TD Canada Trust business account review for 2026

Key takeaways

• Small businesses with 1 to 19 employees make up 91.2% of all employer businesses in Canada, so fees and balance requirements hit the companies least able to absorb them.¹

• TD Canada Trust offers four business chequing accounts from $6 to $125 CAD per month, and the tiers with fee rebates require daily balances of $45,000 and $65,000 CAD.

• If you earn revenue in more than one currency and don’t need branch access, the Airwallex Business Account offers significant savings on global transactions with local receiving details in 70+ countries, instant transfers, and market-leading FX rates. 

TD has one of the largest branch networks in Canada for business chequing, with teller service, cash deposits, and a lending relationship in one place. However, its accounts can be costly for businesses making frequent transactions, depositing large sums of cash, or moving money across borders. This review covers TD's plan tiers, fees, USD account limits, and who they work best for.

TD business accounts at a glance

TD prices its small business chequing plans on transaction volume and how much of your banking happens in a branch.² The table below compares fees, included transactions, cash deposit allowances, and balances required for fee rebates.

To choose the right tier, look at your average monthly transaction count, not the headline fee. For a comparison of TD vs other options, see our guide to the best business bank accounts in Canada.

Types of TD business accounts

TD has four CAD chequing accounts plus a USD option. Its published fee schedule still lists the legacy Every Day Business Plan A, B, and C accounts under a Discontinued Business Chequing Account Service Plans section. 

TD Business Digital Account

The TD Business Digital Account costs $6 CAD per month and it’s best for lean companies that bank entirely online. It includes unlimited electronic debits, credits, and deposit items, plus 10 Interac e-Transfers a month and free point-of-sale deposits. However, cash deposits cost $5 CAD per $1,000 CAD, and assisted in-branch transactions run $2.50 CAD each.

TD Business Basic Account

The TD Business Basic Account costs $7 CAD per month and makes sense for businesses with low activity. It includes seven full-service transactions and seven deposit items, with no Interac e-Transfers and no included cash deposit allowance; cash deposits are still accepted, at $2.50 CAD per $1,000 CAD deposited. Overages cost $1.25 CAD per transaction, $0.22 CAD per deposit item, and $1.50 CAD per e-Transfer.

TD Business Essential Account

The TD Business Essential Account costs $35 CAD per month and covers businesses using both digital tools and branches. It includes 40 transactions, 50 deposit items, 10 Interac e-Transfers, and $5,000 CAD in monthly cash deposits. TD rebates the fee if your closing balance stays above $45,000 CAD every day of the cycle.

TD Business Unlimited Account

At $125 CAD per month, the TD Business Unlimited Account targets high-volume operations. It includes unlimited transactions, deposit items, and Interac e-Transfers, plus $25,000 CAD in monthly cash deposits, the largest allowance of the TD business accounts. The fee is rebated at a $65,000 CAD daily closing balance.

TD US dollar business accounts

The TD US Dollar Business Basic Account costs $7 USD per month and includes five transactions and five deposit items. It has no US routing number and cannot connect to the US ACH network because the account is held in Canada. US clients and platforms have to pay by international wire instead.³

Who is a TD business account best for?

Cash-handling retail and hospitality businesses

TD suits retailers, restaurants, and hospitality operators depositing cash every week, with counter service, coin orders, and night drops across every province. The Essential and Unlimited plans include $5,000 and $25,000 CAD in monthly cash deposits before the per-thousand fee kicks in.

Businesses that want in-branch service and a lending relationship

Companies that expect to borrow will benefit from keeping deposits where they bank, since transaction history supports underwriting for operating lines, commercial mortgages, equipment leasing, and Canada Small Business Financing Loans. TD assigns small business banking specialists at the branch level if you would rather talk in person.

Domestically-focused Canadian SMBs

 A TD business account is a strong option if your money never leaves Canada. They support domestic EFTs, Interac e-Transfers, and payroll on local rails, and pricing is predictable. The costs may outweigh the benefits when you start collecting revenue and paying suppliers across borders. 

TD business account detailed review

EasyWeb and TD Web Business Banking

TD offers two digital banking portals: EasyWeb for sole proprietors and TD Web Business Banking for companies needing multiple users and dual approvals. Both reliably handle domestic tax payments and vendor transfers, as well as direct integration with accounting tools like QuickBooks Online or Xero.

TD Merchant Solutions and Clover

TD Merchant Solutions settles point-of-sale deposits directly into TD chequing accounts and does not count them against your transaction allowance. It sells Clover hardware, including the Clover Flex, Clover Mini, and Clover Station Solo/Duo. TD doesn't publish flat processing rates for Clover/Merchant Solutions and pricing is quoted per merchant by a TD Merchant Solutions advisor based on device, plan, and business type.

TD business savings and investment account rates

The TD Business Savings Account has no monthly fee and pays tiered interest that rises with your balance.The top rate applies only to the highest bracket because the tiers are progressive. Withdrawals cost $5 CAD each. Interac e-Transfer isn't available with this account as TD restricts e-Transfer to its CAD business chequing accounts.

Security and CDIC coverage

TD is a federally regulated Schedule I chartered bank, and eligible deposits are covered by the Canada Deposit Insurance Corporation up to $100,000 CAD per insured category.⁴ Incorporated companies and registered partnerships are covered separately from the owners' personal accounts; sole proprietorships are not.

User reviews and customer support

Account owners rate the TD branch experience well, mentioning extended hours and good service from specialists, but also long waits on the commercial phone line. Some express frustration that admin changes like updating signing authorities usually require a branch appointment.

TD business account fees

The monthly fee is the smallest part of what a TD account costs: excess transactions, cash handling surcharges, and wires all add up. TD publishes no FX markups, so margins are included within the daily retail rate.⁵ To see how another Big Five bank prices its accounts, read our RBC business account review.

TD business account pros and cons

Is a TD business account worth it?

A TD business account is worth it for established, location-based businesses that handle cash, want a teller, and expect to borrow. Storefronts, restaurants, contractors, and healthcare practices get real value from the branch network, cash allowances, and direct Clover settlement. If you can hold $45,000 or $65,000 CAD without starving the business of working capital, the premium tiers are reasonable.

TD might not be the best fit for digital-native businesses and those with clients abroad, since FX costs are hard to predict and it runs on Canadian rails, requiring wires for incoming and outgoing international payments. If you’re looking to scale globally and handle your finances digitally, consider an Airwallex Global Account. 

How to open a TD business account

TD does not offer online business account opening in Canada and instead reviews documents; a TD Small Business Banking Specialist completes the process remotely by phone, or in branch if you prefer. For general requirements across Canadian providers, see our guide on how to open a business bank account.

Step 1: Confirm your business structure and registration

Confirm whether you are a sole proprietorship, partnership, or corporation, and make sure you have federal or provincial registration. 

Step 2: Gather your identity and incorporation documents

Collect Articles of Incorporation, your CRA business number, ownership details, proof of business address, and two pieces of government-issued photo ID for every signing authority.

Step 3: Book a phone or branch appointment with a business specialist

Fill in TD’s online intake form and book a phone or branch appointment with a small business banking specialist for identity verification. 

Step 4: Fund the account and set up EasyWeb access

Once the account is open, make a deposit, collect your business debit cards, and set up your account in EasyWeb or TD Web Business Banking.

Explore different types of business accounts

Ask two Canadian business owners what they need from a bank account and you'll get two different answers: one wants a branch within walking distance for daily cash, the other hasn't made a cash deposit in years and spends hours each month reconciling payments in three currencies. Once you figure out which type of account best fits your daily operations, check out these in-depth comparisons: 

• Business chequing accounts 

• Business accounts for small businesses  

• Business accounts for eCommerce

• USD business chequing accounts

• International business bank accounts

• Foreign currency and multi-currency accounts

• International money transfers

Why Airwallex is the best alternative to TD

Airwallex is a financial platform built for Canadian businesses that earn or spend in more than one currency. Airwallex Multi-Currency Accounts can be opened in minutes, giving you local receiving details in 20+ currencies so a US, UK, or EU customer can pay you domestically and the money arrives in the currency they sent. You can then spend in the currency you earned. 

Airwallex Business Accounts let you manage your global finances in one place with multi-currency corporate cards with no foreign transaction fees, batch payouts up to 1,000 recipients, and direct syncs with Xero and QuickBooks. 

Frequently asked questions about TD business accounts

How much does a TD business account cost per month?

A TD business account costs between $6 and $125 CAD per month. The TD Business Digital Account is $6 CAD, Business Basic $7 CAD, Business Essential $35 CAD, and Business Unlimited $125 CAD.

How do I avoid the monthly fee on a TD business account?

You can avoid the monthly fee on two TD business accounts by holding a qualifying closing balance every day of the billing cycle: $45,000 CAD on the TD Business Essential Account or $65,000 CAD on the TD Business Unlimited Account. The Digital and Basic accounts have no rebate.

Is TD Canada Trust the same as TD Bank in the United States?

No, TD Canada Trust and TD Bank in the US are separate entities under the same parent company, the Toronto-Dominion Bank. Canadian accounts run on Canadian rails, whereas US accounts support ACH.

Does TD offer an interest-bearing business account in Canada?

Yes, TD offers the TD Business Savings Account that pays tiered interest. Keep in mind that withdrawals cost $5 CAD each. Interac e-Transfer isn’t available with this account, so moving money requires moving it into a checking account first.

Can a sole proprietor open a TD business account in Canada?

Yes, a sole proprietor can open a TD business account with two types of government-issued photo ID and proof of business registration or a trade name declaration. For CDIC coverage, your sole proprietorship deposits will be combined with your personal accounts under one $100,000 CAD limit.

Does a TD US dollar business account come with a US routing number?

No, a TD US Dollar Business Basic Account does not come with a US routing number, because the account is held in Canada. It receives US dollars by international wire or cheque, so American clients can’t pay by ACH.

How long does it take to open a TD business account?

Opening a TD business account usually takes two to five business days, since TD requires a document review appointment with a small business banking specialist. Complex corporate structures with several signing officers can take longer.

Sources

1. https://www150.statcan.gc.ca/n1/pub/11-621-m/11-621-m2026008-eng.htm

2. https://www.td.com/ca/en/business-banking/small-business/business-banking-offers

3. https://www.xe.com/blog/money-transfer/a-guide-to-canadian-bank-fees-for-wire-transfers

4. https://www.cdic.ca/depositors/videos-and-resources/faqs/

5. https://www.td.com/content/dam/tdb/document/pdf/521998-en-a.pdf