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Opening Business Account (incorporated) - questrade or major bank

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  • Aug 10th, 2015 2:06 pm
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Jr. Member
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Oct 18, 2009
168 posts
81 upvotes
Toronto, ON

Opening Business Account (incorporated) - questrade or major bank

I recently incorporated as a small business and now need to open a new buisness account. Just wondering whether I should open at a major bank or with questrade. Since I will be keeping about 60-70% money in the corporation for passive income ( investing). And rest taking out as salary.

Questrade has the advantage of being no monthly fee etc. Already have TFSA, RRSP's with them. Will it be a hassle for clients to transfer the money to questrade compared to a major bank

I use TD for personal banking
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Sr. Member
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Jun 27, 2007
579 posts
112 upvotes
Toronto
Hi Cooltoronto,

Glad to see that you are already a Questrade client. Once you open your corporate Questrade account, you can easily deposit funds into it from your corporate bank account. The deposit can be made as a simple electronic funds transfer (EFT), similar to the way that you might do a regular bill payment. However, only funds coming from your corporate account could be deposited to your corporate Questrade account. Your clients would be unable to make deposits to that account, as all deposits from accounts listed to other people would be flagged as ‘third-party’ deposits.

If you have any questions, please shoot me a PM and I’ll get back to you right away.

Thanks,
Carl from Team Questrade

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