Business accounts: Canada

Updated 6 October 2026

An honest assessment before work starts, the quote is fixed in writing.

A company account in Canada is needed if the business works with Canadian clients, hires in the country or earns revenue in Canadian dollars. Canadian banks are supervised by the Office of the Superintendent of Financial Institutions, and deposits are protected by the Canada Deposit Insurance Corporation up to CAD 100,000, about $70,162, per depositor per eligible category at one bank.

What the bank checks

the corporation's registration, federal or provincial, and its Canada Revenue Agency business number;
all owners with 25% or more and anyone controlling the company otherwise: banks must identify them under Canada's financial intelligence rules;
the register of individuals with significant control: federal corporations keep it and since January 2024 file it with a public registry;
activity, turnover, partner countries and source of capital.

Company taxes

Federal corporate tax is 15%, plus provincial tax. The reduced 9% federal small business rate applies only to Canadian-controlled private corporations, so a foreign-owned company usually pays the general rate. Federal sales tax is 5%, harmonised with provincial tax in some provinces.

Why applications are refused

the company has no real link to Canada: clients, staff or office;
beneficial owners are not disclosed;
the source of funds is unproven;
links to sanctioned countries.

Dollar amounts use the European Central Bank rate of 5 October 2026, rounded up.

Business in Canada and the company account

The account is opened for a Canadian corporation, federal or provincial; the company receives a business number from the Canada Revenue Agency. There is no separate visa for opening an account, and the former start-up visa for foreign founders is closed to new applications, so moving with a business is planned through other programs. Canadian banks expect real activity: clients, contracts, staff or an office in Canada.

How opening the account works

Incorporation documents, business number, ownership up to the ultimate beneficial owners.
A business description, expected turnover, counterparty countries and source of capital.
An in-person meeting with the director or signatory.

Taxes and residency rules are on our Canada taxes page.

What we do

Corporate account - opening assistance

FAQ

Can a non-resident open a business bank account in Canada?

On paper yes, if the company is incorporated in Canada and there is a signatory the bank can identify. In practice the major banks nearly always want a director to show up at a branch in person and want to see a real link to Canada - customers, suppliers, an office. Fully remote corporate onboarding for foreign owners is rare.

Do I need a Canadian resident director?

It depends on where you incorporate. A federal CBCA corporation must have at least a quarter of its directors resident in Canada, while several provinces, including British Columbia and Ontario, have no director residency requirement at all. The bank looks past the legal minimum at who actually runs the company and whether that person can be verified.

What does the bank ask for when opening a company account?

Incorporation documents, the ownership chain down to beneficial owners, a description of the business, expected turnover, main counterparties and the countries you will send money to. Canadian banks report to FINTRAC, so questions about source of funds and origin of capital are unavoidable. A clear business model shortens the review.

How long does it take and can the bank refuse?

Straightforward cases are decided within days of the branch meeting; layered structures with foreign owners take weeks. A bank can decline without giving a reason, and it is entitled to. Payment providers can cover some flows in the meantime, but they do not replace a full operating account.

Is there a business visa for Canada to open a company?

There is no separate visa for registering a company or opening an account, and the start-up visa for foreign founders is closed to new applications. Moving with a business is planned through other programs.

How can a foreigner launch a business project in Canada?

Register a federal or provincial corporation, get a business number from the Canada Revenue Agency and open an account, showing the bank real activity.

Will a Canadian bank open an account for your company?

We check which Canadian banks work with your structure and whether a branch visit is needed, prepare the compliance pack and guide the opening. The catalogue covers every country.

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