Overview

The Business chequing account is an interest-earning account with no monthly fees, designed for incorporated businesses. It includes many of the same features as a personal chequing account, with added functionality for business needs, like CRA payments.

Eligibility

To open a Wealthsimple corporate account, your business must:

• Be registered in Canada
• Be a Canadian-controlled private corporation or a charity/association registered with the CRA
• Have a single layer of ownership for incorporated entities
• Be an active or passive non-financial entity (it can’t be a financial institution)
• Not be a strata or condominium corporation
• Have a 9-digit federal business number

You must also be a director or owner of the business. Alternatively, you can be officially authorized to act on behalf of the business to sign agreements and handle accounts with Wealthsimple.

Before opening an account, please ensure all details with the Business Registry are up to date and accurate.

How to open a Business chequing account

You can open a Business chequing account from Wealthsimple on the web. To do so, follow these steps:

1. Log in to your Wealthsimple profile
2. From the Home page, select Add an account in the top right corner
3. Select the Corporate tab
4. Choose Business chequing from the list of available accounts
5. Follow the prompts to complete the setup process. If you have an existing corporation verified with us, you can select it. If not, you will be guided through the process of adding and verifying your corporation.

Features of the Business chequing account

Your Business chequing account comes with the following features:

• No monthly fees and the same interest-earning structure as our personal chequing accounts. Learn more about our chequing account interest rate.
• Bill Pay, including payments to the Canada Revenue Agency (CRA) for Corporate Income Tax, GST/HST, and Payroll Remittances.
• CDIC coverage: Up to $100,000 CAD. Learn more about CDIC coverage.
• Chequebooks that can you can order (only available in the Wealthsimple app). You can also deposit cheques using cheque e-deposit and order cheques for delivery.
• Interac e-Transfer® for sending and receiving money to your business email. We only support autodeposit for receiving transfers.
• Wire transfers for sending CAD. We'll convert any USD wire transfers you deposit into your business chequing account into CAD because these accounts don't hold USD.
• Monthly statements available in PDF and CSV formats.
• Accounting software support
  • Option 1: Link your Business chequing account to Quickbooks or Wave to streamline your bookkeeping:
    1. Log in to your QuickBooks account and select Link account.
    2. Search for "Wealthsimple".
    3.  After logging in to your Wealthsimple profile, QuickBooks will show a list of accounts you can link. 
    4. Select your Business chequing account from the list. It may appear as "Corporate chequing".
  • Option 2: For other platforms, you can download your monthly statements in CSV format and upload them manually.

Managing a multi-director account

When a corporate account has multiple directors, all authorized individuals can view shared account information and perform activities like making payments.

However, some items are tied to your individual profile and are not visible to other directors. These include:

• Any account nicknames you set on chequing accounts
• Any Interac e-Transfer®, wire, or bill payee contacts you have added

Frequently asked questions