Canadian real estate

[Alex Carpio]

Hello BP!

My name is Alex from Ontario and I'm a new and aspiring real estate investor. Looking for guidance on opening up business accounts for someone starting in their personal name.

Which Canadian business accounts do you suggest I open?

Which products are more real estate friendly?

Any specific business card perks I should be shopping for?

I believe I should have one account for incoming rent, a second account for expenses going out and a third account for capital expenditures, holding security deposits, and savings. I would love to apply for a business credit card as well.

Let me know your thoughts and how you would suggest I start. Reply or DM please.

Thank you!

Alex

[Chris Baxter]

@Alex Carpio welcome to BP!  While it is critical to keep personal and business finances separate, there is no need to have multiple bank accounts for one property.  Income and expenses are tracked in accounting software or in spreadsheets, not by having multiple bank accounts (with multiple sets of banking fees).  I use my local credit union for business banking as they are easy to deal with and offer good service with minimal fees.