Regulatory news

• February 27, 2026

  Bank of Canada issues revised compliance order to XTM Inc.

  Media Relations Ottawa, Ontario

  The Bank of Canada today issued a revised temporary order to XTM Inc. (XTM). The Bank has authorized XTM to recommence retail payment activities under the supervision of the Monitor appointed today by the Ontario Superior Court of Justice under the Companies' Creditors Arrangement Act, and subject to terms and conditions set out in the Bank's revised order.

  Content Type(s): Regulatory news Subject(s): Retail payments
• February 17, 2026

  Bank of Canada issues immediate compliance order to XTM Inc.

  Media Relations Ottawa, Ontario

  The Bank of Canada today issued a temporary order to XTM Inc. (XTM) to immediately cease performing any retail payment activities.

  Content Type(s): Regulatory news Subject(s): Retail payments
• December 23, 2025

  Letter to industry - Update on Trust Tax Issue

  This letter is in reference to the letter published by the Bank of Canada on September 8, 2025, indicating that there may be unintended consequences under the Income Tax Act for Payment Service Providers (PSPs) seeking to comply with the Retail Payment Activities Act (RPAA). Specifically, the September letter noted that there could be tax consequences or administrative burden under the Income Tax Act for PSPs seeking to safeguard end-user funds using the “in trust in a trust account” method while retaining interest income on the end-user funds they hold.

  Content Type(s): Regulatory news Subject(s): Retail payments
• September 8, 2025

  Letter to Industry on Trust Tax Issue

  As of September 8, 2025, the Bank of Canada’s mandate to supervise Payment Service Providers (PSPs) under the Retail Payments Activities Act (RPAA) is in effect, including regulatory obligations related to operational risk and end-user funds safeguarding. The Bank and the Department of Finance have been made aware of possible unintended tax consequences for PSPs seeking to comply with the safeguarding requirements of the RPAA using the “in trust in a trust account” method.

  Content Type(s): Regulatory news Subject(s): Retail payments
• September 8, 2025

  Payment Service Providers are now under Supervision – Registry to follow

  Today the Bank of Canada’s mandate to supervise Payment Service Providers under the Retail Payment Activities Act came into effect.

  Content Type(s): Regulatory news Subject(s): Retail payments
• September 8, 2025

  Bank of Canada begins supervising Payment Service Providers

  Today the Bank of Canada’s mandate to supervise Payment Service Providers under the Retail Payment Activities Act came into effect.

  Content Type(s): Regulatory news Subject(s): Retail payments
• August 8, 2025

  Update on Payment Service Providers Registry

  On September 8, 2025, the Bank of Canada will begin to publish a list of Payment Service Providers (PSPs) that have been registered under the Retail Payment Activities Act, as well as the names of entities whose applications have been refused.

  Content Type(s): Regulatory news Subject(s): Retail payments
• December 2, 2024

  Bank of Canada publishes applicants’ list of retail payment service providers

  Media Relations Ottawa, Ontario

  The Bank of Canada today published the list of companies that have applied to be registered under the Retail Payment Activities Act (RPAA).

  Content Type(s): Regulatory news Subject(s): Retail payments
• November 1, 2024

  Bank of Canada Opens Registration Period for Payment Service Providers

  Media Relations Ottawa, Ontario

  The Bank of Canada said today it has opened the registration period for retail payment service providers (PSPs) that are subject to the Retail Payments Activities Act (RPAA).

  Content Type(s): Regulatory news Subject(s): Retail payments
• October 13, 2023

  Bank of Canada designates additional prominent payment systems

  Media Relations Ottawa, Ontario

  Bank of Canada Governor Tiff Macklem has designated Visa Inc.’s VisaNet, Mastercard International Inc.’s Global Clearing Management System and Single Message System, and Interac Corp.’s Inter-Member Network as prominent payment systems under the Payment Clearing and Settlement Act, effective October 16, 2023.

  Content Type(s): Regulatory news