Banking Part l

Today we begin our segment on small business and banking. We are taking a look at TD Canada Trust and what they can provide individuals when starting up a business, needing a business loan, credit card etc. We had the privilege of meeting with Cheryl Cherneske who is an account manager with TD for small business banking where she was able to answer any questions we had on the topic. It is important to note that each individual and business is different with many variations. Setting up a meeting to go over your exact needs will give you the best plan.


Fees and accounts:

  • 5 total plans with no balance requirements. TD has no judgment.
Business plan A 19.00/month        20 Transactions

(1.25 each additional transaction)

50 Deposit Items

($0.22 each additional deposit)

$5,000 Cash Deposits

($2.50 per $1000 additional)

Fee rebate with balance of $20,000
Business plan B $39.00/month 60 Transactions

(1.25 each additional transaction)

50 Deposit Items

($0.22 each additional deposit)

$5,000 Cash Deposits

($2.50 per $1000 additional)

Fee rebate with balance of $35,000
Business plan C $72.00/month 120 Transactions

(1.25 each additional transaction)

50 Deposit Items

($0.22 each additional deposit)

$5,000 Cash Deposits

($2.50 per $1000 additional)

Fee rebate with balance of $45,000
TD Unlimited Business Plan $125.00/month Unlimited Transactions Unlimited Deposit Items $25,000 Cash Deposits Fee rebate with balance of $65,000
TD Basic Business Plan $5.00/month 5 Transactions

($1.25 after per transaction)

5 Deposits

($0.22 each for additional activity)

$2.50 per $1000

These accounts also allow receiving and sending EMT’s. There is a fee of $1.50 to send if you do not have the Unlimited Business Plan. They also offer self serve options where all of your banking can be done online. For example you can get a cheque scanner to reduce your trips to the bank. TD also only bills you monthly. This is important to note as it reduces costs and decreases your bookkeeping work.

Credit Cards and Loans

  • TD offers credit cards, lines of credit, and small business loans. They have three different types of credit card options
    • TD Business Travel Visa Card which costs $149 annually interest of 19.99%
    • TD Aeroplan Visa Business Card which costs $149 annually interest of 19.99%
    • TD Business Visa Credit Card which costs $50 annually interest of 19.99%


TD requires a personal guarantee and if the amount is over $10,000 it has to be notarized as it is a provincial law. If you are in need of business loan there are many variables meaning it is different for everyone based on business, situation, dollar amount etc. They always require a down payment of 25% which does not include GST. If the dollar value is below $50,000 they like to see cash flow projections, notice of assessments, and an idea of what you need the money for. If the dollar value is higher than $50,000 they require more information. There is also a government business loan available that requires a smaller down payment of 10% and a registration fee of 2% of your government loan.


TD also has a few other options that they can offer to small businesses such as insurance incase of death or disability which is important to think about when borrowing money. You don’t want others to feel the burden in case an accident occurs. Another great service they can offer is their Merchant POS Service. There are many variables to consider so they have a specialized team of people to assist in businesses that deal with using cards as a form of payment. TD is the only bank who owns their service so it isn’t hired out. TD will personally go out and install the point of sale device of your choice. Once you run the machine at the end of the day, the money is in your account the next morning.


Lastly TD offers a couple payroll options. They have a referral recommendation to have someone take care of your payroll needs, but they also have an electronic payroll. There are many variations but you can set up electronic funds that the bank will pay for you instead of you worrying about the task.


Overall TD Canada Trust services so many aspects of small business and have specialized personnel to guide you in the right direction when it comes to the financial aspects. Each business comes with its own needs and requirements so it’s important to remember to have your business plan ready. Special thanks to Cheryl Cherneske.  

Banking Session Intro

So you have your business idea and your ready to take charge and act on your dreams. You have it all planned out and now it’s time to ask yourself the hard question. Who are you going to bank with. There are so many different options when it comes to your business finances so it is important to do your research and explore what others have to offer. Over the next few weeks we are going to take a look at a number of different banks and see what they bring to the table. Join us April 1st for part 1. business-banking

(photo credit Alpha Stock Images –


The day is just about done. You glance at the clock and it’s almost 5:00 pm where you have to rush out the door to get home for dinner and evening activities. Then you remember you need to quickly sign off on some very important documents but where are they? Searching frantically through your desk under the mounds of paperwork and miscellaneous items you start to feel the panic. They have been misplaced and becoming flustered, with papers flying to the floor you decide to fire off an email informing your client the forms will be late.


If this scenario is any bit relatable then you know your office space may be to cluttered and it’s time for a change. Having a work space that is untidy not only increases stress levels but it also decreases productivity. Why spend your time searching through piles of paper and miscellaneous items when you can have a clutter free work space with a designated spot for everything. Doing so also removes distractions. Giving yourself this clean area will create a domino effect.


Less distraction → increased productivity → lowered stress levels→ increase in mood



Options and Possibilities

How many of us act on impulse. We hear or see something that looks incredible and we want to jump right at it.Think about the times in the grocery store. Many go in with a plan on what you need but so often come out with more than we had intended. What about when your walking through the mall and a service catches your eye and you immediately go to it. We’ve all been there in those positions of impulse purchasing. In many cases there is not much for concern but on the business side of things acting on impulse can cause major problems.


When addressing the business side we have to have the “never judge a book by its cover,” mindset. Just because one option looks better at first glance, it doesn’t necessarily mean it is the better choice. If you have ever watched “The Office,” there are some very stand out examples in your choices. For example your business needs paper products. On impulse you think of the big retailer because they have been around forever;You see it all the time. But what about the “Dunder Mifflin,” retailer who might be smaller but can provide you with the great quality and the personable experience that a large company may not.


Making decisions around your business should be thought out and researched. Because someone tells you something is better than another doesn’t mean you need to flock with the sheep. Get out do your research and explore all your options. You may end of with a different conclusion that could have a greater benefit.


Sleeping on the Job

How often do we end up at work exhausted? Maybe your kids were up throughout the night, your furnace conveniently decided to not turn on or your just restless and can’t fall asleep. We’ve all been there is some form and have struggled to make it through the day. What would you say if you were told you that napping rooms were becoming a part of some businesses.


Years ago coffee breaks were established in the workplace to increase productivity. It had been proven that taking a short break refreshed the mind and aided in employees abilities. This helped create the standards we have now. Depending on the hours you are working in a day, you are entitled to a number of breaks. That being said it is now taking a leap to businesses having “napping rooms.” At first glance it may seem crazy to think about, but there are some solid reasoning’s as to why it may have a benefit.


We’ve talked a lot about the hustle and bustle of our lives; We are always on the go. Having a resting room or napping room allows for our employees to have a home feeling. If our employees aren’t getting the chance to rest for example in a fast paced stressful job, we know the outcome could be burn out. Thinking of it in that sense makes it almost seem appealing. Not only that but imagine the boost in company moral and mental health. With that being said of course the thought comes with a cost. Having a designated area where employees can lay down isn’t necessarily easy to come by. Maybe there is some middle ground though like a lounging space where employees can go and rest in a comfort. What are your thoughts on incorporating a napping room or even a lounge area in your business?

capone sleeping

Customer Service

Experience; it says it all. When you walk into an establishment, your experience is going to determine whether or not you return. It also determines whether or not you are going to recommend that business. We know that advertising is very much by word of mouth; meaning we must ensure our employees and even ourselves are giving our customers the right expectations.


If you were to walk into your business as a customer what expectations would you have and would they be met? Experience is just as important as the product itself in many cases. With growing competitions if you don’t go above and beyond there is always somewhere else for customers to go. As business owners we need to take the necessary steps to uphold great service no matter what the job.


One morning we decided to go for brunch and were met with such negativity. The employee would not listen to what we had to say which ended up in numerous returns. We were cut off each time we would make a request and there was no personable interaction including the regular “thank you, have a nice day, etc.” This made for a very awkward meal but it also made us question whether or not the business owners knew what was happening out on the floor.

Could it be lack of training or direction to get people in and out? Maybe it was just an off day; We will never know but it did make for some good discussion on how we need to make sure we are giving customers a reason to come back.


What it really comes down to is allowing your customers to have a voice. Listen to what they have to say and what they need. They have a vision for what they want and the only way we can give them that is by listening. In our situation everything could have been avoided if the employee was actively listening. As owners we need to encourage that in our employees. Yes time is important and we all have schedules we must abide by BUT without building that customer relationship you may end up without.



“The breaks you take from work pay you back manifold when you return because you come back with a fresher mind and newer thinking. Some of your best ideas come when your on vacation.” (Gautam Singhania). When you are a small business owner, life can seem like a race track. Everyday we are pushing to get things done and keep our business moving in the right direction. We have a Go, Go, Go mentality. Sure we are aware that we need to have self care and take a day of here and there but is that really enough?


Your next day off you are challenged to be aware of how often you do something regarding your business. Whether it’s checking your business email, answering or making calls, even looking over business papers. You are likely to find that in your day or two you have off, you still have a focus on your business. Where is the relaxation in that?


It is proven that it takes a few days into your time off to actually feel less stressed and more relaxed. When your used to the hussle and bussle, you need to give yourself a few days to adjust to slowing down, unwind and actually feel a vacation. Not only is a vacation necessary to keep your sanity and your health it also gives your employees and whomever you’ve delegated in charge the ability to shine. Whether you take a staycation or decide to go somewhere ENJOY your time away. You will come back feeling refreshed, rejuvenated and may even see things with new eyes and come back with greater ideas.