What’s the Best Business Bank Account for Canadian Consultants?

When you’re starting a consulting business in Canada, it’s easy to focus on branding, client outreach, and service delivery. However, one of the most critical—yet often overlooked—foundations of a successful consultancy is setting up the right business banking system. Choosing the best business banking for consultants ensures smooth invoicing, proper expense tracking, easier tax filing, and protection during CRA audits. 

As you work on your business consultant business plan and explore how to open a consulting firm, selecting a reliable and feature-rich business bank account should be one of your top priorities. In this guide, we’ll walk through what consultants need from a bank, how to evaluate your options, and which accounts offer the best value and features for your growing business. 

Why Business Banking Matters for Consultants 

Consultants operate in a space where professional credibility and organized systems are essential. When your clients trust you to deliver strategic guidance, they expect the same level of professionalism from your business backend. 

Many first-time consultants use personal accounts to manage business finances. While this might seem convenient at the start, it quickly leads to confusion, missed deductions, compliance risks, and bookkeeping headaches. A dedicated business bank account helps you: 

• Separate business and personal transactions 

• Track income and expenses accurately 

• Prepare for CRA audits 

• Simplify GST/HST remittances 

• Establish financial credibility with lenders, clients, and investors 

Whether your consulting work involves HR, marketing, IT, or niche services like custom t-shirt printing for promotional strategies, clean financial systems are essential. 

What Consultants Should Look For in a Business Bank Account 

Not all business bank accounts are created equal. As a consultant, your needs will likely differ from traditional brick-and-mortar businesses. You’re dealing with fewer inventory concerns but a heavier reliance on digital tools, streamlined invoicing, and professional payment collection. 

Here are the most important features consultants should look for: 

1. Low or No Monthly Fees 

When you're still in the early stages of growth, keeping overhead costs low is essential. Many Canadian banks offer low-fee or fee-free business accounts for startups and sole proprietors. 

2. Seamless Online and Mobile Banking 

As a consultant, you’re often on the go. Choose a bank that offers a smooth mobile experience and the ability to transfer funds, deposit cheques, and view transaction histories from your device. 

3. Easy Integration with Financial Tools 

Your business account should integrate easily with accounting software like QuickBooks, Wave, or Xero for better invoicing, expense tracking, and CRA audit prep. 

4. Support for E-Transfers and Online Payments 

Most clients expect digital invoicing and payments. Look for accounts that support e-transfers, wire payments, and third-party payment systems like PayPal or Stripe. 

5. Multiple User Access and Permissions 

If you plan to scale your consulting firm or work with a bookkeeper, having a system that allows shared but limited access is crucial. 

Best Business Bank Accounts for Canadian Consultants (2025 Edition) 

Here are some of the most recommended banking options for consultants in Canada based on features, integrations, pricing, and ease of use. 

1. Tangerine Business Account (via Scotiabank) 

While Tangerine itself doesn’t offer business banking, Scotiabank’s partnership with Tangerine provides digital-first business accounts with easy access to financial tools and low fees. 

Pros: 

• No-fee options for new businesses 

• Mobile-friendly banking 

• Strong integration with accounting software 

Cons: 

• Limited in-person services 

• May require in-branch visits for setup 

  
  

2. RBC Digital Choice Business Account 

RBC offers a Digital Choice Business Account that is ideal for sole proprietors and incorporated consultants who need flexibility and strong digital support. 

Pros: 

• Fully online setup 

• Competitive transaction limits 

• Compatible with a range of business tools 

Cons: 

• Monthly fees (though waived with certain balances) 

  
  

3. TD Business Simple Checking Account 

TD’s business offerings are widely available and well-suited to consultants who want access to both online and in-person banking. 

Pros: 

• Nationwide access 

• Includes chequing and savings features 

• Supports e-transfers and direct deposit 

Cons: 

• Higher monthly fees if you exceed basic transactions 

  
  

4. BMO eBusiness Plan 

BMO offers a plan specifically designed for businesses that conduct most transactions online. 

Pros: 

• Unlimited Moneris transactions 

• Good for online-based consulting 

• Automated record-keeping support 

Cons: 

• Extra charges for in-branch activity 

  
  

5. Alterna Savings Business Account 

If you prefer a credit union over a traditional bank, Alterna offers robust business accounts with competitive rates and a community feel. 

Pros: 

• Lower fees 

• Member-focused service 

• Eco-friendly banking options 

Cons: 

• Fewer branches than major banks 

Tools That Pair Well with Your Business Bank Account 

Getting a good bank account is only part of building clean consulting finances. The following financial tools can work alongside your bank account to make running your business easier and more professional. 

1. Invoicing Platforms 

QuickBooks, FreshBooks, and Wave offer invoicing software that syncs with your bank transactions. You can automate client billing, set recurring invoices, and track payment status easily. 

2. Expense Tracking Software 

Using software that links to your business bank account makes expense management seamless. Tools like Expensify and Dext help you scan receipts, categorize transactions, and prepare for year-end reporting. 

3. CRA Audit Preparation Tools 

During a CRA audit, accurate records are your best defense. Software like Hubdoc allows you to store digital copies of invoices, receipts, and payment records in one place, ready for review. 

4. Bookkeeping Integrations 

Cloud-based accounting software ensures real-time updates and reporting. Your bookkeeper or accountant can log in remotely, helping keep your books in order and making tax time less stressful. 

Setting Up Your Business Bank Account: Step-by-Step 

Here’s how to open a business bank account in Canada as a consultant: 

1. Register Your Business Name  Before opening a bank account, you’ll need to register your business name either provincially or federally. 

2. Get a CRA Business Number  If you’re charging GST/HST or hiring staff, a CRA business number is essential. It helps you remain compliant and is often required by banks. 

3. Gather Your Documents  Depending on your structure, you’ll need specific documents: 

4. Sole proprietorship: Business name registration and ID 

5. Corporation: Articles of incorporation, corporate resolution, business number, and ID 

6. Choose a Bank and Plan  Compare features and fees. Visit the branch or open your account online. 

7. Link Your Financial Tools  Connect your bank account with invoicing and bookkeeping software to streamline your back office. 

Banking and Taxes: Keeping CRA Happy 

One of the major reasons to separate your finances is to stay compliant with the Canada Revenue Agency. Consultants are often audited due to improper expense tracking or GST/HST mismanagement. 

With a business bank account, you can: 

• Isolate business income for clear reporting 

• Make quarterly tax installments easily 

• Track deductible expenses like travel, supplies, or even promotional items such as custom t-shirt printing 

• Prepare accurate records in case of a CRA audit 

If you’re incorporated, you’ll also need to pay corporate taxes, maintain payroll records (if you pay yourself a salary), and file T2 returns annually. 

 

Consulting Finances: Building a Clean System from Day One 

Clean finances are not only about compliance but about building confidence—in yourself and your clients. Whether you’re just learning how to open a consulting firm or revising your business consultant business plan, organized financial systems help you make smarter decisions and scale faster. 

By selecting the right business banking for consultants, integrating the right financial tools, and separating your accounts from personal use, you create a professional, efficient, and tax-ready consulting business. 

It also helps you prepare for future expansions. Whether that means hiring your first team member, launching a product line, or adding related services like custom t-shirt printing for client branding packages, solid financial systems are what enable that growth. 

Frequently Asked Questions (FAQs) 

1. Why do I need a business bank account as a consultant? 

A business bank account separates personal and professional finances. It helps with invoicing, CRA compliance, tax reporting, and business credibility. 

2. Can I use my personal account for business as a sole proprietor? 

You can, but it’s not recommended. It complicates expense tracking and increases the risk of CRA penalties during an audit. 

3. What are the most important features to look for in business banking? 

Low fees, easy online access, integration with accounting software, and strong e-transfer capabilities are vital for consultants. 

4. How do I register my consulting business in Canada? 

Register your business name with your provincial or federal government, get a CRA business number, and set up a business account. 

5. What kind of expenses can I track using my business bank account? 

Common deductible expenses include office supplies, internet, phone bills, travel, software subscriptions, and promotional materials like custom t-shirt printing. 

6. Do I need a CRA business number for my consulting firm? 

Yes, especially if you earn more than $30,000 annually, hire employees, or want to open a business account with most banks. 

7. How do I link my bank account to bookkeeping tools? 

Most accounting platforms like QuickBooks and Wave allow you to securely connect your business bank account to import transactions automatically. 

8. How do I stay prepared for a CRA audit? 

Use software tools to digitize and organize receipts, regularly reconcile your transactions, and keep a clear record of income and expenses. 

Conclusion 

As you build your consulting practice in Canada, one of the best investments you can make is choosing the right business bank account. Clean, organized finances empower better decision-making, reduce tax stress, and build professional trust with clients and partners. 

Whether you’re just starting a consulting business, updating your business consultant business plan, or preparing to scale, having the right financial infrastructure is essential. Combine the right business banking option with smart invoicing, expense tracking, and audit-prep tools, and you’ll be setting the foundation for long-term consulting success. 

If you’re ready to formalize your business backend, now is the time to open your business bank account, register with the CRA, and take the next step toward building a professional, scalable consulting business in Canada.