Scotiabank's Business Accounts - An Overview

Scotiabank offers a range of business accounts for business owners in Canada, including options for small businesses to access easy payment options and manage cash flow.

Read your guide to Scotiabank business accounts, including how a Scotiabank account could improve your business process in Canada and overseas.

We’ll also take a look at Wise as an alternative money service business that you can use with or without your Scotiabank small business accounts.

Table of Contents
How to apply for a small business account at Scotiabank Business Accounts at Scotiabank The Wise Business Account

How to apply for a small business account at Scotiabank

It’s easy to apply for a small business account at Scotiabank, but the requirements will be slightly different depending on which account you choose.

You’ll need to be at least 16 years old to open a business account. You’ll also need to be a Canadian resident, and you can only open an account in your own name.

We’ve put together a step-by-step guide to opening a Scotiabank small business account.

Step 1. Before you get started, make sure you have all relevant information to hand. This includes personal ID for all owners, a document confirming your company’s name, and your Canada Revenue Agency registration number

Step 2. Head online and pick the business account of your choice

Step 3. Complete the online application form

Step 4. It shouldn’t take long for you to apply online - but you can visit a branch if you have any problems¹

Sole Proprietorship

There are a few different types of businesses - and it’s important to correctly register your company with Scotiabank.

A sole proprietorship is an unincorporated business with just one owner. If you want to set up this kind of business with Scotiabank, you’ll need to contact your local Scotiabank Small Business Advisor for an appointment.

You’ll also need to provide some documents for your sole proprietorship:

• Your trade name registration certificate or a copy of your Master Business License
• One valid government-issued photo ID or 2 valid documents from independent and reliable sources

If you’ve had your business for longer than 12 months, you’ll also need one of the following:

• Utility bill or invoice
• Government-issued document
• Health and Safety Certificate
• Vendor’s Permit
• Business Notice of Assessment
• Liquor License²

Partnership or Limited Partnership

A partnership is a type of business with general and limited partners - meaning your company has more than one owner. Make an appointment with your local Scotiabank Small Business Advisor to get started with your partnership.

You’ll need to bring some documents with you:

• Registered Declaration of Partnership or Partnership Agreement
• Trade Name Registration
• One valid government-issued photo ID or 2 valid documents from independent and reliable sources
• Name, address, and occupation of those with an interest of 25% or more

You’ll also need a few extra documents if you’ve been trading for longer than 12 months:

• Utility bill or invoice
• Government-issued document
• Health and Safety Certificate
• Vendor’s Permit
• Business Notice of Assessment
• Liquor License³

Corporation

A corporation is a large business or several companies authorized to work together as a single entity. If you’re registering your business as a corporation with Scotiabank, you’ll need to set up an appointment with your local Small Business Advisor for further details.

You’ll also need the following documents:

• Articles of Incorporation
• Trade name registration
• One valid government-issued photo ID or 2 valid documents from independent and reliable sources. You’ll need this for up to 3 Authorized Signatories
• Name, address, and occupation of anyone with an interest of 25% or more

If you take donations from the public, you’ll need to provide your Canada Revenue Agency registration number.⁴

Not-for-Profit Association/Organization

If you run a Not-for-Profit Association, this means you don’t earn profit as an owner. Any money you make goes back into the organization - and Not-for-Profit Associations typically provide charitable services.

Make an appointment with your local Scotiabank Small Business Advisor to get started.

You’ll need a few documents to register your Not-for-Profit Organization:

• Articles of Association or your association constitution
• Documents confirming you have permission to open the account
• One valid government-issued photo ID or 2 valid documents from independent and reliable sources

You’ll also need your Canada Revenue Agency registration number if you intend to take donations from the public.⁵

Business Accounts at Scotiabank

There are a few different business accounts available for Scotiabank customers depending on your business type and your individual needs.

We’ve detailed each account, including any Scotiabank business account fees to consider.

Right Size Account for business

The Right Size Account can help you manage your business cash flow and access convenient banking options.

Account	Key Features
Right Size Account for business	No deposit fees on payment processing Next-day funds with Chase Merchant Services You only pay for the transactions you make⁶

There are some fees to consider before opening your Scotiabank Right Size Account for business.

Fee Type	Pricing
Monthly fee	6 CAD
Cost per transaction	1.25 CAD for 1-15 transactions 1.15 CAD for 16-50 transactions 1 CAD for 51+ transactions⁶

Select Account for Business

The Select Account for Business lets you manage your everyday business transactions.

Account	Key Features
Select Account for Business	No monthly plan fee if you maintain a minimum monthly balance Easily switch between different plan options⁷

There are 4 different Select Account for Business plans. If you maintain your minimum monthly balance, Scotiabank waives any fees. We’ve put together information about the fees associated with each plan.

Scotiabank’s Select Account for Business	Account Fee⁸	Minimum Balance⁸
Plan A	20 CAD	20,000 CAD
Plan B	40 CAD	35,000 CAD
Plan C	75 CAD	45,000 CAD
Unlimited	120 CAD	75,000 CAD

Select Account for Business	Transactions allowed
Plan A	25
Plan B	70
Plan C	125
Unlimited	Unlimited⁸

ScotiaOne Account Plan for agriculture

The ScotiaOne Account Plan for agriculture provides effective banking options for agri-business or personal transactions.

Account	Key Features
ScotiaOne Account Plan for Agriculture	No minimum monthly balance requirements 55 business transactions per month 50 personal transactions per month⁹

There are some fees associated with this account.

Fee Type	Pricing
Monthly fee	25 CAD
Additional monthly transactions	If you exceed your monthly limit, you’ll be charged on a “pay-per-use” basis.⁸

Scotia Professional Plan Plus account

The Scotiabank Professional Plan Plus account is aimed at those conducting a large number of business transactions per month.

Account	Key Features
Scotia Professional Plan Plus Account	No deposit fees on payment processing Use Chase Merchant Services for next-day funds 110 transactions per month¹⁰

There are some monthly fees to consider before setting up your Scotia Professional Plan Plus account.

Fee Type	Pricing
Monthly fee	38 CAD
Additional monthly transactions	If you exceed your monthly limit, you’ll be changed on a “pay-per-use” basis.⁸

Basic Business Account

The Basic Business Account is a great option if you want to manage your money in both Canadian and US dollars.

Account	Key Features
Basic Business Account	Available in CAD and USD One free transaction for every 1500 CAD Monthly fee waived when your balance is 8000 CAD or over¹¹

We’ve put together some information about monthly fees for the Basic Business account at Scotiabank.

Fee Type	Pricing
Monthly fee	10.95 CAD
Deposits to USD business accounts	You may be subject to deficiency fees⁸

Scotia Community Account Plan

The Scotia Community Account Plan is designed for registered charities and community groups. This account can improve your cash flow with convenient online banking options.

Account	Key Features
Scotia Community Account Plan	No minimum balance 10 transactions per month¹² Monthly fee waiver on Overdraft Protection for up to 10,000 CAD

There are a few fees to consider before opening your Scotia Community Account Plan.

Fee Type	Pricing
Monthly fee	3 CAD
Additional monthly transactions	If you exceed your monthly limit, you’ll be changed on a “pay-per-use” basis⁸

The Wise Business Account for all your business needs - An alternative to banking

The Wise Business Account is your handy alternative to banking. Conduct all your business transactions from one place, including:

• Batch payments
• Invoices
• International payments at the speed and cost of local payments
• Free API Integration
• App Marketplace for software integrations - save time with Xoom and Quickbooks

And lots more! With Wise, it is easier than ever to manage your company’s cash flow.

Wise is a great choice for all kinds of businesses - and it is regulated by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a Money Service Business (MSB).

Enjoy flexible payments across the world. Send your money at the standard mid-market rate and avoid hidden exchange rate fees with every transaction.

To start exploring your business spending options, check out Wise.

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Sources

1. Scotiabank - Opening a business account

2. Scotiabank

3. Scotiabank

4. Scotiabank

5. Scotiabank

6. Scotiabank

7. Scotiabank Select Account for Business

8. Scotiabank Fees and Interest

9. Scotiabank Agriculture Plan

10. Scotia Professional Plan

11. Scotiabank Basic Business Account

12. Scotiabank Community Plan