Question 1

How do I open a business account?

Accepted Answer

There are a few easy ways to open a business account with RBC:

Online: For business chequing accounts, you can open your account online in less than 15 minutes.
By Phone: Call 1-866-864-7929
In Person: Find a branch

Question 2

Can I open a business bank account online?

Accepted Answer

You can open select RBC business accounts online in less than 15 minutes—including the RBC Digital Choice Business Account, RBC Flex Choice Business Account and RBC Ultimate Business Account. Once you complete your application, you'll automatically receive your business bank account number. However, you'll need to visit a branch to verify your identity and activate your account.

Question 3

What do I need to open a business bank account?

Accepted Answer

Whether you choose to open a business account online, by phone or in person, you'll need to bring the following information to an RBC branch to verify your identity:

One of three Government-issued IDs, such as a Canadian Passport, Canadian Driver's Licence or Canadian Permanent Resident Card
A business registration document, such as Articles of Incorporation, Certificate of Existence or Master Business License

Need to register or incorporate? RBC and Ownr* have teamed up to help you register and incorporate your business for less. Learn more.

*Ownr is a business of RBC Ventures Inc., a subsidiary of Royal Bank of Canada

Question 4

How much do I need to open a business account?

Accepted Answer

There's no minimum balance required to open or maintain most RBC business accounts. With a Royal Business Premium Investment Account, a minimum balance of $100,000 is required to earn interest.

Question 5

Can I use my personal bank account for business?

Accepted Answer

Using a personal account for your business is not recommended. If you plan to incorporate your business, the business will be considered a separate legal entity and you will need to have a business bank account. At RBC, we require even a sole proprietor operating under their own name to have a business bank account.

Here are a few ways a business bank account can help you:

Show suppliers, vendors, investors and customers that your business is legitimate
Track and control your business expenses and keep them separate from personal transactions for convenient bookkeeping
Easily send and receive business-related payments—for example, pay bills, deposit funds and send transfers
Simplify your tax filing at the end of the year with all your business transactions in one place—plus, you can deduct business account fees as a business expense
Access exclusive services and offers available only to RBC business clients
May help you qualify for a business credit card if and when you need one

There's no minimum balance needed to open most RBC business bank accounts and your account could include a higher overdraft limit than your personal account.

Question 6

Do I need a business bank account?

Accepted Answer

A business is considered a separate legal entity that requires a business bank account. At RBC, this also applies to a sole proprietor operating under their own name.

It's smart to have a business account for several reasons:

Show suppliers, vendors, investors and customers that your business is legitimate
Track and control your business expenses and keep them separate from personal transactions for convenient bookkeeping
Easily send and receive business-related payments—for example, pay bills, deposit funds and send transfers
Simplify your tax filing at the end of the year with all your business transactions in one place—plus, you can deduct business account fees as a business expense
Access exclusive services and offers available only to RBC business clients
May help you qualify for a business credit card if and when you need one

There's no minimum balance needed to open most RBC business accounts and your account could include a higher overdraft limit than your personal account.

Question 7

Do I need a business bank account if self-employed?

Accepted Answer

At RBC, we require a sole proprietor operating under their own name to have a business account. Other financial institutions may only require you to have a business bank account if you operate under a business name.

Keep in mind that a business account is useful if you are self-employed because it helps you to keep your business and personal transactions separate. Plus, you may benefit from unlimited deposits offered by many business accounts. There are other benefits as well, such as:

Low monthly fees starting at $5/month for the RBC Digital Choice Business Account
Simplify your tax filing at the end of the year with all your business transactions in one place
Deduct business account fees as a business expense
Access exclusive services and offers available only to RBC business clients
Show suppliers, vendors and customers that your business is legitimate

Question 8

Do I need a business bank account for a sole proprietorship?

Accepted Answer

At RBC, we require a sole proprietor operating under their own name to have a business account. Other financial institutions may only require you to have a business bank account if you operate under a business name.

Keep in mind that there are several benefits to having a business account as a sole proprietorship:

Show suppliers, vendors and customers that your business is legitimate
Track and control your business expenses and keep them separate from personal transactions for convenient bookkeeping
Easily send and receive business-related payments—for example, pay bills, deposit funds and send transfers
Simplify your tax filing at the end of the year with all your business transactions in one place—plus, you can deduct business account fees as a business expense
Access exclusive services and offers available only to RBC business clients
May help you qualify for a business credit card if and when you need one

There's no minimum balance needed to open most RBC business accounts and your account could include a higher overdraft limit than your personal account.

Question 9

What is commercial banking?

Accepted Answer

Commercial banking refers to all the banking services tailored to help grow and optimize businesses by facilitating things like term loans, lines of credit, deposit accounts, payment processing, trade, foreign exchange and other business solutions. A commercial or business bank account can help you separate your business and personal finances; show suppliers, vendors and customers that your business is legitimate; and help your business build credit.

Question 10

Do business bank accounts earn interest?

Accepted Answer

It depends on the type of business bank account you have. With a Royal Business Premium Investment Account or an RBC Business Essentials Savings Account, you can earn interest on the funds in your account and enjoy easy access to your cash. Our AgriInvest Account for eligible agricultural clients and Business Trust Account also earn interest.

Question 11

Are business accounts covered by CDIC?

Accepted Answer

Yes, RBC is a member of Canada Deposit Insurance Corporation (CDIC), so you can feel confident that your money is secure.
Learn more about CDIC coverage

Question 12

Do I need a business account for my small business?

Accepted Answer

Yes—even a small business is considered a separate legal entity that requires a business bank account. At RBC, this also applies to a sole proprietor operating under their own name.

There's no minimum balance needed to open most small business accounts at RBC and your account could include a higher overdraft limit than your personal account.

Question 13

Does RBC offer small business bank accounts?

Accepted Answer

Yes! RBC has several accounts that may be right for your small business, including:

Chequing accounts for everyday business needs
Saving accounts, where you could earn interest on available cash
Business trust accounts, which are ideal if you are holding money for clients
Foreign currency accounts to help you handle cash from other countries

Question 14

Which business account is the best for small business?

Accepted Answer

It depends on your needs. At RBC, our most popular small business account is the Digital Choice Business Account, which is a chequing account that can help you save time and money if you do most of your business banking online. We also offer savings, business trust and foreign currency accounts.

Question 15

Can I open a small business account online?

Accepted Answer

Yes! You can open select RBC small business accounts online in less than 15 minutes. You will need your business registration document, such as Articles of Incorporation, Certificate of Existence or Master Business License.

Once you complete your application online, you'll automatically receive your business bank account number. However, you'll need to visit a branch to verify your identity and activate your account.

Question 16

How do I open a small business bank account?

Accepted Answer

Opening a small business account at RBC is easy:

To open a business account, you will need your business registration document, such as Articles of Incorporation, Certificate of Existence or Master Business License.

Question 17

Can I open a business account as a sole proprietor?

Accepted Answer

Yes! In fact, at RBC, we require a sole proprietor operating under their own name to have a business account. Other financial institutions may only require you to have a business bank account if you operate under a business name.

To open a business account for your sole proprietorship, you will need your business registration document, such as Articles of Incorporation, Certificate of Existence or Master Business License.

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