Business Bank Account Setup Assistance for a New Corporation
Walk into the bank once, with the complete file. We prepare the documents a bank asks a new corporation for: certified articles and certificate, the minute book, the directors’ banking resolution, the signing officer schedule, the 25 percent ownership record and the business number. We prepare the documents; we do not open accounts or recommend a bank. Open Corporation for $35 is a department of Gondaliya CPA.
What a Bank Actually Asks a New Corporation For
Almost every bank asks for the same six things: the articles of incorporation, the certificate of incorporation, the minute book, a directors’ resolution authorizing the account, identification for each signing officer, and the corporation’s business number. Federal anti-money-laundering rules require the bank to confirm the corporation exists, to record who may sign, and to record who owns 25 percent or more. Open Corporation for $35 is a department of Gondaliya CPA.
An application usually stalls on one missing document or a legal name that does not match character for character. We prepare the full set so the signing officers attend once.
With Your Incorporation
Order it alongside the $35.00 incorporation, or for a corporation you already own.
Open Evenings and Weekends
9:00 AM to 8:30 PM, Monday to Sunday, from 13 Ontario offices and online.
Questions While You Wait
Call 647-212-9559 if the bank asks for something unexpected.
What the Document Package Includes
- A written checklist of everything your bank is likely to ask for, and where each item comes from.
- Certified true copies of the articles and the certificate of incorporation, certified by an officer of the corporation.
- A directors’ resolution authorizing the account, in the corporation’s exact legal name, as a written resolution under subsection 117(1) of the Canada Business Corporations Act or the provincial equivalent.
- The signing authority schedule: who signs alone, what needs two signatures, and the dollar threshold for the second.
- A signing officer schedule with each officer’s full legal name, position, date of birth and address.
- A beneficial ownership record naming every individual who directly or indirectly owns or controls 25 percent or more, including through a holding company.
- A minute book with the articles, by-laws, organizing resolutions, registers, share certificates and the register of individuals with significant control.
- Confirmation of the business number and program accounts, so the bank’s account name matches the CRA record exactly.
- A federal certificate of compliance or Ontario certificate of status where the bank asks for proof of good standing, at cost.
- A short written note on the shareholder loan account, so the first bookkeeping file starts clean.
- A CPA review of the whole package before it goes to the bank.
The articles, the certificate and the minute book
Articles and certificate
The articles set out the corporation’s name, share classes and restrictions. The certificate proves the registry accepted them. The bank wants both, usually as certified true copies. See federal incorporation.
Proof of good standing
Some banks also ask for a federal certificate of compliance, $10.00 online, or an Ontario certificate of status, $26.00.
The minute book
Section 20 of the Canada Business Corporations Act requires the corporation to keep its articles, by-laws, resolutions and securities register, and section 21.1 its register of individuals with significant control. See minute book preparation.
The directors’ banking resolution
What it says
It authorizes the account in the corporation’s exact legal name and names who may sign. The bank keeps a copy as its record of who can bind the corporation on the account.
No meeting needed
Under subsection 117(1) of the Canada Business Corporations Act, a resolution in writing signed by all the directors entitled to vote is as valid as one passed at a meeting.
One signature or two
One signature is faster. Two signatures above a threshold is the cheapest internal control a small corporation has.
Identification and the 25 percent test
Photo identification
Each signing officer shows valid government-issued photo identification. Where that is not available, the bank can use a Canadian credit file at least three years old, or a dual-process method using two reliable sources.
Beneficial ownership
Subsection 138(1) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations requires the bank to obtain the names of the directors and of every person who directly or indirectly owns or controls 25 percent or more of the shares, and to take reasonable measures to confirm it.
Through a holding company
Indirect ownership counts, so the bank follows a holding company up to the individuals behind it. A spouse or adult child on the share register for tax reasons becomes a person the bank records.
The business number
Nine digits and fifteen
The business number is nine digits. Each CRA program account adds a two-letter program and four-digit reference, in the format 123456789 RC 0001. The CRA charges nothing to register. See CRA account registration.
Issued with the certificate
Federal and Ontario incorporations are issued a business number with the incorporation, so the bank can match the account to the CRA record from the first day.
Why the account must be separate
Books and records
Subsection 230(1) of the Income Tax Act requires every business to keep books of account, and subsection 230(4) requires them to be kept for six years. A personal statement mixing groceries and supplier payments is not a corporate record.
The shareholder loan account
Every corporate payment of a personal cost, and every personal payment of a corporate cost, goes into a shareholder loan account that nobody meant to open.
The one-year window
Under subsection 15(2) a shareholder loan is included in your personal income, unless subsection 15(2.6) applies: it is repaid within one year after the end of the corporation’s tax year in which it arose, and the repayment is not part of a series of loans and repayments.
Imputed interest
Where no interest is charged, subsection 80.4(2) deems a taxable benefit at the CRA’s prescribed rate, which is set quarterly.
Free Business Bank Account Consultation
Case Studies: Business Bank Accounts
Toronto Consultant – Turned Away Twice
The problem: A new corporation’s application stalled because the resolution used a shortened name and the minute book was missing its registers.
What we did: We redrafted the resolution in the exact legal name, assembled the minute book and prepared the beneficial ownership record.
The result:
- Account opened at the next visit
- Name matched everywhere
- Minute book complete
Mississauga Couple – A Holding Company in the Chain
The problem: An operating company was owned through a family holding company, and the bank asked who stood behind it.
What we did: We set out the ownership chain to each individual over 25 percent and reconciled it to the significant control register.
The result:
- Ownership chain documented
- Registers agree with the bank
- Second account planned for the holding company
Vaughan Contractor – One Account for Everything
The problem: A converted sole proprietor ran the corporation through a personal chequing account for six months.
What we did: We separated the accounts, opened the corporation’s file with a clean opening balance and cleared the shareholder loan before the one-year window closed.
The result:
- Separate accounts
- Shareholder loan cleared
- Clean first T2
The share structure, signing authority and year end are settled before the resolution is drafted.
Intake
Directors, shareholders and who will sign on the account.
Documents
Resolution, schedules, ownership record and certified copies drafted.
Sign
All directors sign the resolution.
Bank Visit
The signing officers attend the bank once with the complete file.
Why Choose Open Corporation for $35 for Your Bank Account Documents?
Our Official Partners
Transparent Pricing – No Hidden Fees
Our fee for the document package is quoted in writing before we start. Government fees are passed through at cost on their own lines. The bank’s own account fees are set by the bank; we take no part of them. See every fee, ours and the government’s, on one page.
| Item | Amount | HST | Total | Who charges it |
|---|---|---|---|---|
| Bank account document package: resolution, certified copies, schedules and ownership record, our fee | Quoted on request | Included in the quote | Quoted on request | Open Corporation for $35 |
| Federal incorporation, if ordered at the same time, our fee | $35.00 | Included | $35.00 | Open Corporation for $35 |
| Federal incorporation, online | $200.00 | Not applicable | $200.00 | Corporations Canada |
| Ontario incorporation, online | $300.00 | Not applicable | $300.00 | Ontario Business Registry |
| Federal certificate of compliance, online, where the bank asks | $10.00 | Not applicable | $10.00 | Corporations Canada |
| Ontario certificate of status, where the bank asks | $26.00 | Not applicable | $26.00 | Ontario Business Registry |
| Ontario corporation profile report | $8.00 | Not applicable | $8.00 | Ontario Business Registry |
| Business number registration | $0.00 | Not applicable | $0.00 | Canada Revenue Agency |
| Account opening and monthly plan fees | Set by the bank | As charged | Set by the bank | The bank you choose, not us |
Our fee includes HST. A federal incorporation with one certificate of compliance comes to $245.00 plus the package fee: $35.00 ours and $210.00 in government fees. See every 2026 government registry fee.
What Is Not Included
- Opening the account. The bank opens it, and the signing officers complete its process themselves.
- Recommending a bank or account plan. We take no referral fee from any institution.
- Any guarantee that the bank approves the application.
- Certification by a lawyer or notary, where a bank insists on one.
- Merchant services, credit cards, lines of credit or loans.
- Foreign or US accounts, or accounts for a non-resident corporation.
- Ongoing bookkeeping, reconciliations or software setup.
- Rebuilding past records where personal and business spending were mixed, quoted separately.
- Legal advice on signing authority or the bank’s account agreement. We are a CPA firm, not a law firm.
How Long Each Stage Takes
| Stage | Who | Time |
|---|---|---|
| Intake reviewed, officers and shareholdings confirmed | Us | 1 business day |
| Resolution and schedules drafted | Us | 1 business day |
| Beneficial ownership record prepared | Us | 1 business day |
| Minute book and certified copies | Us | 2 business days |
| Your review and signature | You | Usually 1 business day |
| Federal certificate of incorporation, online | Corporations Canada | 1 business day, or 4 business hours with $100.00 express (registry stated) |
| Ontario certificate of incorporation, online | Ontario Business Registry | Immediate |
| Federal certificate of compliance, online | Corporations Canada | 1 day (registry stated) |
| Account opened | The bank | Set by the bank |
The bank account is where the share structure stops being theoretical.
Who holds the shares
The same names go on the bank’s 25 percent record. Family shareholdings are tested under the split income rules before the register is printed.
Signing authority
One signature or two above a threshold, decided as a business control, not a form field.
Year end
Set before the account opens, because it fixes the first bookkeeping period and the date a shareholder loan is measured.
Holding company
Whether one belongs in the chain now, since it changes the ownership record and usually needs a second account.
Converting a proprietorship
Which assets move under a section 85 rollover, and the order in which the old account closes and the new one is funded.
HST and payroll
Registration timing and payroll accounts, so deposits and remittances run through the right account from day one.
One Account for the Corporation, One for You
Separate accounts are the cheapest tax planning there is. We prepare the file your bank asks for.
Bank Account Documents Across Ontario and Canada
Documents are prepared and signed electronically, so you only visit your bank. When you want to meet, our offices are open 9:00 AM to 8:30 PM, Monday to Sunday, on 647-212-9559.
Toronto (ON)
55 Queen St E Ste 1205, Toronto, ON M5C 1R6
Mississauga (ON)
2100 Camilla Rd #716, Mississauga, ON L5A 2J8
Brampton (ON)
4 Starhill Crescent, Brampton, ON L6R 2P9
Scarborough (ON)
24 Clementine Square, Scarborough, ON M1G 2V7
Vaughan (ON)
19 Cabinet Crescent, Woodbridge, ON L4L 6H9
Oshawa (ON)
210 Durham St, Oshawa, ON L1J 5R3
Ottawa (ON)
2090 Neepawa Ave a314, Ottawa, ON K2A 3L6
Etobicoke (ON)
60 Stevenson Rd #1601, Etobicoke, ON M9V 2B4
Hamilton (ON)
70 Starling Dr, Hamilton, ON L9A 0C5
Guelph (ON)
1155 Gordon St, Guelph, ON N1L 1S8
Windsor (ON)
4387 Guppy Ct, Windsor, ON N9G 2N8
North York (ON)
150 Graydon Hall Dr #912, North York, ON M3A 3B2
Business Bank Account FAQs
What documents does a bank ask for to open a business account?
Do I need a directors’ resolution to open a business bank account?
Why does the bank ask who owns 25 percent or more of my shares?
What identification do the signing officers need?
Do I need my business number before opening the account?
Can a bank refuse to open a business account?
Why can I not run the corporation through my personal account?
What is a shareholder loan account?
What happens if the shareholder loan is still owing at year end?
Does the corporation have to charge interest on a shareholder loan?
Do you open the account for me or tell me which bank to use?
Meet Your Bank File Team
A Chartered Professional Accountant sets the share structure, signing authority and year end before the resolution is drafted.
What Our Clients Say
These Google reviews belong to Gondaliya CPA Professional Corporation and cover every service the firm provides. See all reviews.
Insights for New Corporations
Business bank account for a new corporation
The guide behind this service.
Business number and CRA accounts
The numbers your bank will match.
Salary against dividends
How you pay yourself from the account.
What happens after you incorporate
The first weeks, in order.
10 Smart Business Banking Tips That Save You Money
Use the exact legal name
Character for character, punctuation included.
Bring certified copies
Of the articles and the certificate.
Sign the resolution first
All directors, before the visit.
Know your 25 percent owners
Including through a holding company.
Bring valid photo ID
For every signing officer.
Have the business number ready
It is issued with the incorporation.
Set two-signature limits
Cheap control above a threshold.
Never mix accounts
Shareholder loans grow quietly.
Clear loans within a year
Or they become income.
Pick the simplest plan
A first-year corporation rarely needs more.
Browse Our Affordable Incorporation Services
Incorporation
Name and Address
Verified Corporate Filings CPA Firm
Gondaliya CPA Professional Corporation is registered with CPA Ontario under firm registration number 61330051. Our clients have left us 1,300+ five-star Google reviews, and we work from 13 Ontario offices, open 9:00 AM to 8:30 PM, Monday to Sunday. We back every filing with a 30-day money-back guarantee and a 60-day fee-matching policy, and we are a Xero Partner Award Winner 2026. Open Corporation for $35 is a department of Gondaliya CPA. See incorporation services at Gondaliya CPA.
Walk Into the Bank Once
Open Corporation for $35 is a department of Gondaliya CPA. Complete the intake form with your directors, shareholders and who will sign, and a CPA sets the share structure, signing authority and year end before the resolution is drafted, then prepares the full package for your bank. Send payment by Interac e-Transfer to info@gondaliyacpa.ca with the security question set to “Not Applicable”, as auto-deposit is enabled. Card is also accepted. We answer 9:00 AM to 8:30 PM, Monday to Sunday, on 647-212-9559.
All incorporation and corporate filing services
No legal advice
Gondaliya CPA Professional Corporation is a firm of Chartered Professional Accountants licensed by CPA Ontario, firm registration number 61330051. It is not a law firm. We prepare and file corporate documents and we provide accounting and tax advice. Nothing on this page is legal advice, and reading it creates no solicitor and client relationship. For legal advice, including advice on a shareholder agreement before you sign it, consult a lawyer licensed in the province where your corporation carries on business.
Open Corporation for $35 is a department of Gondaliya CPA.
Open Corporation for $35
Incorporation Service – $35
Register your corporation legally in Canada with expert filing assistance.
NUANS Report – $25
Required NUANS® name search before incorporating.
Address Service – $75
Corporate address service for privacy and compliance.
Corporate Tax Filing – from $300
Expert T2 corporate tax filing starting at $300.