Do you need an account for small business? - A nice list | General financial discussion | Discussion forum

I run as a sole proprietor and Simplii threatened to close down my account because I use a debit card machine in business and they disallowed me to deposit it daily. I was told shut it down or they will lock my accounts.

I explained to them I operate as a sole proprietor from home under my own name but they would have no part of it.

So I tried RBC and the fees on their so called digital NO FEE account were just stupid. Then I tried CIBC and even with a business package fee there were always additional charges for source deductions or HST payments.

I ended up at Meridian Credit Union and have no fees ever if my balance is over 25k. I also opened a business savings where I keep most of the operating funds above 25k that pays .5% interest.

The thing about Meridian is it has the easiest interface I have ever seen and ever the government hst, source deductions interface is the sweetest thing I have ever used. The back end for taxes and stuff is actually run by telus (imagine that) but I have never used something so slick and easy in all my life.

Here is a great articles which talks about small business account options
https://ontariobusinessgrants.com/financing/best-small-business-bank-account-canada/#:~:text=and%20month%2C%20though.-,Motusbank,proprietorships%20can%20use%20these%20efficiently.

The only problem with that article is they are missing Meridian CU which I find disappointing. Instead they mention Motus and I'm pretty sure Motus would shut down anything with business.

That said when you open a new account at motus it asks you if you are opening for business or personal so maybe they do allow a sole proprietor using their own name. That will bear further investigation.