The Business Account is an account to manage your business transactions, like customer payments, bill payments, and transfers—and it’s fully separate from your personal banking so it keeps your finances organized. You’re charged zero fees for your everyday transactions and you earn interest on your balance, right up until you spend it.

All EQ Bank customers must:

• Be a Canadian resident
• Meet their province’s age of majority (18 or 19 years old, depending on where you live)
• Have a Social Insurance Number (optional for incorporated businesses)
• Have authority and power to bind the business with respect to opening the account

Note: to sign up online, a Canadian mobile phone number is required.

Small business owners fall into two categories:

• Registered sole proprietor
• Corporation
  • Must be active corporation
  • You must be a majority shareholder (more than 25%), signing officer, and director

Note: Only one individual per business may open account(s). Business Account is currently not available for Quebec residents and businesses, unregistered sole proprietors, Trusts, Partnerships, or if your business is owned by another business.

Many other banks charge high fees—our account does not. Plus, it comes with a lot of benefits that are usually not seen elsewhere, including fully digital sign-up, no monthly fees, free transactions¹, no minimum balance requirements, and high interest.

It’s also a great way for you to separate your business transactions from your personal, which saves you time and makes for easier tax reporting, bookkeeping, and financial planning.

EQ Bank is a trade name of Equitable Bank. Equitable Bank is a member of the Canada Deposit Insurance Corporation (CDIC). Deposits made under EQ Bank and Equitable Bank are aggregately eligible for CDIC protection up to $100,000,Footnote^†), per insured category, per depositor, and provided such deposits are payable in Canada, as outlined in CDIC’s “Protecting your Deposits”.

For clarity, deposits made by sole proprietorships are protected. They are not considered separate and distinct from the sole proprietor (the individual). Eligible deposits under sole proprietorships are combined with those of the sole proprietor.

The Personal Account is for personal everyday banking unrelated to your business.

The Business Account is an account designed for easier management of your business finances for government and tax reporting purposes, bookkeeping, and cash flow.

Verify your information:

• Ensure information with the Business Registry is up to date.
• If applicable, ensure your EQ Bank Personal Account details, including phone number, are up to date.

Gather your documents:

Registered Sole Proprietors:

• Personal identification
• Business registration

Corporations:

• Business registration
• Director information
• Tax information (CRA Program Account Number)

These must match recent filings.

Please note: We do not currently support trusts, partnerships, charities, not-for-profit businesses, unregistered sole proprietors, or businesses owned by another business.

If you’re interested in having both a Personal Account and a Business Account, you’ll need to open the Personal Account first and use the same email address for both accounts.

Some common issues include:

• Missing or incorrect phone number in your EQ Bank Personal Account, if applicable.
• Mismatches between your application and the Business Registry (including address, BRN, Director information etc.)

Unfortunately, the Business Account is not available in the province of Quebec.