSBC to view your money and initiate payments globally from Canada is important to us. We have the functionality for you to view your international HSBC (and other financial institution) accounts through a service called multi-bank reporting.
RBC is already a leader in international payments in Canada including cross border ACH as well as wires and first to market with SWIFT Go (International ACH). We are adding additional capabilities to support the full suite of corridors and currencies offered currently from HSBC Canada.
This page will continue to be updated with additional information regarding the migration of your products and services to RBC.
View Legal Disclaimers Hide Legal Disclaimers
Exceptionally Personalized Investment Management for HSBC Private Investment Counsel Clients
From March 2024, your HSBC Private Investment Counsel* services will be migrated to RBC Wealth Management, where you will have access to world-class investment and wealth stewardship services.
As part of RBC Phillips, Hager & North Investment Counsel and the broader set of RBC Wealth Management services, you will receive a consistent, disciplined investment approach, highly personalized service and a client experience that extends beyond investment management to encompass family wealth stewardship.
Disciplined approach: Stay aligned to your investment objectives and strategies with our established investment approach and firm-wide strategy that is inclusive of our leading investment strategists, economists, and portfolio risk specialists. You benefit from the collective wisdom of both your Investment Counsellor’s personal insight and RBC Wealth Management.
Leading money management: Access award-winning RBC Global Asset Management 1 products, plus carefully selected third-party investment managers, and market-leading private equity/alternative managers.
Family wealth stewardship: Enjoy preferred access to our in-house team of 250+ tax, legal and financial experts. Your wealth management strategy encompasses tax, retirement, succession and estate planning. We also collaborate closely with your other trusted advisors to deliver a truly integrated experience.
Peace of mind: Your aspirations. Your family. Your security. Your health and well-being. What’s important to you is important to us so we always keep your priorities top of mind when managing your investments and wealth. Further proof of our commitment is through our partnership offers such as wellness services from health care providers.
Learn more by visiting RBC Wealth Management .
* The Private Investment Counsel service is a discretionary portfolio management service offered by HSBC Private Investment Counsel (Canada) Inc. (HPIC). Under this discretionary service, assets of participating clients will be invested by HPIC or its delegated portfolio manager, HSBC Global Asset Management (Canada) Limited (AMCA), in securities, including but not limited to, stocks, bonds, mutual funds, pooled funds and derivatives. Commissions, management fees, custodial fees and expenses all may be associated with the use of the Private Investment Counsel service. Neither the Private Investment Counsel service nor any of the securities purchased as part of the Private Investment Counsel service are guaranteed or covered by the Canada Deposit Insurance Corporation, HSBC Bank Canada, or any other investor protection fund or deposit insurer. The value of an investment in or purchased as part of the Private Investment Counsel service may change frequently and past performance may not be repeated. HPIC is a wholly owned subsidiary of, but separate legal entity from, HSBC Bank Canada and provides its services in all provinces of Canada, except Prince Edward Island. AMCA is a wholly owned subsidiary of, but separate entity from, HSBC Bank Canada. Full terms and conditions are available at hsbc.ca/importantinformation. Portfolio Management for the Private Investment Counsel service is provided by HSBC Global Asset Management (Canada) Ltd. Private Wealth Planning services are offered through HSBC Private Investment Counsel (Canada) Inc. (HPIC), a wholly owned subsidiary of, but separate legal entity from, HSBC Bank Canada and provides its services in all provinces of Canada, except Prince Edward Island. 1 RBC Global Asset Management Inc. earns 11 Refinitiv Lipper Fund Awards 2022 Canada for investment excellence. RBC Phillips, Hager & North Investment Counsel Inc. and RBC Royal Bank of Canada are separate legal entities that are affiliated. RBC Phillips, Hager & North Investment Counsel Inc. is a member company under RBC Wealth Management, a business segment of Royal Bank of Canada. ® / ™ Trademark(s) of Royal Bank of Canada. RBC and RBC Wealth Management are registered trademarks of Royal Bank of Canada. Used under licence. © RBC Phillips, Hager & North Investment Counsel Inc. 2023. All rights reserved.
RBC offers two core digital business banking platforms and a suite of solutions designed to support businesses at every stage of growth. You will be invited to enrol onto an RBC digital business banking platform suitable to the needs of your business and your current digital products, services and user profile.
I'm a financial planner — I have 4 tips for my business owner clients looking to open a business bank account
Our experts choose the best products and services to help make smart decisions with your money ( here's how ). In some cases, we receive a commission from our partners ; however, our opinions are our own. Terms apply to offers listed on this page.
- Legally protecting yourself in case of an audit is the No. 1 reason to use a business bank account.
- Different banks will offer different levels of convenience, and they'll come with different fees.
- Fraud detection and other security features are especially important for protecting your business.
When starting a business, it can be overwhelming thinking about all the things you need to do and consider. However, it is essential that you do not overlook the value of opening a business bank account — usually both a business checking account and a high-yield business savings account .
As a CPA and financial planner, one of the first things I tell all my business owner clients to do is to keep their personal and business transactions separate. While there are a multitude of reasons you should have a separate bank account for your business, legal protection is certainly the most important.
If you experience an audit, it is important to have an easy way to track your business expenses and income. When business finances are commingled with personal finances, it becomes nearly impossible to provide a clear financial trail.
When choosing a business bank account, there are several important factors to consider. Here are four things I tell my business owner clients to consider when choosing a business bank account.
1. Access to banking services and customer service
When it comes to running a business, a variety of banking services can help you effectively manage your business finances. Beyond just opening a business bank account, you want to ensure that the financial institution you choose can provide access to services such as a checking account, savings account, business loans , wire transfers, fraud prevention services, a notary, checkbooks, business credit cards , online and mobile banking, and bill payment services.
If you want more one-on-one attention from a banker, consider opening an account with your local bank or credit union. You may also prefer a physical branch if you plan to make daily deposits or withdrawals of cash or checks.
This may be more challenging to do with an online bank. Many online banks may offer deposits and withdrawals, but their ATM network may not be as large as a well-known brick-and-mortar bank. For this reason, some small business owners open an account at their local bank where they have their personal accounts and know the level of customer service they will receive.
Consider opening your business checking and savings accounts at different financial institutions so that you can have access to both better banking services at a physical branch and higher interest rates at an online bank.
2. Terms and fees (including minimum balance)
The fees associated with business bank accounts can vary widely depending on the financial institution. Some of the most common fees to be aware of include monthly maintenance fees, overdraft fees , wire transfer fees, minimum balance fees, and ATM fees.
You may find that online banks charge fewer fees than brick-and-mortar banks, but you must consider this in conjunction with the other features.
Seek an account with reasonable fees that can accommodate your business.
3. Ease of paying contractors
Some business bank accounts, especially online accounts, offer free invoicing and bookkeeping software/features.
If you use accounting software (such as QuickBooks) to manage your business finances, accessing a business bank account that offers integration features may be desirable. Trust me, this will make your or your accountant's life much easier.
In addition, some accounts allow integrations with payroll and tax preparation software. This will help to make the process of paying contractors with 1099s more seamless.
4. The bank's security offerings
One of the most important things you should consider when choosing a business bank account is security. There are certain features that you want to look for to make sure your account is protected.
First, you want to make sure that the bank you choose is FDIC-insured (or NCUA-insured if a credit union). In addition, you want to make sure that the institution has additional layers of security such as multi-factor authentication and fraud detection services, which include account monitoring and alerts for suspicious activity.
Ensure that whatever bank you choose offers the best security features to protect your business from fraud.
When choosing a bank account, consider all the various banking features offered by different financial institutions to find the one that best suits your business's financial needs. Also, remember that your decision is not permanent. It is easy to switch banks if necessary.
Watch: The 3 most important things you need to know about starting a business
- Main content
Top headlines: Globalive to acquire Wealth One Bank of Canada
The latest business news as it happens
Article content
Today’s headlines, top headlines: globalive to acquire wealth one bank of canada back to video.
- Canada job gains double forecasts but wage growth cools
- ‘A time of crisis’: Here’s what you need to know about the Bell Canada layoffs
- Spillover effect from strong U.S. economy could boost Canadian mortgage rates
- FP Answers: What are better ways for my 15-year-old son to invest than risky crypto and tech?
Globalive’s Lacavera says deal in place to acquire Wealth One Bank of Canada
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, Victoria Wells and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
Sign In or Create an Account
Globalive Capital Inc. founder Anthony Lacavera says the investment firm has entered into an agreement to acquire Wealth One Bank of Canada .
He says by email that the proposed transaction is pending all regulatory and government approvals.
The Globe and Mail first reported on the bid, saying Lacavera had raised $51 million for a consortium bid to take a 54-per-cent stake in the bank, which has been subject to federally imposed national security conditions.
Lacavera told The Canadian Press that Globalive is looking to make the acquisition because the firm sees a long-term opportunity to provide Canadians more choice in banking services, and that it plans to bring the same challenger approach it took in the telecom industry.
Through Globalive, Lacavera founded wireless carrier Wind Mobile in 2008, which was sold to Shaw Communications for $1.6 billion in 2016.
Wealth One Bank of Canada was founded in 2016 and, as of November, had a little over $600 million in assets according to the latest filings with the Office of the Superintendent of Financial Institutions.
— The Canadian Press
Market close: TSX rises, U.S. stock markets mixed as S&P 500 posts new record
Canada’s main stock index posted a modest gain, while U.S. markets were mixed but the S&P 500 surpassed 5,000 points for the first time.
The S&P/TSX composite index closed up 89.96 points at 21,009.60.
In New York, the Dow Jones industrial average was down 54.64 points at 38,671.69. The S&P 500 index was up 28.70 points at 5,026.61, while the Nasdaq composite was up 196.95 points at 15,990.66.
The Canadian dollar traded for 74.28 cents U.S., according to XE.com, compared with 74.26 cents U.S. on Thursday.
The March crude contract was up 62 cents at US$76.84 per barrel and the March natural gas contract was down seven cents at US$1.85 per mmBTU.
The April gold contract was down US$9.20 at US$2,038.70 an ounce and the March copper contract was down two cents at US$3.68 a pound.
Enbridge says it could benefit from Trans Mountain pipeline delay
Enbridge Inc. could benefit from increased volumes on its Mainline oil pipeline network if the startup of the Trans Mountain pipeline expansion is significantly delayed, the Calgary-based energy infrastructure firm said Friday.
Breaking business news, incisive views, must-reads and market signals. Weekdays by 9 a.m.
- There was an error, please provide a valid email address.
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
A welcome email is on its way. If you don't see it, please check your junk folder.
The next issue of Posthaste will soon be in your inbox.
We encountered an issue signing you up. Please try again
Enbridge, like the rest of Canada’s energy sector, has been closely watching the latest developments with the Trans Mountain project. The high-profile pipeline expansion will increase Trans Mountain’s capacity from 590,000 barrels per day to a total of 890,000 barrels per day, creating new oil shipping competition for Enbridge and its Mainline system, but the project has been marred by delays and construction cost increases.
Most recently, Trans Mountain Corp. announced it has run into new construction challenges in B.C. that will delay the pipeline’s expected first quarter startup until sometime in the second quarter of this year.
Colin Gruending, president of Enbridge’s liquids pipelines business, said Friday the company has been assuming an April 1 in-service date for Trans Mountain. He said if that date is pushed back, Enbridge will likely see a small boost in shipping volumes.
“To the extent it (Trans Mountain) is delayed, that’s a slight tailwind,” Gruending told a conference call to discuss Enbridge’s fourth-quarter earnings.
“We believe we’re going to be substantially full anyway, so a slight delay doesn’t provide a massive increase for us. But there is some upside to that.”
Midday markets: TSX edges higher
Strength in technology stocks helped Canada’s main stock index edge higher in late-morning trading, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 5.09 points at 20,924.73.
In New York, the Dow Jones industrial average was down 80.38 points at 38,645.95. The S&P 500 index was up 15.44 points at 5,013.35, while the Nasdaq composite was up 148.50 points at 15,942.22.
The Canadian dollar traded for 74.28 cents U.S. compared with 74.26 cents U.S. on Thursday.
Stock markets inch higher at the open, S&P 500 hits 5,000
Wall Street got a bit of encouragement after an uneventful U.S. inflation revision lifted stocks, with investors now shifting gears to next week’s data for clues on the Federal Reserve’s rate path.
The S&P 500 topped 5,000. Treasury yields briefly fell in the immediate aftermath of the consumer-price index revision, but reversed that move and pushed slightly higher. The dollar fluctuated.
U.S. inflation was about the same at the end of last year as initially reported after incorporating annual revisions. Consumer prices excluding food and energy items rose at a 3.3 per cent annualized rate in the final three months of 2023 — matching the previous reading, government data showed. Revisions to the headline figure were also minimal, though December’s monthly increase was marked down to a 0.2 per cent advance instead of 0.3 per cent.
“Much ado about nothing,” said Paul Ashworth at Capital Economics. “The annual revision to the seasonal factors used to generate the seasonally adjusted CPI data turned out to be a damp squib, with the new factors almost identical to the old ones. The lack of any meaningful change this year, at the margin at least, supports an earlier May rate cut.”
The S&P/TSX composite index ticked up 0.02 per cent.
— Bloomberg
First Bank of Canada interest rate cut seen in June after strong jobs report: RBC
The Bank of Canada will likely make its first interest rate cut in June after jobs data for January came in stronger than expected, the Royal Bank of Canada says.
The economy unexpectedly added 37,000 jobs last month and the unemployment rate ticked down to 5.7 per cent from 5.8 per cent. Hours worked also increased and wages grew 5.3 per cent year over year.
Royal Bank economists had expected employers to have added 10,000 jobs and for the unemployment rate to increase to 5.9 per cent.
The employment report is known to be volatile, but RBC said Friday’s data was “firm.” The data suggests the Canadian economy grew early in 2024 and supports evidence of a rebound in the housing market. As a result, a stronger than expected showing by both the Canadian and United States economies points to interest rates staying higher for longer, the bank said.
“Stronger than feared economic data both in Canada and abroad are leaving central banks with flexibility to be patient before starting to ease off the monetary policy brakes,” Nathan Janzen, assistant chief economist at RBC said in a note.
“The data today will reinforce that near-term interest rate cuts from the Bank of Canada are unlikely.”
RBC’s base case is for an interest rate cut in June, he said.
— Financial Post
Canada adds 37,000 jobs in January, unemployment rate falls to 5.7%
The Canadian economy added 37,000 jobs in January and the unemployment rate fell to 5.7 per cent, Statistics Canada said Friday.
It marks the first decline in the unemployment rate since December 2022.
Employment rose across several sectors in January, led by wholesale and retail trade as well as finance, insurance, real estate, rental and leasing.
Meanwhile, accommodation and food services saw the largest employment decline.
Workers’ wages, which have been growing rapidly as Canadians seek compensation for inflation, rose 5.3 per cent from a year ago.
Economists at the Royal Bank of Canada had expected employers to add 10,000 jobs.
— The Canadian Press, Financial Post
Read the full story here.
Indigo revenues dive in ‘disappointing’ earnings report
Indigo Books & Music Inc. says it earned $10 million in the latest quarter, down from $34.3 million a year earlier.
The retailer said revenues for its third quarter ended Dec. 30 were $370.6 million, down from $422.7 million during the same quarter in 2022. Earnings per diluted share were 35 cents, down from $1.22.
Indigo said disruptions throughout 2023, including a ransomware attack, negatively affected its results, particularly in e-commerce, which underperformed compared to retail.
The company said it also saw consumers show increasing price sensitivity amid economic headwinds, with increased penetration of promotions and discounts.
Chief executive Heather Reisman said in a press release that the results were “disappointing” and said the retailer is “deeply and effectively engaged in a turnaround.”
The company recently received a proposal to take the retailer private from a pair of companies owned by controlling shareholder Gerald Schwartz.
Stock markets before the opening bell
Global markets were treading water on Friday before the release of U.S. inflation data that could shift the narrative of the U.S. Federal Reserve’s fight against inflation.
The U.S. is expected to release its annual revisions to its consumer price index at 8:30 a.m. New York time. Last year, the update was significant enough to cast doubt on overall inflation progress and traders were speculating again that the recalculations might sway views over when the Federal Reserve will cut interest rates.
“This could have important implications for the Fed,” wrote analysts at Rabobank in a research note. “It could increase or decrease the confidence that the FOMC has in a sustainable return to two per cent inflation.”
Europe’s Stoxx 600 and U.S. stock-index futures were little changed. Ten-year Treasuries held steady, leaving their yield up about 15 basis points in the past five days. The next key data point will be the regular U.S. inflation print due Tuesday.
What to watch today
Economic Development Minister Mary Ng and the executive vice-president and European Commissioner for Trade, Valdis Dombrovskis, will speak at the fourth Joint Committee of the Canada European Union Comprehensive Economic and Trade Agreement (CETA) held in Brussels.
Jobs numbers for January will be released this morning, along with the Bank of Canada senior loan officer survey for the fourth quarter.
Companies reporting earnings today include Enbridge Inc., Telus Corp., Magna International Inc. and PepsiCo Inc.
Need a refresher on yesterday’s top headlines? Get caught up here.
Additional reporting by The Canadian Press, Associated Press and Bloomberg
Bookmark our website and support our journalism: Don’t miss the business news you need to know — add financialpost.com to your bookmarks and sign up for our newsletters here .
Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. Comments may take up to an hour for moderation before appearing on the site. We ask you to keep your comments relevant and respectful. We have enabled email notifications—you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. Visit our Community Guidelines for more information and details on how to adjust your email settings .
What you should be doing for your 2023 tax return right now
Telecom competition is ramping up in canada, why market bets on interest rate cuts are slipping, how to build a retirement 'paycheque' to replace your work paycheque, relying on cra's auto-fill can be costly as tax case over missing income shows.
This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here . By continuing to use our site, you agree to our Terms of Service and Privacy Policy .
RBC unit City National Bank cuts nearly 100 jobs after financial losses
Reporting by Nivedita Balu in Toronto and Angela Christy in Bengaluru; Editing by Sherry Jacob-Phillips
Our Standards: The Thomson Reuters Trust Principles. , opens new tab
U.S. FDA approves AstraZeneca's Tagrisso-chemo combo
A combination of AstraZeneca's blockbuster cancer drug Tagrisso with chemotherapy to treat a type of lung cancer has been approved by the U.S. Food and Drug Administration (FDA), the company said in a statement on Friday.
We've detected unusual activity from your computer network
To continue, please click the box below to let us know you're not a robot.
Why did this happen?
Please make sure your browser supports JavaScript and cookies and that you are not blocking them from loading. For more information you can review our Terms of Service and Cookie Policy .
For inquiries related to this message please contact our support team and provide the reference ID below.
IMAGES
COMMENTS
Provides a roadmap. A business plan requires you to be thoughtful about the direction of your business, consider the goals most important to you and how you will achieve them. Think of it as your step-by-step guide for success! Reveals gaps or risks you need to address.
View Details Accounts Credit Cards Loans Payments Contact a Business Specialist or 1-800-769-2520 Starting Your Business RBC can help you bring your business idea to life with the tools and advice you need to succeed, like our steps to Starting a Business. Explore Starting a Business Already a Business Owner? Grow Your Business Manage Your Business
Your business plan should include the following: An executive summary The current business environment An outline of your marketing and pricing strategies A description of how your business will operate Details of your financing and cash flow needs A description of your team (even if it's just you) Any risks and how you'll protect your business
Create your business plan with the RBC Business Plan Template. Validate Your Business Idea Create a Business Plan Determine Start-up Cost & Working Capital Decide on a Pricing Strategy Choose a Business Structure Explore Business Financing Launch Getting Ready—the Launch Stage
Business Accounts Overview Need help finding the right account? Help Me Choose Back Continue Products and Services to Meet Your Business Banking Needs Manage cash flow, make and accept payments, and more with an RBC business account for your sole proprietorship, small business or corporation. All Business Accounts Chequing Accounts Savings Accounts
Find a Branch. Call 1-800-769-2511. Email. English (Canada) Français (Canada) My Money Matters / Business / Managing Your Business / Business Planning.
We have different options available for business online banking 1 Choose the one thats right for you. RBC Online Banking for Business Bank according to your schedule while managing your finances with clarity. Review your accounts, pay bills, transfer funds and file government remittances all in one place. Discover RBC Online Banking for Business
RBC has many business banking options for companies of all sizes and also offers products and services that may be useful as your business grows. Pros Large variety of account options...
Set up Telephone Banking so you can check balances, search for specific transactions and more. Sign in to U.S. Online Banking. Click "Profile and Preferences". Click "Set Up Telephone Banking". Need assistance? Call your Relationship Manager at 1-888-380-8749 weekdays from 8:00 a.m. to 5:00 p.m. Eastern time.
Thanks for choosing RBC Royal Bank for your new business account. If you have your business and personal information ready, you can open your new account online in just a few minutes. ... *Some clients will have to get their business account number at their RBC branch or by meeting with an advisor. Please note, this online application will be ...
Learn How the Canada Small Business Financing Program Can Help Grow Your Business. Find a Branch. Call 1-800-769-2511. In some cases, coming up with the idea or business concept may be the hardest part. It's not necessarily important why you've made the decision to be an entrepreneur, but rather what you intend on doing with it.
100 Monthly debits Unlimited Transfers Remote Deposits & payments View More Features Talk to your RBC Royal Bank Business Account Manager for more information. U.S. Business Money Market Savings 14 Earn interest on your surplus business funds and enjoy easy access to your money. 6 Withdrawals Interest Earned on balances $5
Published August 16, 2023 • 3 Min Read No matter the type or size of your business, the path to financial success begins with smart business banking. From legal protections to accurate financial records, easier auditing, and more, here are the key benefits of separating business from personal banking in Canada: Legal protection
At RBC Wealth Management, our commitment to helping clients reach their financial goals is at the heart of everything we do. As part of our team, you'll earn more than financial rewards. You'll receive career-advancing training, flexible benefits and a wealth of opportunities—in an environment that values diversity, inclusion and ...
Business bank accounts at Canada's major banks come with monthly fees, low or no included free transactions per month, and no interest or rewards on balances and spending. RBC and BMO offer a discounted or no-monthly-fee option for digital accounts, with unlimited free electronic transactions.
Not only does RBC have multiple budget-friendly, high-value business banking options, they also provide a wide selection of amazing resources for business owners. From detailed guides on starting and growing your business, to online tools like their startup cost calculator and business plan builder , RBC has everything you need to start a ...
We tested different options from TD, RBC, CIBC, BMO, Scotiabank, NBC, Desjardins and other financial institutions to find the best business checking account. The lack of accounts designed for online banking is shocking, but we still managed to find 3 great checking accounts for the digital age.
RBC offers a range of options, so you can be confident there's an RBC bank account that's suited to the unique needs of your business. When you register for any RBC business account with Ownr, you'll also receive up to $300 back just by opening the account. We've broken down the benefits of each here to make choosing a bank account easy ...
Key Features of the RBC US Dollar Business Account. The RBC US Dollar Business Account comes with a range of features tailored to the needs of international businesses, which include¹: Flexible banking: Enjoy in-person banking and 24/7 online banking. Reduced currency risks: Hold your balances in USD and avoid foreign exchange fees.
Alterna Bank also offers a free Business Account if your balance is above $3000 https://www.alternabank.ca/business The accounts from BMO and RBC only offer unlimited electronic transactions, but their definition of electronic is quite limited: it doesn't include Interac etransfers, or EFT payments for example.
Business Continuity Plan. To our Clients and Prospective Clients: RBC Capital Markets, LLC ("RBCCM LLC" or the "Firm") is committed to protecting its employees, clients and their assets at all times, including during emergencies or significant business disruptions. The Firm's Enterprise Business Continuity Program has been developed ...
Your Business Banking, Financing and Payment Needs Are Important to Us Over the coming months, you will be receiving details about the migration of your HSBC Bank Canada and its subsidiaries * products and services to Royal Bank of Canada (RBC) or its subsidiaries, which will occur upon completion of the acquisition by RBC of HSBC Bank Canada.
Business Continuity Plan. RBC Capital Markets, LLC (the "Firm") is committed to protecting its employees, clients and their assets at all times, including in times of emergency. As part of this commitment, and in compliance with the internal Enterprise Business Continuity Management policy and industry regulations (FINRA, NFA, et al), the ...
Beyond just opening a business bank account, you want to ensure that the financial institution you choose can provide access to services such as a checking account, savings account, business loans ...
Royal Bank economists had expected employers to have added 10,000 jobs and for the unemployment rate to increase to 5.9 per cent. The employment report is known to be volatile, but RBC said Friday's data was "firm." The data suggests the Canadian economy grew early in 2024 and supports evidence of a rebound in the housing market.
The co-founder of Access Bank, one of the largest banks in Nigeria, was among six people killed in a helicopter crash in California on Friday. Herbert Wigwe, his wife, son, and a former president ...
Feb 14 (Reuters) - City National Bank, the American unit of Royal Bank of Canada , opens new tab, has cut around 100 jobs after recent financial losses, management changes and a regulatory fine of ...
Barclays has announced it will no longer provide direct funding for new oil and gas projects. The banking giant also says it will restrict lending to energy businesses that plan to expand their ...
The Bank of Canada is likely to wrap up its quantitative tightening program as early as April, sooner than policymakers had previously indicated, according to RBC Capital Markets strategists.