PSP registration with the Bank of Canada under the Retail Payment Activities Act
The Retail Payment Activities Act requires payment service providers to register with the Bank of Canada, including foreign PSPs that serve end users in Canada. Since 8 September 2025 registered PSPs must have risk-management and funds-safeguarding frameworks and file annual reports. New entrants must be registered before they perform retail payment activities.
Facts under review · last checked 2026-10-08 · confirm figures with the regulator before relying on them
Regulator · Bank of Canada (Retail Payments Supervision) ↗
Key facts
- Supervision in force
- Since 8 September 2025 PSPs must have risk-management and funds-safeguarding frameworks and submit an annual reportas of 2026-10-08Source ↗
- Who must register
- PSPs with a place of business in Canada, and PSPs outside Canada that perform retail payment activities for end users in Canada and direct those activities at Canada; banks, credit unions and certain other regulated entities are excludedas of 2026-10-08Source ↗
- Registration application fee
- C$2,500, flat and non-refundable; annual assessment fees are charged separatelyas of 2026-10-08Source ↗
- National security review
- The Minister of Finance may review an application on national security grounds within 180 days (extendable) and may direct refusal or conditionsas of 2026-10-08Source ↗
Realistic timeline
Who does what, and how long each phase usually takes once work starts. The regulator’s share is outside anyone’s control.
- HartsizScoping and framework gap analysis2–4 weeks
- YouRisk and safeguarding frameworks and registration application4–10 weeksHartsiz drafts the frameworks; the client supplies information, people and decisions
- RegulatorBank of Canada review and possible national security review8–30 weeksOutside our control; a national security review can add up to 180 days or more
Estimated end to end: 3–10 months. Not a guarantee.
What the regulator expects to see
- Operational risk-management and incident-response framework
- Safeguarding of end-user funds through a trust account or insurance or guarantee
- Annual report and notification of significant changes or new activities
- FINTRAC MSB registration as well, where the business also provides money services
Questions we get
Does RPAA registration replace FINTRAC MSB registration?
No. They are separate regimes with different regulators. Many payment firms need both.
Does the RPAA apply to us if we have no Canadian office?
It can. Foreign PSPs that perform retail payment activities for end users in Canada and direct those activities at Canada must register.