business plan scotiabank

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As a small business owner, you've spent a great deal of time considering your business' future and what you hope to achieve. So why should you write a business plan?

By going through the process, you'll have an opportunity to consider the right work-life balance for you. Your business plan will also become a user-friendly guide for employees, investors, suppliers, and advisors, and a tool to measure your business' progress and plan for future staffing and financing.

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ScotiaOne Business Plan Writer

As a small business owner, you've spent a great deal of time considering your business' future and what you hope to achieve. So why should you write a business plan?

By going through the process, you'll have an opportunity to consider the right work-life balance for you. Your business plan will also become a user-friendly guide for employees, investors, suppliers, and advisors, and a tool to measure your business' progress and plan for future staffing and financing.

Our leading edge and easy-to-use interactive planning tool will help you create an effective business plan.

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Scotia Professional Plan

Right for you if: You are an independent professional looking to start, or expand, your practice

As a professional, you may face various challenges in pursuit of your passion.

At Scotiabank we can help you meet all your banking needs, so you can keep your business running smoothly - and focus on building a rewarding profession The Scotia Professional* Plan is a financial package designed specifically to satisfy the needs of professionals.

The Plan will offer you:

A convenient choice of day-to-day banking, lending products and services to help you establish and grow your business.

The ability to secure business financing with higher credit limits and more flexible lending requirements and repayment options 1

Access to a team of financial experts who are available to provide financial advice as you move from one stage of your professional life to another, helping you keep both your business and personal plans on track.

Talk to us today. See how Scotia Professional* Plan can help you make the most of your professional life!

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Trademark of The Bank of Nova Scotia, used under licence (where applicable).

Subject to credit approval and the Banks requirements with respect to any security provided. Proof of professional certification and membership may be required. Other terms and conditions are applicable.

This information is for informational purposes only and is subject to change without notice. Always consult your professional tax and legal advisors with respect to your particular circumstances. This document is not intended to constitute a solicitation to transact business in any jurisdiction where such an offer or solicitation would be unlawful. While every effort is made to ensure that the information contained in this document is accurate, the Bank does not accept any liability with respect to its contents.

Your Scotia Small Business Borrowing Tool

Find the option to suit your lending needs.

• 1 What describes your reason for borrowing the most? Major purchase of equipment or fixed assets Everyday expenses and cash flow Neither
• 2 Do either of these describe your business? Neither A Professional Practice Involved in Agriculture
• 3 How much would you like to borrow? (minimum $500 and maximum $1,000,000) $
• 4 What type of repayment structure are you looking for? Revolving credit facility 1-5 years Over 5 years
• 5 Do you own a home or farm? Do you own a home or farm? --> Yes No
• 6 Do you travel for business? Do you travel for business? --> Yes No
• 7 What is most important when deciding on a potential borrowing solution? What is most important when deciding on a potential borrowing solution? --> Flexibility Low Rate Long Term Cash Flow Rewards All options

Please choose at least one option for question 7.

• Scotiabank Business Account Review

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While we work hard to provide accurate and up to date information that we think you will find relevant, Forbes Advisor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof.

Scotiabank Basic Business Account Review 2024

Updated: Jul 16, 2024, 5:48am

Fact Checked

Table of Contents

Account basics, other accounts and services.

• Pros & Cons

How the Account Stacks Up

Frequently asked questions (faq).

Scotiabank is one of Canada’s Big Six banks and offers a host of financial products, including credit cards , mortgages , bank accounts, and banking solutions for small businesses. The Scotiabank Basic Business Account is one such offer, the most elementary offering of their three business banking plans, which also include the Right Size Account for Business and the Select Account for Business.

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Simplii HISA

On Simplii Financial’s Website

0.40% – 5.50% for eligible deposits

Minimum Deposit Requirement

Other Features

No maintenance or monthly fees. Set up automatic deposits. From May 1st to July 31st, 2024. Get a special interest rate – Earn 5.90% interest for 5 months on your first Simplii Financial High Interest Savings Account. Limits apply.

EQ Bank Personal Account

On EQ Bank’s Website

Monthly Maintenance Fee

This account is true to its name—basic. That said, it does offer services in Canadian and U.S. dollars, which is a boon to businesses operating in Canada and the U.S.

In addition, this account has a $10.95 monthly fee, which is waived if the monthly minimum balance is over $8,000.

This account is extremely limited in terms of transactions, only offering one transaction per $1,500 in the account.

The account is compatible with Chase Merchant Services, offering speedy, next-day access to funds from the Point-of-Sale service.

Scotiabank offers a plethora of other accounts and services, including:

Scotiabank Right Size Account for Business

This account has a monthly fee of $6 and charges for transactions based on the number of transactions you make per month. If you make 1 to 15 transactions per month, you’ll pay $1.25 per month, 16 to 50 transactions will cost $1.15, and over 51 transactions will cost $1 per transaction. It’s also compatible with Chase Merchant Services, offering next-day funds but no deposit fees on payment processing.

Scotiabank Select Account for Business

The Scotiabank Select Account for Business allows users to select one of four plans, ranging in monthly fees from $20 on the low end and $120 on the high end. They also include transaction fees, minimum monthly balances and additional transaction fees.

Other Business Accounts

Scotiabank also offers other business accounts tailored to specific businesses, including:

• Scotia Professional Plan Plus Account: A business solution for those with a high volume of transactions.
• ScotiaOne Account Plan for agriculture: A banking plan tailored to the agricultural industry.
• Scotia Community Account Plan: A plan for smaller charities and community groups to help maximize donation dollars.

Business Credit Cards

Pros & Cons

• Banking with Canadian or U.S. dollars
• Compatible with Chase Merchant Services
• Only one transaction per $1,500 in the account
• Monthly fee of $10.95 is only waived if $8,000 monthly minimum balance is maintained

Scotiabank Basic Business Account vs. Scotiabank Right Size Account for Business

The Scotiabank Basic Business account pails in comparison to the Scotiabank Right Size Account for Business. Consider that the Basic account has a $10.95 monthly fee and only offers one transaction per $1,500 balance. On the other hand, the Right Size account has a $6 monthly fee and charges for transactions based on how many you make. Like the Basic account, it’s compatible with Chase Merchant Services, offering next-day funds—but it also offers no deposit fees on payment processing from Chase. That said, the Scotia account does have the advantage of operating in both U.S. and Canadian currency.

Scotiabank Basic Business Account vs. TD Basic Business Plan

The TD Basic Business Plan is similar to the Scotia plan in that it’s only designed for a few monthly transactions. With the TD Basic plan, the monthly fee is lower, at just $5, and you get five deposits and five transactions. Extra deposits are $0.22 each and $1.25 for additional transactions. The Scotia plan has a higher monthly fee and no free transactions. However, the Scotia Basic account is better for banking in U.S. dollars.

Related: TD Business Banking Review

Scotiabank Basic Business Account vs. RBC U.S. Dollar Business Account

The Scotiabank Basic Business Account and the RBC U.S. Dollar Business Account can handle U.S. currency. The RBC account has a fee of $9 USD, which is waived if the monthly transaction fees exceed that amount or the balance is $2,500 USD or more. The Scotia account has a similar monthly fee but can also operate in Canadian currency, making it the better choice for businesses in Canada and the U.S.

Which bank is best for a business account in Canada?

There is no single best business account in Canada because every business is different and has different needs. When looking for a business account, consider things such as:

• The currency you want transactions to take place in
• The number of transactions you need per month
• The monthly fees you’re comfortable with
• The services your business needs most and what you’re willing to pay for them

How do I transfer money from my personal account to my Scotiabank business account?

You can transfer funds from a personal account to a Scotiabank business account, similar to how you’d transfer funds between personal accounts. Use your online banking services or in-person services to initiate the transfer.

What accounts does Scotiabank offer?

Scotiabank offers a variety of accounts, including:

• Chequing accounts
• Savings accounts
• Seniors bank accounts
• Student accounts
• Business accounts
• Registered Retirement Savings Plans (RRSP)
• Tax-Free Savings Accounts (TFSA)
• Registered Education Savings Plan (RESP)
• First Home Savings Account (FHSA)
• Registered Retirement Income Fund (RRIF)
• Registered Disability Savings Plan (RDSP)
• Best High Interest Savings Accounts
• Best Budgeting Apps
• Best Banks In Canada
• Best No-Fee Chequing Accounts
• Best Online Banks In Canada
• Best Tax-Free Savings Accounts
• Best U.S. Dollar Chequing Accounts
• Best Savings Accounts
• Best Chequing Accounts
• Best Student Chequing Accounts
• Best Joint Savings Accounts
• Best RRSP Savings Accounts In Canada
• Best TD High-Interest Savings Accounts
• Best Scotiabank Savings Accounts
• Best Online Bank Accounts
• Best TD Chequing Accounts
• Best EQ Savings Accounts
• Best BMO Chequing Accounts
• Best Scotiabank Chequing Accounts
• Best CIBC Chequing Accounts
• Best Bank Accounts For Teenagers
• Best BMO Savings Accounts
• EQ Bank Review
• Simplii Financial Review
• Laurentian Bank Review
• Royal Bank Of Canada (RBC) Review
• Tangerine Bank Review
• WealthSimple Review
• BMO Bank Of Montreal Review
• RBC Business Banking Review
• TD Business Banking Review
• EQ Bank TFSA Review
• Neo High-Interest Savings Account Review
• Tangerine Chequing Account Review
• Scotiabank TFSA Review
• Compound Interest Calculator
• Income Tax Calculator
• Bank Draft Vs. Certified Cheque Vs. Money Order
• What Is A Routing Number In Canada?
• Prime Rate History In Canada
• Interac e-Transfer
• What Is A Canada PRO Deposit?
• Prime Rate In Canada
• What Is A Transit Number In Canada?
• What Is A Bank Institution Number?
• What Is A Void Cheque?
• What Is Mobile Cheque Deposit? How Does It Work?
• Can You Deposit Cash At An ATM?
• Bank Withdrawal Fees And How To Avoid Them
• ATM Withdrawal Limits: What You Need To Know
• Inflation Rate Update
• What Is A Bank Draft?
• How To Switch To A New Bank Or Credit Union
• What Is A High-Interest Savings Account?
• The Silicon Valley Bank Failure
• What Is A U.S. Dollar Bank Account?

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Courtney Reilly-Larke is the deputy editor of Forbes Advisor Canada. Previously, she was the associate editor of personal finance at MoneySense. She was also managing editor of Best Health Magazine and has contributed to publications such as Cottage Life and Blog TO. She currently lives in Toronto.

Scotiabank says technical issue disrupting salary payments is fixed

Bank says any fees incurred as a result of the issue will be reimbursed

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TORONTO — Bank of Nova Scotia says it has fixed an issue that caused some account holders not to receive their pay and other deposits Friday.

Scotiabank says technical issue disrupting salary payments is fixed Back to video

Customers had taken to social media to complain about the issue, noting it came on a payday near the end of the month when many bills come due.

The bank says in a statement that it is “deeply sorry for the inconvenience” and sincerely appreciates the patience of clients as it worked to resolve the problem.

The early afternoon update says customers should start to see their direct deposits and cheque deposits posted to their accounts.

Scotiabank says any fees incurred as a result of the issue will be reimbursed.

Last year, Toronto-Dominion Bank Group had an issue where customers didn’t receive direct deposits on a Friday.

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Scotiabank named World’s Best Bank for Corporate Responsibility, Canada’s Best Bank by Euromoney

Thu Jul 25 2024 19:05:00 GMT+0000

It’s ever more important for companies to go beyond the bottom line and make a positive impact on the economy, the communities they operate and live in, and their own employees.

Scotiabank’s ongoing efforts on this front have been recognized at a global level as it has been named World’s Best Bank for Corporate Responsibility at the Euromoney Awards for Excellence 2024 , in part for its 10-year, $500-million ScotiaRISE community investment initiative aimed at strengthening economic resilience among disadvantaged people and groups.

The prestigious U.K.-based financial publication recognized Scotiabank with 11 awards including North America’s Best Bank for Corporate Responsibility and Canada’s Best Bank . 

“These recognitions are a testament to the solid momentum we are delivering on our vision to be our clients' most trusted financial partner and in executing against our enterprise strategy across our key markets,” said Scott Thomson, President and Chief Executive Officer at Scotiabank.  

Euromoney’s annual awards are highly competitive, with submissions from more than 600 banks from 100 countries across the globe. Scotiabank was previously named Canada’s Best Bank in 2022. 

When selecting a winner for its Best Bank for Corporate Responsibility award at the global and regional levels, the magazine examined the company’s commitment to several components including: fostering diversity and inclusion, reducing the environmental impact of operations, promoting workforce development and social mobility, and innovative and effective initiatives to strengthen local communities.

" These recognitions are a testament to the solid momentum we are delivering on our vision to be our clients' most trusted financial partner and in executing against our enterprise strategy across our key markets.” Scott Thomson, President and Chief Executive Officer at Scotiabank

In its Euromoney Award submission, Scotiabank highlighted its progress and integration of ESG (environmental, social and governance) goals into business line priorities as well as its efforts to develop a Truth and Reconciliation Action Plan . 

For the Country’s Best Bank awards, Euromoney examined financial institutions’ achievements and key metrics including market capitalization, total revenues and pre-tax profit. It also factored in the banks’ ability to meet strategic targets and key initiatives. 

In its award submission, Scotiabank noted its Scene+ loyalty program, the launch of the Scotia Smart Investor tool to help clients with financial planning and the Bank’s expansion of employee wellbeing supports including Global Inclusive Standards of Care . The aim is to close health gaps for the LGBTQIA+ community and women with coverage for areas such as mental health, women’s health and expanded same-sex partner coverage, helping to remove barriers for under-represented and under-served groups. 

These recognitions come after a foundational year for Scotiabank under the guidance of Thomson, who took the helm as CEO in early 2023. After a comprehensive, months-long internal review, Scotiabank unveiled its new enterprise-wide strategy and vision during its Investor Day in late 2023. This new approach involves growing and scaling in priority markets in Canada, the U.S., Mexico and the Caribbean. Capital allocation will focus on growth in North America, with trade flows between Canada, the U.S. and Mexico representing a significant opportunity. 

The Bank’s new strategy also focuses on deeper and more meaningful relationships with clients, providing multiple products and advice. It also involves simplifying and improving access to Scotiabank products and building a more efficient organization, while also breaking down silos and creating an environment where people can thrive. 

Euromoney Awards for Excellence 2024 wins:

How This Medicus Pension Plan Leader is Redefining Financial Security in Medicine

Scotiabank’s Saint John Main Branch celebrates 150 th anniversary

Scotiabank executive Jon Davey on choosing the difficult path

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Scotiabank says payday direct-deposit ‘technical’ troubles have been resolved

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Scotiabank inaugurates retail self–checkout, cashless kiosks

-expands digital offerings

Scotiabank has expanded its digital offerings and says it can help clients elevate their retail shopping experience through self-checkout, cashless kiosks.

In a statement yesterday, it said that clients can now accept and process payments through self-check and kiosk services. This payment solution, it said,  provides clients with seamless, self-sufficient technology that allows their fund collections to be credited to accounts in 24 hours. Scotiabank said it is the only bank locally to have invested in its proprietary digital application.

Self-checkout kiosks offer speed and convenience and allows shoppers to scan and bag their items themselves, bypassing traditional cashier lines and reducing waiting times.

60 km of four-lane road already awarded for Region Six – Jagdeo

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ScotiaOne Business Plan Writer

As a small business owner, you've spent a great deal of time considering your business' future and what you hope to achieve. So why should you write a business plan?

By going through the process, you'll have an opportunity to consider the right work-life balance for you. Your business plan will also become a user-friendly guide for employees, investors, suppliers, and advisors, and a tool to measure your business' progress and plan for future staffing and financing.

Our leading edge and easy-to-use interactive planning tool will help you create an effective business plan. 

U.S. told Philippines it made ‘missteps’ in secret anti-vax propaganda effort

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