Business bank account for a new corporation
This guide sets out the documents a Canadian bank asks for when a new corporation opens its first account. It also explains why a numbered company is treated no differently from a named one. We prepare and file your articles of incorporation for $35.00, HST included. The government fee is separate and charged at cost: $200.00 to Corporations Canada under the CBCA, or $300.00 to the Ontario Business Registry under the OBCA. Open Corporation for $35 is a department of Gondaliya CPA. A Chartered Professional Accountant reviews this guide against FINTRAC guidance and the governing statutes before it is published.
What a bank needs from a new corporation
A bank opening an account for a corporation must confirm that the corporation exists. FINTRAC, the federal anti-money-laundering regulator, sets that obligation for every Canadian bank.
The bank then records who controls the corporation and who will sign for it. Every document it asks for answers one of those three questions, and each one comes from your incorporation file.
| Document | What it proves | Where it comes from |
|---|---|---|
| Certificate and articles of incorporation | The corporation exists, under this exact legal name | Corporations Canada or the Ontario Business Registry |
| Corporate profile or registry search | The corporation is active and these are its current directors | The registry that incorporated it |
| Business number | The corporation is registered with the Canada Revenue Agency | The Canada Revenue Agency |
| Register of shareholders | Who owns the shares, for the beneficial ownership record | The minute book |
| Banking resolution | The directors authorized this account and named its signing officers | The minute book, signed by the directors |
| Government photo identification | Each signing officer is who they say they are | Each individual, in person or by the bank's digital check |
Ask your branch for its current document checklist before the appointment. A bank can ask for more than this table lists.
The people the bank identifies
A corporation cannot show identification, so the bank identifies the people behind it. FINTRAC guidance requires the names of the directors and of every individual with significant ownership or control.
The ownership threshold is 25 percent. Anyone who directly or indirectly owns or controls 25 percent or more of the shares is recorded as a beneficial owner.
| Person | What the bank records |
|---|---|
| Each director | Full name, taken from the registry record or the articles |
| Each beneficial owner at 25 percent or more | Name, address and how the ownership is held |
| Each signing officer | Name and verified government photo identification |
| A holding company that owns shares | The individuals who own or control that holding company |
The bank must take reasonable measures to confirm what it is told. A register of shareholders that matches the articles makes that step quick.
Our $35.00 fee includes HST. Government fees are passed through at cost with no mark-up. Every figure is on our full pricing page.
Why a numbered company is treated no differently
A numbered corporation is a full corporation with a number as its legal name. The bank checks it against the same registry record, with the same documents, as a named one.
The only difference is the name on the account. The account is opened in the legal name, so a numbered company's cheques and statements show the number.
| Point | Numbered corporation | Named corporation |
|---|---|---|
| Proof of existence | Certificate and registry profile | Certificate and registry profile |
| Ownership and director checks | The same FINTRAC checks | The same FINTRAC checks |
| Name on the account | The number, for example 1234567 Ontario Inc. | The chosen name |
| Name on cheques | The number, with an operating name if registered | The chosen name |
| Accepting cheques made out to a brand | Needs the brand registered as a business name | Needs the brand registered if it differs from the legal name |
Our corporate name rules guide explains when a named filing is worth the NUANS report it needs.
We file your incorporation for $35.00, HST included
Government fee shown separately at cost. A CPA checks your share register before you visit the bank.
Trading under a brand name at the bank
A corporation in Ontario that trades under a name other than its own registers that name under the Business Names Act. The bank asks for that registration before it accepts payments made out to the brand.
The legal name still has to appear on every cheque. Section 10(5) of the Canada Business Corporations Act requires it on contracts, invoices and negotiable instruments.
| Item | Amount | HST | Total | Who charges it |
|---|---|---|---|---|
| Our incorporation filing fee | $35.00 | Included | $35.00 | Open Corporation for $35 |
| Federal articles of incorporation | $200.00 | Not applicable | $200.00 | Corporations Canada |
| Ontario articles of incorporation | $300.00 | Not applicable | $300.00 | Ontario Business Registry |
| Ontario business name registration, five-year term | $60.00 | Not applicable | $60.00 | Ontario Business Registry |
| Corporate profile report for the bank | Not confirmed, reviewer to verify on the official registry page | Not applicable | Not confirmed, reviewer to verify on the official registry page | The registry that incorporated the corporation |
Our $35.00 fee includes HST and government fees are passed through at cost with no mark-up. These figures were last checked on 7 September 2026.
A business name registration does not change the legal name. The account, the tax filings and the contracts stay in the corporation's own name.
The banking resolution and the minute book
A bank acts on instructions from the people the directors have authorized. The banking resolution is the directors' written decision that names those people and sets their limits.
The directors sign the resolution on the bank's form or on their own. A copy then goes into the minute book beside the register of directors and the register of shareholders.
| Term in the resolution | What it decides |
|---|---|
| Signing officers | The individuals who may give the bank instructions |
| Signing rule | Whether one signature is enough or two are needed |
| Borrowing authority | Whether the officers may take on credit for the corporation |
| Online banking access | Who may hold credentials and approve payments |
The documents checklist lists what goes into the minute book at incorporation.
The order of steps after the certificate
The account cannot open before the corporation exists. The certificate comes first, then the organizing resolutions, and the bank appointment comes last.
Each step produces a document the next step needs.
| Step | What you take away |
|---|---|
| 1. Certificate of incorporation issued | The legal name or number, and the articles |
| 2. Organizing resolutions signed | Directors and officers appointed, shares issued, registers opened |
| 3. Business number confirmed | The nine-digit number from the Canada Revenue Agency |
| 4. Business name registered, if trading under a brand | The Business Names Act registration |
| 5. Bank appointment | Banking resolution signed and identity verified |
Corporate money belongs in the corporation's account from the first deposit. Receipts paid into a personal account leave the corporation with no bank record to support its T2 return.
What a CPA checks before you visit the bank
This guide explains what banks ask for. It cannot tell you which bank suits the business, because that depends on fees, location and the services you need.
The share register is the first thing we look at. It has to match the articles, because the bank builds its ownership record from it.
Then the beneficial owners. We list every individual at 25 percent or more, including anyone who holds shares through a holding company.
Then the directors. The names on the registry profile must match the identification each person brings.
Then the trading name. A brand used on invoices is registered before the first customer pays, so the bank can deposit those payments.
Last, the signing rule. Two signatures add control between partners, and one signature is quicker for a sole owner. The parent firm sets out the same ground in its Gondaliya CPA resources library.
Frequently asked questions
These are the questions owners ask about their first corporate bank account. Each answer carries the figure, the rule or the body that makes it true, so it can be read on its own.
What documents do I need to open a corporate bank account?
Can a numbered company open a bank account?
Why does the bank ask who owns the shares?
Do I need a business number before opening the account?
Can I deposit cheques made out to my brand name?
What is a banking resolution?
Can I use my personal account for the corporation at first?
What does it cost to get the documents a bank asks for?
Why owners trust the filing to us
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.
Ready to incorporate
Send the intake form and we will confirm your jurisdiction, your share structure and your year end before anything is filed. Our fee is $35.00, HST included, and the government fee is shown separately at cost. Payment is by Interac e-Transfer to info@gondaliyacpa.ca, and the security question is Not Applicable because auto-deposit is enabled.
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.
