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​Small Business FAQs

Got questions? We’ve got answers!  Here are some of our most frequently asked questions about small businesses, online account applications and more. ​If you don’t find the answer to your question, feel free to call us or send us an email - a representative would be happy to help. 

Digital Small Business FAQs

Small Business
Small Business Application
Small Business Payment Processing

​How long does the application process take?

If you have all required documentation hand the account opening will take between 10 to 15 minutes.

​Once my application for the Alterna Bank Small Business eChequing Account is submitted when will I find out if my application has been approved? 

Provided we have all the information and documentation, you will receive an email from us regarding the status of your application within 1 business day.

​What documents do I need to open an account?

Documents supporting existence of business

               

Sole Proprietorship

Partnership

Corporation

Required Business Documentation

Proof of Business Number registration if business is operating under the Sole Proprietor's name

Proof of Business Number registration if business is operating under the partners' name

Proof of Business Number Registration

Valid Master Business License if business is operating under a name other than that of the sole proprietor

Valid Master Business License if business is operating under a name other than that of the partners

 Articles of Incorporation


Partnership Agreement

Valid Master Business License if the company is operating under a name that is different from that listed on incorporation document.

  1. Your Business Number - The Business Number (BN) is a unique number the Canada Revenue Agency (CRA) assigns your business as a tax ID. It is a nine-digit number that is unique to your business
  2. A personal bank statement is a summary of financial transactions that occurred at a certain institution during a specific time period. For example, a typical bank statement may show your deposits and withdrawals for a certain month. You may receive bank statement electronically or through the mail.
  3. Bill -A digital bill is a copy of your personal utility/telephone bill that is sent to us electronically.
  4. Signature specimen means sending us your signature electronically and you can do this by taking a blank piece of paper and sign your name by yourself and send us a copy of your signature.

What do co-owners need to provide for the account opening?

Co-owner information (if your business is a partnership or a corporation, anyone who is part of this corporation will be required to provide personal details).

  1. Bank Statement
  2. Bill
  3. Signature Specimen

If the Company is registered in the US, can I open an account?

No, your company must be registered and operate within Canada

​Can a Corporation with a board of Directors open an account?

No, we currently do not accept applications for corporations with a board of directors. 

​Can a Money Service Business open account?

No, we cannot open accounts for Money Service Business. If you have a money service business and would like to open an account with Alterna Bank please call 1-844-843-8448 and we can discuss your options.

​Can a Cannabis business open an account?

We cannot open accounts for Cannabis companies online but we are more than happy to assist you with this. Please complete the form to get the process started. Or visit us here. 

​Can an account be opened for a Quebec company?

No, at this time we can service all provinces and territories excluding Quebec. A Quebec company is a business registered in Quebec and located within Quebec.

​What is a Sole Proprietorship?

A sole proprietorship is an unincorporated business that is owned by one individual. It is the simplest kind of business structure. The owner of a sole proprietorship has sole responsibility for making decisions, receives all the profits, claims all losses, and does not have separate legal status from the business.

​What is a General Partnership (2 or more individuals) 

A general partnership is a business established by two or more owners. It is one of three ways of organizing a business in Canada

​What are Articles of incorporation ?

  1. A set of formal documents filed with a government body to legally document the creation of a corporation. Articles of incorporation generally contain pertinent information, such as the firm’s name, street address, agent for service of process, and the amount and type of stock to be issued.
  2. Articles of incorporation are also referred to as the "corporate charter," "articles of association," or "certificate of incorporation." 

​What is a tradename? 

Trade names are business name registrations used by sole proprietors, partnerships and corporations. Any corporation that identifies itself to the public under a name other than its full corporate name must register that name as a trade name (also known as a business name, operating name, fictitious name, trade style, and dba – "doing business as" name).

​What is a Business Number?

The business number is a nine-digit number the Canada Revenue Agency (CRA) assigns your business or non-profit as a tax ID. It is unique to your organization and is used when dealing with the federal government and certain provincial governments. 

​What about tax jurisdiction details?

Tax jurisdiction details - For corporations, their tax identification number is their nine-digit Business Number (BN) issued by the Canada Revenue Agency (CRA). Corporations resident in Canada have income tax reporting obligations and are required to have a BN.

​What services does Alterna Bank offer for Small Business?

  1. Small Business eChequing
  2. Payment Processing

For more information please visit alternabank.ca/business

​What are the Service fees for the Alterna Bank Small Business eChequing Account?

Please visit here for full details

​How do I get back to my application if I have not yet completed it?

Just click on the ‘Save and continue later” button at the bottom of the application.  To return to complete the application, click on the link that we provided to you by email

​What do I need to open a Small Business eChequing Account?

Documents supporting existence of business

               

Sole Proprietorship

Partnership

Corporation

Required Business Documentation

Proof of Business Number registration if business is operating under the Sole Proprietor's name

Proof of Business Number registration if business is operating under the partners' name

Proof of Business Number Registration

Valid Master Business License if business is operating under a name other than that of the sole proprietor

Valid Master Business License if business is operating under a name other than that of the partners

 Articles of Incorporation


Partnership Agreement

Valid Master Business License if the company is operating under a name that is different from that listed on incorporation document.

  1. Your Business Number - The Business Number (BN) is a unique number the Canada Revenue Agency (CRA) assigns your business as a tax ID. It is a nine-digit number that is unique to your business.
  2. A personal bank statement is a summary of financial transactions that occurred at a certain institution during a specific time period. For example, a typical bank statement may show your deposits and withdrawals for a certain month. You may receive bank statement electronically or through the mail.
  3. Bill -A digital bill is a copy of your personal utility/telephone bill that is sent to us electronically.
  4. Signature specimen means sending us your signature electronically and you can do this by taking a blank piece of paper and sign your name by yourself and send us a copy of your signature.

​What is a Business Number?

The business number is a nine-digit number the Canada Revenue Agency (CRA) assigns your business or non-profit as a tax ID. It is unique to your organization and is used when dealing with the federal government and certain provincial governments. 

​What is a ‘Legal Business Name’?

The legal name of a business is the official name of the person or entity that owns a business. If you are the only owner of your business, then its legal name is simply your full name. For limited partnerships, LLCs, and corporations, the legal name of the business is the name registered with articles of incorporation.

Almost all businesses in Canada must register their business name in their respective provinces or territories except for sole proprietorships that use only the owner's legal name with no additions. All other forms of business ownership, including partnerships, must register their business names.

​​What is a tradename? 

Trade names are business name registrations used by sole proprietors, partnerships and corporations. Any corporation that identifies itself to the public under a name other than its full corporate name must register that name as a trade name (also known as a business name, operating name, fictitious name, trade style, and dba – "doing business as" name).

​Where can I find my ‘Corporation Number’?

The 7-digit corporation number is assigned to the corporation by Corporations Canada. You can find a corporation's BN by accessing Corporations Canada online database of federal corporations or by contacting Corporations Canada or CRA directly.

​How can I get Payment Processing Services from Alterna Bank?

If you are a new customer, you can access the form in the Small Business eChequing application.If you are already an Alterna Bank customer, you can apply by logging into Alterna Bank online banking and access the form under Quick Links 

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