Business vs. Personal Chequing Accounts: Key Differences
Business vs. Personal Chequing Accounts: Key Differences Source: pexels.com The choice of bank account type is crucial for proper money management. For many Canadians, the decision between a business and a personal chequing account can be confusing. Let’s break down the main differences to help you make an informed choice. Purpose and Legal Requirements: Personal chequing accounts are designed for the everyday banking needs of individuals. You use them to deposit your paycheque, pay bills, and make purchases. You can often find no-fee chequing account options for personal use. On the other hand, business chequing accounts are specifically created for companies, whether you’re a sole proprietor or running a large corporation, and come with a specific fee structure. If you’re operating a business, it’s often legally required to have a separate business account. This separation helps you track business expenses, simplifies tax filing, and maintains a pr...