How to open a new small business account
Click-along with this demo or scan the steps below
Quick guide
Before you begin
Before you begin you will need to:
- Self-identify as a new business client to CWB. (This quick guide is not intended for existing clients.)
- Have your mobile phone handy
- Gather information about your business including:
- Industry
- Revenue
- Number of employees
- Provincial / territorial registration number for your business*
- Registered business mailing address
- Correct legal names, email and mobile phone number for anyone else who will have signing authority over your business’ new account(s)
- If applicable: name and percentage ownership for all owners, partners or shareholders in your business (this can be no more than 4 individuals for our online process.)
- If a corporation, legal names of all directors
- If applicable, legal name and address of any beneficial owners (25% or more) who will not be authorized signers.
*Corporations must provide a provincial or territorial registration to use our online process and not the federal registration number. If your business is an unregistered partnership or sole proprietorship, you may apply but will be required to provide documentation to CWB to verify your business.
Step 1: Getting started
- Confirm you business meets the requirements for a CWB account.
- Enter your business email address and mobile phone number.
- You will need to verify you’re not a robot then select “next.”
- A verification code will be sent to your mobile phone number.
- Enter the verification code and select “continue.”
Step 2: Selecting account and financial solutions
- Select the type of accounts your business will need. Each account description includes a list of services and fees. You may pick only one account, or several depending on your needs.
- Once you have selected your business accounts select “next” to move to Financial Solutions, here you may choose to select a revolving line of credit for your Business. You may also choose payment and receivable solutions as well as corporate credit cards.
- Select next and then select the check box to signify you having given your permission and then select “next.”
Step 3: About your business
- At this point you can pre-fill some of your business information by logging into your accounting software or you can skip this step and fill in the information manually.
- During this step you will need your business registration number and federal business number as well as details about revenue, industry and the number of employees. You may apply for business accounts as a corporation, a general partnership or as a sole proprietorship.
- All information included in this application must match what is on your business registration in order for it to be approved.
- Once you have completed adding your business information select “next” to continue your application.
Step 4: About you
- You can scan your driver’s license or skip this step and complete your personal information manually.
- Complete adding the information about yourself including your name, address, birthdate and social insurance number (SIN) (it is optional to include your SIN).
- If your first and middle name is included in your business registration, include your first and middle name in the first name field in the application.
- All information included in this application must match what is on your business registration in order for it to be approved.
- Select a security question and answer, then select “next.”
Step 5: Add a debit card
- To add a debit card to your account or accounts select “yes” then click the check box to signify your consent and acceptance of the terms and conditions, then select “next” to continue.
Step 6: Your role
- Complete the information in this step and include the relevant information for anyone else who is an owner, major shareholder, or partner and who will have signing authority on the account.
Step 7: Fine print
- Please review and select the checkbox to signify you agree then select “next” to continue.
Step 8: Tax information
- Review the tax information and select the check box to signify your agreement, then select “next” to continue.
Step 9: Account details
- Provide details for each of your business accounts including how the account will be used, the number of authorized signers, deposit and transfer information then select “next” to continue.
Step 10: Line of credit
- Identify which account you will use to access your line of credit.
- Select the check box to signify you accept the terms and conditions and agree to CWB’s lending agreement.
- Select “next” to continue.
Step 11: Access to digital banking
- You will see a list of all authorized signers; you can add delegates like a bookkeeper or other person who helps with your business.
- Select “next” to continue.
Step 12: Approval
- The approvals page will list all your account types and their account numbers as well as your client ID number.
- A confirmation email will be sent to your email address.
Step 13: Fund your account
You can fund your account in a number of different ways or skip this step and fund your account later.
Step 14: You're finished!
- Welcome to cwb.digital, your new home for sharper, more modern digital banking!
- Select “go to digital banking” to sign into your accounts.
Questions about opening a small business account online? We have your answer!
How do I know if my business is eligible to open a new business account online?
To be eligible to open an account online, businesses are required meet the following criteria:
- Must be a Corporation, General Partnership or Sole Proprietorship
- Must not solicit donations from the public
- Must not be opening an account for use by, or benefit of a third party
- Must not be owned (in whole or part) by another business
- Must be owned by no more than four adult residents of Canada (not Quebec)
- Must be a tax resident of Canada, not a US citizen or Specified United States Person and not required to file taxes in the United States or any other country
Does CWB accept online applications for businesses in any industry?
Businesses that operate in certain industries are not eligible to open business accounts online with CWB. The industries are:
- Cannabis
- Firearms
- Virtual currency exchange (e.g., Bitcoin)
- Money service business
- ATM operators
- Online pharmaceutical sales
- Charity (CRA registered or not)
- Third party payment providers
- Precious metals and stones dealer
If my business is not eligible to open an account online, can I still open an account for that business at CWB?
If your business does not meet the required pre-qualifying criteria to become a new business banking client online, don’t worry. We are happy to help you in person. Please contact your nearest CWB banking centre by using the CWB banking centre locator.
If I am a signer and director of a business that currently banks with CWB, can I still open a new business account online?
Yes, you can open a new business account online if it is a new entity that meets all the eligibility requirements. As an authorized signer, you will be asked to log in and confirm some personal information during the account opening process.
If I have a personal account with CWB, can I still open a new business account online?
Yes, you can if the new business meets the eligibility requirements.
If I have a business account with CWB, can I open a personal account online?
Please reach out to your Relationship Manager to open your new personal account.
My business already has an account with CWB; can I open a new business account online?
Yes, you can open a new business account online via cwb.digital, provided you are an authorized signer for the business.
If my business qualifies to open an account online, what do I need to begin the account opening process?
If your business qualifies to open an account online, you'll need the following:
- Your business details (legal name, address, provincial registration number).
- A mobile phone number to which we can send information that will help secure your account.
- Details of all your authorized signers, including their name, email address and mobile phone number.
- Name and address for any non-signing owners with 25%+ ownership.
- Names of any non-signing directors (for corporations) and/or owners with less than 25% ownership.
- To speed up the application process, you may optionally provide your Social Insurance Number (SIN) and/or scan your driver’s licence.
What kind of business account can I open online?
You can easily and efficiently open and fund the following business accounts online:
- Business Current Account
- Business Advantage Account
- Business Unlimited Account
- Business Savings Account
You will also be able to apply for a Business Line of Credit. A line of credit application requires that you open a chequing account.
How can I request cash management services?
Beyond chequing and savings accounts, CWB provides cash management solutions. If you require any of these services for your business, please indicate this during the account opening process and someone will contact you. Otherwise, after your application has been approved, you can reach out to our Business Contact Centre ([email protected]; 1-833-456-7900) or connect with a CWB Relationship Manager to explore the best options that align with your business goals.
How do I order cheques for my business account?
You can request cheques during the account opening process for your CWB Business Chequing Account. CWB will order the cheques for you once the application has been approved. If you didn’t indicate that you’d like to order cheques during the account opening process, you can email our Business Contact Centre at [email protected] or phone 1-833-456-7900 and we will be happy to assist.
What is the interest rate for the Business Line of Credit?
The interest rates vary based on market comparison and approved line of credit limit. They are also linked to CWB’s current prime rates, which are available here.
What type of lending options will be offered online?
If your new business account was opened online, you may be able to apply for an unsecured Business Line of Credit. However, if you are an existing client that has not been onboarded digitally, kindly contact any CWB banking centre or your Relationship Manager and they will support you in the application process.
Can my business open a Guaranteed Investment Certificate (GIC) or Flex Notice Account online?
GICs and Flex Notice Accounts cannot be opened online. Please contact your Relationship Manager or the nearest CWB banking centre, and we would be happy to discuss how to help you further.
How do I digitally fund my account?
You can conveniently deposit money to your new business account through the following methods:
- Interac® e-transfer (for instant funds transfer).
- If you are a CWB or Motive Financial personal client, you can transfer from your CWB or Motive Financial personal account.
- Deposit anywhere – deposit funds using a mobile phone (funds may be held for 5 business days).
- “Me-to-me” transfer from your personal account at another financial institution.
Is my credit score affected by a credit check?
It depends on the following:
- If you are applying for a chequing and/or savings account, the credit check we perform will show up as a "deposit inquiry" and will not impact your credit score.
- If you are applying for a Business Line of Credit, we will perform a full credit check which could impact your credit score.
- We will always ask for your consent before performing any credit checks.
How long does it take CWB to process my application for a new business account online?
At CWB, our commitment is to always deliver quick and exceptional client experience. If you have provided all required information, your application should be completed as soon as you have finished the application process. However, if you applied late in the evening or during the weekend, or we require more information, it may take longer for us to verify your business information.
Can I save my application and resume later?
Yes. You can complete your application over multiple sessions or days, as we automatically save all the information you provide. If you want to take a break from your application, click ‘’more options’’ and select ‘’save’’. In either case, you will receive an email with a link to resume the application process when you are ready. If you don’t receive an email with the link, please contact our Business Contact Centre at [email protected] or phone 1-833-456-7900 and we will be happy to assist.
What's my Social Insurance Number (SIN) used for during the account opening process?
Your SIN is used to help verify your identity. Although you're not required to provide this information, it greatly increases the speed of the approval process.
What is the personal information collected during the account opening process used for?
The personal information is used to:
- Verify your identity.
- Determine your eligibility for the account you are applying for.
- Deliver services that are suited for your needs.
- Protect your account against fraud.
- All personal information provided to CWB is safe and kept confidential. Please read the CWB Financial Group Privacy Statement for more information.
The address on my driver’s licence is not my current address; can I still use it to scan my ID and open an account?
Yes, you can still use your driver’s licence for the initial scan. You'll however need to manually update your address once your ID has been scanned. If you are having trouble scanning your ID, you can skip this process and enter your information manually.
How do I access my account online?
Once your account is opened you will receive an activation email with a link. Kindly use this link to set up your digital banking access/password. Please note that this link is time sensitive and must be activated within 24 hours.
As the main applicant, do I need to have complete information for all the signers?
- You only need the names, email addresses and mobile numbers of the signers. They (the signers) will be sent an email to complete their own portion of the account opening process. Once all signers have completed their information, you as the main applicant will be able to complete the onboarding process.
- If your business has any non-signing beneficial owners (with 25%+ ownership), you will also need to provide their names and addresses.
- If your business has any non-signing directors or minority owners (with less than 25% ownership), you will need to provide only their names.
Can I expect to receive business Visa cards after my account has been opened?
If you need a business Visa card, simply indicate this during the application process and our Business Contact Centre will follow up your request.
My business is not provincially registered. Can I still open a business account online?
You can start the process online if your business is an unregistered general partnership or sole proprietorship, but you will need to provide supporting documentation to verify the status of the business. Once you have completed the online portion of the application, our team will get in touch to confirm what else we may require from you.
Can I open accounts through my mobile app and desktop?
Yes, you can open accounts by using your cwb.digital app or through your browser.
If I have a business account with CWB, can all the users in my account open additional business accounts online?
For security reasons, only your signers will have access to open additional business accounts online.
What kind of additional business accounts can I open online?
You can easily and efficiently open the following business accounts online:
- Business Current Account
- Business Advantage Account
- Business Unlimited Account
- Business Savings Account