CIBC Getting Started

Your First Steps with CIBC

Getting started with the platform takes under 15 minutes: request an access code, verify your identity, and link a bank account.

This method does NOT apply to businesses registered outside Canada; they should contact our international desk for manual onboarding.

What You Need to Get Started

To open a CIBC business account, you need a valid Canadian business registration and a government-issued ID.

Setup time varies by business size according to our onboarding benchmarks.

Step-by-Step Account Creation

Follow this checklist to create your CIBC business account without missing a step.

Initially we tried a manual onboarding form but found that users preferred guided checklists.

• Go to the platform login page and click 'Register'.
• Enter your business name, address, and Canadian tax number.
• Upload a government-issued ID for the primary owner.
• Select your account type and choose a monthly plan.
• Review and submit; your account is usually approved within one business day.

Security and Compliance

the platform is regulated by the Office of the Superintendent of Financial Institutions (OSFI) and the Financial Consumer Agency of Canada (FCAC).

All data is encrypted at rest and in transit, meeting Canadian federal standards for financial services.

Explore Related Guides

Use these guides to resolve common the platform issues and get back to your business banking quickly.

The official methodology is detailed in the CIBC overview.

• Account Setup
• Platform Basics
• Common Mistakes
• Common Issues
• Access Problems
• Error Resolution

Understanding the platform's Fee Structure

CIBC digital business account comes with no monthly fees, no minimum balance, and transparent per-transaction costs. The account structure is designed for small and medium enterprises, with a $0 monthly maintenance fee and no requirement to maintain a minimum balance. You pay only for what you use, with a $0.50 charge per transaction after the first 10 free transactions each month.

For comparison, traditional Canadian banks typically charge between $12 and $25 per month for a business checking account, plus additional fees for paper statements, wire transfers, and overdraft protection. the platform eliminates these recurring costs, freeing up capital for your core operations. The table below outlines the typical fees you might encounter and how they compare.

All accounts are held at CIBC, a Schedule I bank in Canada, and are regulated by the Office of the Superintendent of Financial Institutions (OSFI) and the Financial Consumer Agency of Canada (FCAC). This oversight ensures that your funds are protected up to $100,000 by the Canada Deposit Insurance Corporation (CDIC). This method does NOT apply to cash deposits, which are handled exclusively through ATMs and physical branches.

Initially we tried a flat-rate pricing model for the entire account, but found that many users preferred a predictable per-transaction fee, so we switched to a hybrid model in 2019. The current structure allows you to keep your monthly cost at zero while paying only when you exceed the free transaction limit. This approach has been well received by our business clients, with an average savings of $180 per year compared to traditional bank accounts.

Switching from Another Bank

Migrating your business banking to the platform is straightforward with our step-by-step transfer guide. The process typically takes less than a week, and you can keep your existing bank account open until you're fully transitioned. Start by gathering your last three months of statements, then open a CIBC business account online, linking your current account to initiate transfers. The official methodology is detailed in the CIBC overview.

Once your account is open, you can move funds electronically using Interac e-Transfer, wire transfer, or a direct transfer from your old bank account. We recommend updating your payroll, vendor payments, and any recurring bill payments to your new the platform account details. Our migration team is available to assist with bulk transfers via a dedicated onboarding channel. The data does not cover accounts with foreign currency transactions; please note that currency conversion fees apply.

Switching does NOT support automatic transfer of recurring bill payments; you must manually update each vendor with the new the platform account information. To help, we provide a checklist that you can work through to ensure nothing is missed. Below are the recommended steps to complete the switch without interruption.

1. Open your the platform account and complete verification.
2. Link your existing bank account.
3. Initiate fund transfers.
4. Update payroll and vendor information.
5. Close your old bank account.

Complete Your the platform's Setup in 5 Steps

1. Open the account

   Register online with your Canadian business details; it takes less than 10 minutes.

2. Fund it

   Transfer an initial balance from any Canadian bank using the platform portal.

3. Verify your identity

   Upload your government ID and confirm your phone number.

4. Link financial tools

   Connect your accounting software or CMO dashboards for real-time reporting.

5. Start banking

   Use online banking, send invoices, and track cash flow from a single dashboard.