05/09/2026
Business Bank Account vs Second Personal Account… is it necessary?? Let’s discuss.
Sole Proprietors in Canada should be keeping personal and business finances completely separate. I am of the belief that a business account is the way to do that for two main reasons:
1) Most banks in Canada stipulate in their terms and conditions that you cannot use your personal bank account for business related purposes. Check yours to make sure!
2) There are currently a couple free options available on the market, which makes the barrier to entry basically nonexistent. My favourite being EQ Bank but BMO does offer a big bank option if that’s more your jam.
I’d love to hear your thoughts, and of course, if you have questions, you can let me know in the comments