February 17, 2026
Bank of Canada issues immediate compliance order to XTM Inc.
The Bank of Canada today issued a temporary order to XTM Inc. (XTM) to immediately cease performing any retail payment activities.
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result(s)
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):
Press,
Announcements
Subject(s):
Retail payments supervision
September 18, 2025
Speech: Chartered Professional Accountants Canada (CPA)
Evolving Payments Ecosystem—Executive Director of Payments, Supervision and Oversight the Bank of Canada, Ron Morrow delivers a keynote speech and participates in a Fireside Chat at The ONE Conference of the Chartered Professional Accountants Canada (CPA) (15:30 (ET) approx.).
Content Type(s):
Press,
Speeches and appearances,
Webcasts
Subject(s):
Retail payments supervision
September 18, 2025
Making change—Accelerating payments innovation
Ron Morrow, Executive Director of Payments, Supervision and Oversight, talks about innovations in the payments ecosystem. He also highlights the Bank’s new role as supervisor of payment service providers.
Content Type(s):
Press,
Speeches and appearances,
Remarks
Subject(s):
Currency,
Digital currency,
Financial system,
Financial markets,
Financial stability,
Fintech,
Retail payments supervision
September 18, 2025
Cashing in on payments innovation
Executive Director of Payments, Supervision and Oversight Ron Morrow discusses advancements in how Canadians pay for things, and why Canada needs to do more to get ahead. He also explains the Bank of Canada’s new role as the regulator for payment service providers.
Content Type(s):
Press,
Speeches and appearances,
Speech summaries
Subject(s):
Currency,
Digital currency,
Financial system,
Financial markets,
Financial stability,
Fintech,
Retail payments supervision
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):
Press,
Announcements
Subject(s):
Retail payments supervision
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):
Press,
Announcements
Subject(s):
Retail payments supervision
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):
Press,
Announcements
Subject(s):
Retail payments supervision
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):
Press,
Announcements
Subject(s):
Retail payments supervision
December 2, 2024
Bank of Canada publishes applicants’ list of retail payment service providers
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):
Press,
Press releases
Subject(s):
Retail payments supervision