Business Account Opening Requirements

1. Requirements

Here is a prepared check list of what you need to make account opening easy and convenient.

New Accounts

Sole Proprietor:

• Business Name Registration (must be registered)
• Legal address description is required when owner uses a PO Box
• One piece of valid Government Issued Photo ID and Social Insurance Number

Please book an appointment to avoid any wait times at an advice centre/branch or over the phone.

Partnership:

• Business Name Registration (must be registered)
• Partnership agreement
• Legal address description is required when owner uses a PO Box
• One piece of valid Government Issued Photo ID and Social Insurance Number

Please book an appointment to avoid any wait times at an advice centre/branch or over the phone.

Corporation:

• Business Name Registration (must be registered)
• Legal address description is required when owner uses a PO Box
• One piece of valid Government Issued Photo ID for each authorized signor

Please book an appointment to avoid any wait times at an advice centre/branch or over the phone.

Unincorporated Organization/Associations:

• Articles of Association (if applicable)
• Legal address description is required when owner uses a PO Box
• Minutes of meeting (signed by two) or letters from leagues or governing bodies
• One piece of valid Government Issued Photo ID for each authorized signor

Please book an appointment to avoid any wait times at an advice centre/branch or over the phone.

Change of Signing Authority

Need to make changes to your existing account? No problem! Here are the detailed steps to add or remove both existing and new signor(s).

Checklist

Sole Proprietor/Partnership   

1. Meeting minutes (optional) and Authorization of Account Information Changes form (pdf) (mandatory)
2. Business Name Registration (must be registered with your provincial or territorial government) / Partnership agreement
3. One piece of valid government-issued photo ID. Existing signors may not require ID verification (depends on the last verification date). New signors are required to visit an advice centre to complete the verification process. If you are not close to an Innovation location, we will ask the new signors to visit the closest credit union to complete the verification process. 

 Corporation/Inc:

1. Meeting minutes (optional) and Authorization of Account Information Changes form (pdf) (mandatory)
2. Business Name Registration (must be registered with your provincial or territorial government) with updated directors/shareholding information
3. Changes to shareholders, officers, or directors must be updated by the registrar of your provincial or territorial government and must provide a copy to us
4. One piece of valid government-issued photo ID. Existing signors may not require ID verification (depends on the last verification date). New signors are required to visit an advice centre to complete the verification process. If you are not close to an Innovation location, we will ask the new signors to visit the closest credit union to complete the verification process. 

  Unincorporated Organizations/Associations: 

1. Meeting minutes (signed by two existing officers – based on resolution) and Authorization of Account Information Changes form (pdf) (mandatory)
2. One piece of valid government-issued photo ID. Existing signors may not require ID verification (depends on the last verification date). New signors are required to visit an advice centre to complete the verification process. If you are not close to an Innovation location, we will ask the new signors to visit the closest credit union to complete the verification process.