Kailash Chander, 79, is alleged to have caused the deaths of Rowan Fitzgerald and 76-year-old Dora Hancox by dangerous driving in Coventry in October 2015.
Rowan was a pupil at St Anthony's Catholic Primary School in Leamington Spa and Hancox was a foster carer from Nuneaton.
Chander, from Leamington Spa, also faces two counts of causing serious injury by dangerous driving, while bus operator Midland Red (South) Ltd has been charged with two health and safety offences.
The charges were brought in July following a police inquiry into the crash, which saw a double-decker vehicle plough into the side of a Sainsbury's store in Trinity Street, Coventry.
Rowan and Hancox were pronounced dead at the scene.
Chander - a former town mayor of Leamington - is due to appear at Coventry Magistrates' Court on Thursday alongside a representative of his employer.
