Overview
Loop’s CAD Business Operating Account is designed to help Canadian companies manage day-to-day business payments easily and affordably.
With your CAD account, you can send and receive funds using standard Canadian banking details — just like a traditional business account, but with no hidden fees or minimum balance requirements.
Customers who joined before November 2025 may have a CAD account without banking details. This guide walks you through upgrading it to a CAD Business Operating Account. Newer customers get a CAD Business Operating Account automatically once approved.
Before you start
Have the following ready:
Your CRA Business Number (9 digits)
Tax residence (Canada or United States) and Taxpayer Identification Number for each beneficial owner. Canadian tax residents use their SIN; US tax residents use their TIN or ITIN.
Steps to upgrade your CAD Account
Open your CAD account
Log in to Loop, go to Accounts, and select your CAD account.
Click Upgrade your account
On the "Open a Free Local CAD Operating Account" card, click Upgrade your account. The first screen lists what the account gives you and what you'll need.
Enter your details
Enter your CRA Business Number and confirm tax residence and TIN for each beneficial owner. Accept the Electronic Communications Agreement and certify the information is complete and correct.
Sign and accept agreements
Sign the tax residence declaration electronically, then accept the Loop Multi-Currency Account Agreement and the Privacy Policy.
Done
Your CAD Business Operating Account is active as soon as you finish. The final screen shows your Transit Number, Institution Number and Account Number.
Benefits of the Canadian Business Operating Account
No Account Fees
Enjoy one of the only CAD Business operating accounts with no monthly fees and no minimum deposit requirements.
Local Account Details
Get a Canadian Institution Number, Transit Number, and Account Number — allowing you to send and receive local payments seamlessly.
Unlike typical “wallets,” your Loop CAD Account supports both incoming deposits and outgoing transfers, including pre-authorized debits.
International Wires
Receive international wires via SWIFT using the details on your CAD account's Wire tab.
Unlimited Transactions
Send and receive unlimited transactions with no dollar caps or minimums — giving your business the flexibility it needs to move money freely.
Notes
Once your CAD Business Operating Account is open, your banking details are on the EFT and Wire tabs of your CAD account.
You can use this account to fund Loop Cards, send payments, or receive deposits from clients and partners in Canada and abroad.
FAQs
How long does it take to open a CAD Business Operating Account?
The account is active as soon as you complete the steps, and your banking details appear on the final screen.
I don't see an Upgrade your account button. Why?
If your CAD account already shows EFT and Wire details, it's already a CAD Business Operating Account.
Is there a minimum balance requirement?
No, there are no minimum deposit or balance requirements.
Can I receive payments from any Canadian bank?
Yes, your CAD Account supports incoming payments from all major Canadian banks and credit unions.