How a U.S. Company Can Open a Bank Account in Canada

Yes, but you will need a Canadian business registration and a person physically present to sign documents

A U.S. company can open a bank account in Canada, but Canadian banks treat you as a foreign business and require more paperwork than they ask from Canadian companies. The core requirement is that you have a Canadian business number — a registration with the Canada Revenue Agency — and that someone with signing authority visit a branch in person to complete the account opening. You cannot do this entirely online or by mail.

The reason banks require in-person signing is that they need to verify the identity of the person opening the account and confirm they have authority to act on behalf of the company. A video call or remote notarization does not satisfy Canadian banking regulations for foreign business accounts.

Key Takeaways

You must register your U.S. company with the Canada Revenue Agency and obtain a Canadian business number before any bank will open an account for you.
Someone with signing authority over your company must visit a Canadian bank branch in person with a passport and corporate documents to open the account.
Banks will ask for your U.S. articles of incorporation, proof of business registration in your home state, and documentation showing who is authorized to sign.
The process typically takes two to four weeks from the time you submit documents, but registration with the CRA can take longer if you explore by mail.
Not all Canadian banks accept U.S. business accounts; the major banks (RBC, TD, BMO, Scotiabank) do, but smaller institutions may decline.

Register with the Canada Revenue Agency first

Before you contact any bank, you need a Canadian business number (CBN). This is a nine-digit identifier that the Canada Revenue Agency assigns to your business. You cannot open a business bank account in Canada without one.

To register, you can explore online through the CRA's Business Registration Online service, by phone at 1-800-959-5525, or by mailing Form RC1 (process for a Business Number). Online registration is fastest — you can receive your number the same day. By phone, it takes a few minutes. By mail, it can take two to three weeks.

When you register, you will need your U.S. employer identification number (EIN), your company's legal name and address, the date you started doing business in Canada, and the name and social insurance number (or individual tax number) of the person who will be the authorized signing officer for the Canadian account. If you do not yet have a Canadian address, you can use a mailing address where you want to receive CRA correspondence.

Gather your corporate documents

Banks will ask to see proof that your company exists and that the person opening the account has the authority to do so. Bring originals or certified copies of the following:

Your U.S. articles of incorporation or certificate of formation (the document that created your company in your home state).
A certificate of good standing from your home state, issued within the last three months. This is a one-page document from your state's secretary of state confirming your company is in good standing. You can order it online from your state's website.
A corporate resolution or board resolution authorizing the opening of a Canadian bank account and naming the person who will sign on the account. This is a short document you write yourself (or have your lawyer write) stating that your board or ownership has approved opening this account and that a specific person has authority to sign. Many banks provide a template.
A government-issued photo ID for the person who will sign — a passport is best because it is recognized across borders.

Some banks will also ask for a letter from your accountant or lawyer confirming the company's legitimacy, though this is less common. Call the bank's business services line before your visit to ask what they specifically need.

Choose a bank and visit a branch

The major Canadian banks — Royal Bank of Canada (RBC), Toronto-Dominion Bank (TD), Bank of Montreal (BMO), and Scotiabank — all open accounts for U.S. businesses. Smaller regional banks and credit unions vary; some will, some will not. Call ahead to confirm the bank you want to use accepts U.S. business accounts.

You do not need to visit a branch in any particular province, but you do need to visit a physical branch. The person with signing authority should call the business banking department and ask to schedule an appointment. Bring all the documents listed above, your Canadian business number, and your U.S. EIN.

At the appointment, the bank will verify your identity, review your corporate documents, and have you sign the account opening forms. The process usually takes 30 to 60 minutes. The bank will then set up your account and provide you with account details, online banking access, and a debit card if you request one.

What happens after the account opens

Once your account is open, you can deposit funds, write checks, and conduct business as you would in the United States. However, there are a few differences to know about.

First, Canadian checks look different and work differently than U.S. checks. They have a different routing system (using institution numbers and transit numbers instead of routing numbers), so a U.S. check will not clear through a Canadian account, and vice versa.

Second, if you plan to move money between your U.S. and Canadian accounts regularly, ask the bank about their cross-border transfer options. Most offer wire transfers, but fees and exchange rates vary. Some banks offer a linked account service that makes transfers faster and cheaper.

Third, you will need to file Canadian tax returns if you have Canadian-source income. This is separate from your U.S. tax obligations. Talk to an accountant familiar with cross-border business to understand what you owe.

If you do not have a Canadian address yet

Some U.S. companies open Canadian accounts before they have a physical presence in Canada. This is possible, but banks are more cautious. You will still need to register with the CRA, and you will still need someone to visit a branch in person.

For your mailing address on the account, you can use a Canadian address where you want statements sent — a hotel, a friend's address, or a mail forwarding service. You can also use a U.S. address, though the bank may ask more questions about why you are opening a Canadian account if you have no Canadian presence.

Some banks offer a "virtual" business account that requires less documentation if you are not yet operating in Canada, but these accounts have lower transaction limits and cannot access all services. Ask whether this option suits your needs.

Frequently Asked Questions

Do I need to incorporate in Canada, or can I just use my U.S. incorporation?

You can use your U.S. incorporation. You do not need to incorporate in Canada to open a bank account. However, if you plan to hire employees or own property in Canada, you may want to incorporate federally or provincially for liability and tax reasons — that is a separate decision to discuss with a lawyer.

What if the person with signing authority cannot travel to Canada?

Most banks will not open the account without in-person signing by someone with authority. Some banks may accept a notarized power of attorney allowing another person to sign on behalf of the authorized officer, but this is rare and requires asking in advance. Your best option is to have someone else with signing authority visit, or to appoint a Canadian representative with a power of attorney and ask the bank if they will accept that person's signature.

How long does the whole process take?

If you register with the CRA online, you can have a business number the same day. The bank account opening itself takes 30 to 60 minutes in the branch. However, the bank may take one to two weeks after your visit to fully set up the account and issue cards or checks. If you register with the CRA by mail, add two to three weeks to the timeline.

Will the bank ask about the source of my funds?

Yes. Canadian banks are required by law to understand where business deposits come from. Be prepared to explain your business, where revenue comes from, and roughly how much you expect to deposit monthly. This is standard due diligence, not a sign of suspicion.

Can I open the account online?

No. Canadian banking regulations require in-person verification for foreign business accounts. You must visit a branch with the person who will sign on the account.

This guide is for general information only and is not medical, financial, legal, or other professional advice. For decisions specific to your situation, consult a qualified professional. See our Editorial Policy.