Your guide to TD Small Business Bank Accounts

Toronto-Domino Bank or as we all know it, TD Bank, is one of the largest banks in North America and employs approximately 95,000 people worldwide. TD Bank offers a wide range of financial products and services for businesses including; commercial banking products, small business banking services, merchant solutions, and treasury management services¹.

In this post, we will discuss TD's banking solutions² they offer to businesses and we will also take a look at Wise as a money services business that can be used with or without these accounts.

Table of Contents
Applying for a business account at TD Bank Sole proprietorship Partnership or a limited partnership For Corporations Not-for-profit organizations Business Accounts at TD Bank The Wise Business Account

How to apply for a business account at TD Bank

When it comes to the requirements to open a business bank account with TD, you will need³:

1. Proof of identity and proof of address.
2. Your business's legal name, address, and phone number, as well as the type of business you are operating.
3. You may be asked to provide information on the business owners, such as their Social Insurance Numbers and contact information.

If your business is a sole proprietorship

If you own and run your business by yourself, you are a sole proprietor. Some examples include:

• Freelance writer
• Lawn care service
• Dog walker
• Tutoring/teaching service
• Handyman services
• Personal chef/caterer
• IT consultant
• Virtual Assistant
• Graphic designer
• Interior designer

To open a business bank account with TD as a sole proprietor you'll need the following:

1. Certificate of Business Registration
2. Trade Name Registration (if applicable)
3. One original and valid government-issued photo ID

If you're entering a partnership or a limited partnership

A partnership is when two or more people own and run a business together. A limited partnership is when one person manages the business and the other people invest in it.

Partnerships or limited partnerships can take on many different forms. For example, a family business may be set up as a partnership where the parents and their children are all involved in managing and running the company. A real estate partnership may involve two or more investors pooling their resources to purchase property.

To open a business bank account with TD in a partnership or limited partnership you'll need:

1. Partnership agreement
2. Certificate of Business Registration (if applicable)
3. Trade Name Registration (if applicable)
4. Partnership/ownership information, including full ownership structure with names, addresses, occupations including employer names and addresses
5. Confirmation of business address, ie., utility or property tax bill
6. For each signing authority, a name, address, occupation including employer name and address along with one piece of valid government issued photo ID

If your business is a corporation

A corporation is a business owned by more than one person. It has its own legal name, address and phone number. People who own it are called shareholders. They share in the profits and decisions of the company.

Examples of corporations include publicly traded companies such as Apple, Microsoft and Amazon, as well as privately held businesses like family-owned businesses, franchises and limited liability companies (LLC).

To open a business bank account with TD for a corporation you'll need:

1. Articles of incorporation
2. Certificate of Business Registration
3. Trade Name Registration (if applicable)
4. If your organization solicits donations from the public, Canada Revenue Agency registration business number is required.
5. Director information, required for each director of the business
6. Confirmation of business address
7. For each signing authority, one piece of valid government ID

If you start a not-for-profit organization

Do you run a not-for-profit? A not-for-profit organization is a type of business that does not make money to give to its owners. It works for the benefit of the public, like helping people in need or making our community better. People who work for these organizations do not get paid - they volunteer their time and energy instead.

Examples of not-for-profits include charities, advocacy or activist groups, educational organizations, religious organizations, and even healthcare organizations.

To open a business bank account with TD as a not-for-profit you'll:

1. Book an appointment with an account manager
2. Call 1-866-222-3456⁵

Business Accounts at TD Bank

The following accounts are available at TD Bank to suit your business requirements³:

TD Basic Business Plan

The TD Basic Business Plan is available in CAD and in USD. This chequing account service plan is ideal for businesses with low or irregular monthly account activity. We can see the key features and fees charged for this account as follows:

Key features
Free online statements with cheque images, archived for seven years
For the USD Account: A month-end paper statement for an additional 2.00 USD
5 Transactions included per month
Deposits through TD Mobile Deposit
All debit and credit card point-of-sale terminal deposits that are electronically credited to a TD Canada Trust business chequing account

The fees for this account are as follows:

Account Fees	CAD Account⁶	USD Account¹³
Monthly Plan Fee	5.00 CAD	5 USD
Additional Transaction fee	1.25 CAD each	1.25 USD

Business Savings Accounts

The business savings account at TD Bank works as a great complement to your business checking account. This account allows you to earn interest on your money, with easy access to funds. The key features and fees for this account are:

Key Features
Tiered, daily interest
Pre-authorized Transfer Service that saves you time and money when you’re transferring funds between business accounts
Easy record-keeping with a monthly statement

Fees⁷
Plan Details
Transfers to, or from, any other TD Canada Trust Account to your Business Savings Account
Deposits/Credits
Withdrawals/Debits
Monthly Cash Deposits (paper currency and coin)1
Deposit Items (cheques, money orders, drafts and other clearing items)

Agrilnvest Account

The AgriInvest account is TD Bank’s solution for agricultural businesses. While the fees for this account vary on a case by case basis, the limit on matching government contributions is 15,000 CAD per year.

Key Features⁸
Grows as you make annual deposits
The first 1% of Annual deposits are matched by federal, provincial and territorial governments.
Withdraw funds at any time to cover small margin declines or for other investments

TD Everyday Business Plan accounts

The TD Everyday Business Plan offers budget friendly, cost effective and high value chequing account service plans in CAD and in USD, depending on your banking requirements. There are three everyday business plans for Canadian businesses, with key features and fees as follows:

Key features
2 free monthly e-Transfers to send or request money
10 CAD monthly fee rebate on Business Overdraft Protection
Capability to send Additional Remittance Details
All debit and credit card deposits credited to your account through POS terminals, are non-chargeable and are not subjected to transaction and deposit item limits

Account fees	Every Day A/B/C for CAD⁹	Every Day A/B/C for USD¹²
Monthly Plan Fee	19-72 CAD	19-72 CAD
Fee rebate with minimum monthly balance	20,000-45,000 CAD	20,000-45,000 CAD
Transactions included per month	20-120	20-120
Additional transaction fee	1.25 CAD each	1.25 USD Each

TD Unlimited Business Plan

The TD Unlimited Business Plan is available in CAD and has a USD counterpart too. The accounts cater to businesses with high transactions and/or deposit requirements.

Key Features
Annual rebate
$10 monthly fee rebate
Additional savings
Waiver of set-up fees
Free Interac e-Transfer
Unlimited transactions per month

Account Fees	CAD Account¹⁰	USD Account¹⁴
Monthly Plan Fee	125 CAD	125 USD
Free Rebate with Minimum Monthly Balance of	65,000 CAD	65000 USD

TD Community/Not-for-Profit plans

TD Bank offers two plans for community and not-for-profit organizations in Canada, in CAD and in USD.

• Community Plan: Ideal for smaller community organizations with low or seasonal financial activity.
• Community Plan Plus: Ideal for larger communities and not for profit organizations having the financial requirements similar to a small business.

Key Features
Overdraft protection
If your in-branch deposit contains multiple deposit items (cheques, money orders, drafts), up to 250 items are considered as one single transaction
Telephone operator-assisted transactions, including bill payments
Web transfers, bill payments and Interac Online purchases
All debit and credit card deposits credited to your account through POS terminals are non-chargeable transactions and are not subjected to transaction and deposit item limits
Withdrawals, transfers, bill payments and deposits at any TD Canada Trust branch of Green Machine ATM
In-branch night deposits
Telephone automated transfers and bill payments
Make debit payments in Canada and the US
5 free transactions with the Community Plan
30 free transactions with Community Plan Plus

The fees and other important information for the CAD account are¹¹:

	Community Plan	Community Plan Plus
Monthly Plan Fee	1.95 CAD	4.95 CAD
Additional transactions	1.25 CAD	1.25 CAD
Fee Rebate with Minimum Monthly Balance	5,000 CAD	10,000 CAD

The fees and other important information for the USD account are¹⁵:

	Community Plan	Community Plan Plus
Monthly Plan Fee	1.95 USD	4.95 USD
Additional transactions	1.25 USD	1.25 USD
Fee Rebate with Minimum Monthly Balance	5,000 USD	10,000 USD

All TD Bank transactions have a markup over the mid market rate for international transfers.

Td Bank’s fee booklet indicates that the bank charges an additional 3.5% over the mid-market rate as currency conversion fees.¹⁶

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

When it comes to the Wise Business Account, it is your handy alternative to banking. You can 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’s easier than ever to manage your company’s cash flow.

Wise is a great choice for all kinds of businesses - and it’s registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a Money Services 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. TD Business Banking - Commercial
2. TD Business Banking - Small Business
3. TD - Business Accounts
4. TD - Not-for-profit bank business bank account
5. TD - Contact Us
6. TD - Basic Business Plan
7. TD - Business Savings Account
8. TD - AgriInvest Account
9. TD - Everyday Business Plan
10. TD - Unlimited Business Plan
11. TD - Community/Not-for-Profit Plan
12. TD - US Dollar Every Day Business Plan
13. TD - US Dollar Basic Business Plan
14. TD - US Dollar Unlimited Plan
15. TD - US Dollar Community/Not-for-Profit Plan
16. TD - Fee Schedule