Regulatory news

Bank of Canada Governor Tiff Macklem has designated the Real-Time Rail (RTR), operated by Payments Canada, as a prominent payment system under the Payment Clearing and Settlement Act, effective November 9, 2026.

The Bank of Canada is inviting feedback on draft supervisory guidelines related to accreditation that will support its supervision of participants in Canada’s Consumer-Driven Banking Framework.

The Bank of Canada is issuing this communication to remind all payment service providers registered under the Retail Payment Activities Act of their ongoing reporting obligations.

The Bank of Canada will soon start publishing Notices of Violation related to Payment Service Providers (PSPs) that are subject to the Retail Payment Activities Act (RPAA) and the associated Retail Payment Activities Regulations.

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.

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

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.

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.

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

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