Best business accounts for LLC and Corporations in Canada
Snapshot
Canada does not have an LLC. The equivalent is an incorporated company, federal or provincial. A corporation needs an account in the company name, opened with incorporation documents and a business number, so account choice turns on transactions, cash, lending and any cross border payments.
Suits incorporated companies best
Full service or spend management accounts
Typical monthly fee
Free to about 100 dollars a month
Non resident position
Harder for non resident directors, often needs in person checks, verify with the provider
Providers that fit
Several
Fees and features as of 14 May 2026Last reviewed 14 May 2026
General information, not financial, legal, or tax advice. Verify current terms and eligibility with the provider before applying.
As of 14 May 2026, note first that Canada does not have an LLC. A company seeking limited liability incorporates federally or provincially and opens the account in the corporation name. For day to day banking, the RBC Digital Choice Business Account at 6 dollars a month gives branches, lending and unlimited electronic transactions. Float, a Canadian platform, pairs corporate cards and spend controls with a no monthly fee account on its Essentials plan and does not require a personal guarantee, which suits a funded company managing team spend. A corporation that pays suppliers or staff abroad may add a multi currency account such as Wise Business. Compare on transactions, card and spend needs, lending and cross border payments, then confirm current terms with the provider.
What incorporated companies in Canada need from a business account
Canada has no limited liability company. A business that wants limited liability incorporates federally under the Canada Business Corporations Act or provincially, and the bank account is opened in the corporation name rather than a personal name. To open it a corporation usually provides its Certificate and Articles of Incorporation and its Canada Revenue Agency business number, and the bank verifies the directors and signing officers. From there the priorities are ordinary business banking ones: the monthly plan and included transactions, cash handling, a corporate card and spend controls, lending, and the cost of any cross border payments. Match the account to how the company spends and gets paid, as of 14 May 2026.
R
RBC Business
Full service big bank with branches, lending and cash handling for incorporated companies.
Compare accounts for incorporated companies in Canada
These providers accept business customers in Canada. Fees and eligibility shown as of 14 May 2026. Confirm current terms with the provider before applying.
Questions about banking for LLC and Corporations in Canada
Does Canada have LLCs?
No. Canada does not have a limited liability company. A business that wants limited liability incorporates federally under the Canada Business Corporations Act or provincially, which creates a corporation. United States LLC owners doing business in Canada usually register or incorporate here. This is general information, so confirm your structure with a lawyer or accountant, as of 14 May 2026.
What documents does a corporation need to open an account in Canada?
Banks generally ask for the Certificate and Articles of Incorporation, the Canada Revenue Agency business number, and identification for the directors and signing officers. Some accounts can be opened online, while others need a branch visit. Requirements vary by bank, so confirm the current list with the provider, as of 14 May 2026.
What account suits a corporation in Canada?
A company that values branches and lending may prefer a big bank account such as RBC Business, while a funded company managing team spend may prefer a platform such as Float that pairs corporate cards with a no monthly fee account. A corporation paying abroad may add a multi currency account such as Wise Business. The best fit depends on the company. Verify with the provider, as of 14 May 2026.
Can a foreign owned corporation open an account in Canada?
It is harder. Banks often require the company to be registered or incorporated in Canada and may ask a director or signing officer to complete identity checks in person at a branch. The position varies by bank and is unclear without checking. Verify with the provider, as of 14 May 2026.
Fees, features, and eligibility change and vary by region. This page was last reviewed on 14 May 2026. Confirm current terms with the provider before applying.