Ontario is home to more business banking options than any other Canadian province, from Big Six bank branches across the province to digital-first banks like EQ Bank and Wealthsimple that require no credit history to open.
Overview: Self-Employment in Ontario
Ontario is Canada’s most populous province and the primary destination for newcomers starting businesses. The Greater Toronto Area, Ottawa, Hamilton, and Kitchener-Waterloo are major freelance hubs across diverse industries including finance, tech, and professional services.
Key Provincial Information
Ontario offers the widest range of business banking options in Canada. EQ Bank Business and Wealthsimple Business are fully online with no monthly fees and no credit check — ideal for newcomers. RBC, TD, BMO, Scotiabank, CIBC, and credit unions (Meridian, Alterna) provide in-branch service across the province. For US client payments, pair any Ontario bank with a Wise Business account ($55 one-time) to receive USD at mid-market rates.
Steps for Newcomers in Ontario
- Obtain your SIN from Service Canada (if you have not already)
- Register your business name with the Ontario provincial business registry if using a trading name
- Open a business bank account at a Ontario-based branch or with a digital bank
- Set up accounting software that handles Ontario tax rates correctly
- Register for GST/HST with the CRA once your revenue approaches $30,000
Provincial Resources
- Ontario government business portal — for registration, licences, and permits
- CRA regional tax services office serving Ontario
- Local Chamber of Commerce — networking and support for new business owners
- Immigrant entrepreneur programs specific to Ontario (many provinces offer these)
Frequently Asked Questions
Is Ontario a good province for freelancers?
All Canadian provinces offer a viable environment for self-employed professionals. Ontario has specific advantages and considerations — tax rates, cost of living, and available markets vary. Research your specific profession’s demand in Ontario before committing.
Related Guides
Ready to Take the Next Step?
Explore more guides on canadafounders.ca/ — Canada’s independent resource for newcomers and freelancers building a business.