How to Open a Corporate Bank Account in Canada: Documents, Banks, and Why Applications Get Rejected

You've incorporated. Congratulations — now you need somewhere to put the money. Opening a corporate bank account is legally distinct from your personal banking, and it's not optional: mixing corporate and personal funds is one of the fastest ways to undermine the liability protection you just paid for. Here's exactly how to get it done in one visit.

Why You Can't Just Use Your Personal Account

Your corporation is a separate legal person. Money it earns belongs to it, not to you, until it's formally paid out as salary, dividends, or repayment of a shareholder loan. Running corporate revenue through a personal account creates three problems: it blurs the "corporate veil" that protects your personal assets, it makes your bookkeeping (and your CPA's job) dramatically harder, and it raises flags with the CRA during a review.

The Documents Every Bank Will Ask For

Requirements vary slightly by institution, but expect to bring all of the following:

• Certificate of Incorporation — the government-issued proof your corporation exists.
• Articles of Incorporation — the banks read these to confirm share classes and any restrictions.
• Corporate name and registered address — must match your filings exactly.
• CRA Business Number (BN) — most banks ask for it; federal corporations receive one automatically.
• Photo ID for every director and signing officer — two pieces for each person, at least one government-issued.
• Details of shareholders holding 25% or more — banks are required to identify beneficial owners under anti-money-laundering rules.

Some banks also ask for a banking resolution — a director's resolution authorizing the corporation to open the account and naming who can sign on it. If you have a minute book with organizing resolutions, this is already in it. If you don't, the bank will usually have you sign their own version on the spot.

Which Bank Should You Choose?

All of the Big Five (RBC, TD, Scotiabank, BMO, CIBC) offer small business accounts, and the differences for a new corporation are mostly fees and convenience. Compare three things:

• Monthly fee vs. transaction volume — most charge $6–$35/month depending on included transactions. Early-stage corporations with few transactions can often use the cheapest tier.
• E-transfer limits and fees — if clients pay you by Interac e-transfer, check what's included.
• Where you already bank personally — same-bank relationships make transfers between your corporate account and personal account instant, which matters every time you pay yourself.

Online-first options (and credit unions) frequently offer lower fees. For most founders the honest answer is: the fee differences are small compared to the cost of your time — pick one and move on.

Why Applications Get Rejected or Delayed

1. Name mismatch. The account name must exactly match your Certificate of Incorporation — "Maple Digital Studio Inc." is not "Maple Digital Studios Inc."
2. Missing directors. Some banks require every director to be present (or to verify identity separately) before the account opens.
3. No Business Number yet. Provincial corporations sometimes arrive before their BN has been issued. Register with the CRA first.
4. Vague business description. "Consulting" with no detail can trigger extra compliance questions. Be ready to describe what the corporation actually does and where revenue comes from.

What Happens After the Account Opens

Deposit your initial share subscription (even a nominal amount like $100 for your founder shares — it should flow through the corporate account and be recorded in your minute book), connect your accounting software, and set up a separate corporate credit card if you can. From this point, the discipline is simple: everything business goes through the corporation, everything personal stays out.