Wealthsimple launched a business chequing account for incorporated Canadian companies in 2026. It is a young product with acknowledged gaps, and the first thing to check is not the pricing but the eligibility.
Criterion
Wealthsimple business
Monthly fees
$0, no minimum balance
Yield on deposits
Up to 2.25% annually
Interac e-Transfers
Up to $25,000 per day
Pre-authorized debits
Yes
Wire transfers
Yes
Bookkeeping
QuickBooks and Wave integration
Automatic allocation
Separate buckets: taxes, expenses, investing, savings
Unincorporated sole proprietor
Not supported
Corporate cards
None yet
Checked August 9, 2026. A recent product whose features move quickly: confirm the current state before basing a decision on it.
Sole proprietors: not yet
The account is aimed at incorporated companies. If you are self-employed without incorporating, you cannot open it today — the hardest limit in the offering, and the one that rules out the most people.
Who it fits
What automatic allocation changes
The most useful feature is not the rate, it is the automatic split of incoming payments. Every payment received divides itself between taxes, expenses, investing and savings without a manual transfer.
For an incorporated owner doing their own books, that answers the classic failure directly: under-provisioning GST, PST and corporate tax, then discovering the hole at remittance time. Money set aside automatically is money you do not spend by accident.
Incorporated consultant or professional billing a handful of clients who wants to stop paying monthly bank fees on a lightly used account.
Company with idle cash between remittances: a yield on a balance that was doing nothing changes the arithmetic.
Business keeping books in QuickBooks or Wave that wants to avoid manual entry.
Unincorporated self-employed — the account is not open to you for now.
Business needing employee cards — you will need a separate provider and manual reconciliation across two platforms.
Retail with cash deposits — with no branches, that problem does not get solved.
Against the banks
What you give up by leaving yours
The absence of branches is the real trade-off. A traditional bank offers credit, an operating line, cash deposits and an account manager who answers the phone. Wealthsimple offers none of that, on the personal side or the business side.
In Quebec the most common comparison is with the caisse network, which adds the annual patronage dividend and physical proximity — the Desjardins comparison spells out what that is worth. Against National Bank, the brokerage fee argument collapsed once NBDB went to $0, so what still separates them from NBDB is mostly full-service banking.
One nuance that matters to an incorporated owner: a portfolio line of credit lets you borrow against non-registered investments without selling them, which covers some liquidity needs without a bank operating line. It is not a substitute for business credit, but it sometimes fills the gap.
On the rest of the platform — fees, interface, built-in tax filing — our full Wealthsimple review covers the personal side, which remains the core of the service.
FAQ
Frequently asked questions
Not without incorporating. The account is aimed at incorporated companies; sole proprietorships are not supported at the time of writing.
$0 per month, with no minimum balance. The model rests on the yield spread rather than account maintenance fees.
Up to 2.25% annually under current conditions. Rates move: confirm the applicable rate before building a cash-flow forecast on it.
No, not yet. A business that needs to issue cards to employees will need a separate provider and manual expense reconciliation.
Yes, with QuickBooks and Wave. The automatic split of incoming payments into separate buckets — taxes, expenses, investing, savings — happens in the account itself.
No. With no branch network, cash deposits are not possible, which rules out most retail businesses.
Sources and verification dates
Business chequing launched in 2026 — for incorporated Canadian companies, checked August 9, 2026.
$0 monthly fees, up to 2.25% on deposits — checked August 9, 2026, subject to change.
Interac up to $25,000 per day, PADs and wires — checked August 9, 2026.
QuickBooks and Wave integrations — checked August 9, 2026.
No corporate cards and no sole-proprietor support — limits observed August 9, 2026; described as likely to change.
Exclusive offer · $35 total
The personal account comes first
Code LOIO3A: $25 Wealthsimple bonus + $10 by Interac e-Transfer after the claim form = $35 total.