Small Business Frequently Asked Questions

I am looking to start a business. How can CIBC help me?
How do I open a small business account?
How do I know which products and services are right for my business?
Can I assign my employees the access to make deposits only?
How do I set up a system to receive customer payments via credit cards?
Can I qualify for a CIBC mortgage if I'm self-employed?
How do I file my taxes online?
Can I have my customer payments deposited directly to my account?
How do I transfer money between my accounts?
How do I register for Electronic Funds Transfer?
Where can I find out more about direct deposits for my employee payroll?

1. I am looking to start a business. How can CIBC help me?

If you are starting a business, CIBC offers a wide range of products, tools and advice to help equip you for success:

Use our Business Planning Guide to help you develop the right plan for your business
Check out our Small Business Solution Finder, a helpful tool that will help you determine what financial products and services will be right for your business
Take advantage of the valuable information in our Small Business Resource Centre, including economic reports and business articles on a range of useful topics

CIBC can help you get your new business up and running, and take your existing startup to the next level. Visit a CIBC branch to find out how.

2. How do I open a small business account?

CIBC has the right combination of accounts to meet all of your needs, whether you're a well-established company or just beginning to stake your claim in the business world:

CIBC Business Operating Account™ - a Canadian dollar account for the day-to-day operation of your business
CIBC Business Interest Account® - a tiered investment savings account for business clients, available only in Canadian dollars
CIBC US Dollar Current Account - an operating account for businesses that is designed to meet your U.S. business needs

To open any of these accounts, complete the Small Business Account Application (400 KB) and drop it off at your CIBC branch. A CIBC representative will contact you to set up a brief appointment. You will also have to bring in supporting documentation when opening a small business account. For more information on opening a small business account at CIBC, read How to Open a Small Business Account.

3. How do I know which products and services are right for my business?

Our Small Business Solution Finder can match the unique needs of your business with the CIBC products and services that can help you reach your goals.

4. Can I assign my employees the access to make deposits only?

With the new CIBC Small Business Customized Access™ feature, you can assign routine financial transactions and tasks to trusted employees or delegates - including deposits, withdrawals, purchases, transfers and bill payments. Best of all, you can customize each delegate's access according to their responsibilities and revoke access at any time, allowing you to remain in control and manage your business more effectively.

5. How do I set up a system to receive customer payments via credit cards?

CIBC Merchant Services has formed an alliance with Global Payments to offer payment processing solutions that will increase payment options for your customers and help your bottom line. Global Payments processes over 2.7 billion transactions annually for over one million merchant locations across North America, helping hundreds of thousands of Canadian merchant locations accept Canada's most popular payment solutions, including VISA*, MasterCard*, American Express* cards, and interac* Direct Payment transactions.

Find out more about Merchant Services

6. Can I qualify for a CIBC mortgage if I'm self-employed?

The CIBC Self-Employed Recognition Mortgage® is designed specifically for entrepreneurs and can help you obtain up to 90% home financing. Your approval is based in part on your personal credit history instead of your business history, and you can choose from a variety of mortgage options to suit your needs.

Find out more about the CIBC Self-Employed Recognition Mortgage

7. How do I file my taxes online?

If you have a CIBC Business Operating Account™ and a CIBC Business Convenience Card, you can access CIBC Government Payment & Filing Service through CIBC Online Banking. Simply click "Customer Services" in the left column of Online Banking and then click "Pay & file business taxes".

Find out more about Government Payment & Filing Service

8. Can I have my customer payments deposited directly to my account?

With Pre-Authorized Payments, you can collect regular and recurring payments from your customers in Canada easily and cost-effectively in Canadian or U.S. dollars. Instead of waiting for customers to put their cheques in the mail, you can send CIBC a file for processing. CIBC follows your instructions to withdraw funds from your customers' pre-arranged accounts at financial institutions across Canada. CIBC then deposits the funds directly into your CIBC Business Operating Account. You get paid on time, every time, and you don't waste time and money managing the bill collection process.

Find out more about Pre-Authorized Payments

9. How do I transfer money between my accounts?

It's easy to transfer funds between accounts in CIBC Online Banking, Telephone Banking, CIBC bank machines or at a CIBC branch. You can transfer to and from Canadian dollar accounts that are linked to your Convenience Card®.

View a short demo on transferring funds in Small Business Online Banking
To conduct a transfer by phone, call CIBC Telephone Banking at 1-800-465-2422 in Canada and the U.S., or 800-872-2422 in select countries outside Canada and the U.S. To use this number, dial the international calling code of the country from which you're calling (e.g., 011), then the toll free number, followed by 1. For example: 011-800-872-2422-1. From all other countries outside Canada and the U.S., call 902-420-2422.

10. How do I register for Electronic Funds Transfer?

CIBC Small Business clients can use Electronic Funds Transfer (EFT) when they sign up for one of our convenient and cost-effective payment processing services:

Direct Deposit - pay groups of employees, suppliers or investors in Canada, in Canadian or U.S. dollars
Pre-Authorized Payments - collect regular and recurring payments from your customers in Canada

You must meet certain minimum technical requirements to submit EFT files through CIBC Business Banking. Contact a CIBC Small Business Advisor for details.

11. Where can I find out more about direct deposits for my employee payroll?

CIBC can make it easy to manage your payroll with Direct Deposit. Simply send a payment file to CIBC and we arrange to forward the funds for deposit directly into your employees' individual accounts.

Find out more about Direct Deposit

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