TD Business Banking

TD Canada Trust is one of Canada’s Big Five banks and is notably known for longer branch hours than most competitors – including weekends at many locations. For small business owners, TD Business Banking provides a solid combination of daily banking, lending products, and digital tools with the backing of a major Schedule I bank.

This review covers TD’s business banking offer for small and medium businesses in Canada, including deposit protection, fees, key features, and who benefits most. Pricing and features are indicative; confirm with TD before opening an account.

Is TD Business Banking available for Canadian businesses?

TD Business Banking is available to Canadian businesses including sole proprietors, partnerships, corporations, and non-profits. TD serves businesses in all provinces and territories, with bilingual services available across Quebec. The bank has a significant presence in the US as well (TD Bank), which can be useful for businesses operating cross-border – though US and Canadian accounts are separate products. New business customers typically open accounts in-branch or online, and TD has streamlined its digital onboarding for smaller businesses in recent years.

Regulatory status and deposit protection – read this first

TD Canada Trust is a Schedule I chartered bank regulated by OSFI under the Bank Act. It is a member of the Canada Deposit Insurance Corporation (CDIC). Eligible business deposits held at TD are insured up to CAD 100,000 per depositor per insured category. This includes deposits in chequing accounts, savings accounts, and term deposits maturing within five years. Deposits exceeding CAD 100,000 within a single insured category are not covered by CDIC. Business owners with larger balances should understand these limits and consider whether spreading funds across insured categories is appropriate for their situation.

Pricing and plans

All fees are approximate and subject to change. Confirm current pricing and plan details directly with TD before opening an account.

Key features for small businesses

• Extended branch hours including weekday evenings and weekends at many locations
• TD Business Online Banking with multi-user access controls
• TD for Business mobile app
• Business credit cards and lines of credit
• Merchant services and payment processing
• Payroll services integration
• US dollar business accounts and cross-border banking options
• Integration with accounting software including QuickBooks and Wave

Pros

• Longer branch hours than most major Canadian banks
• CDIC deposit insurance – full statutory protection
• Solid digital and mobile banking platform
• Strong cross-border banking capability for Canada-US businesses
• Full product suite: lending, payroll, FX, merchant services
• Accessible entry-level plan for low-volume sole proprietors

Cons

• Monthly fees increase quickly as transaction volumes grow
• Business account fees are broadly similar to other Big Five banks – no standout pricing advantage
• International wire transfer fees apply
• Not all services are available online; some require a branch visit

Who should use TD Business Banking?

TD is a strong fit for Canadian business owners who value physical branch access with flexible hours – especially useful for businesses where the owner cannot always visit during standard 9-5 hours. It also suits businesses with cross-border Canada-US activity. Sole proprietors running very low transaction volumes may find the Basic plan cost-effective, while growing SMBs may prefer TD’s broader product suite over a pure-digital fintech option.

Verdict

TD Business Banking earns a 4.1 out of 5. Extended hours, a dependable digital platform, and CDIC-backed deposit security make TD a reliable choice. Monthly fees are competitive with the Big Five but higher than fintech alternatives, and the account structure does not stand out dramatically from other major banks. Overall, a solid all-rounder with a practical advantage in branch accessibility.

Fees, features, and terms change regularly. Always confirm current details on TD’s official website or by speaking with a business banking advisor before making decisions.