Search

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.

This supervisory policy explains how the Bank of Canada expects registered payment service providers to comply with requirements to provide updated registration information.

This supervisory policy helps individuals and entities determine if they are subject to the Retail Payment Activities Act and if they should register with the Bank.

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 guide explains the questions you will need to answer in PSP Connect and helps identify the documents and information needed to complete and submit an annual report to the Bank of Canada. You are required to submit your completed annual report form to the Bank by March 31 each year.

Find answers to common questions about retail payments supervision.

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.

The following fictional case scenarios illustrate the Bank’s approach to online marketplaces, and show examples of payment functions that are, and are not, incidental to a marketplace . These include the provision and maintenance of an account; the holding of funds on behalf of an end user; the initiation of an electronic funds transfer (EFT); authorization of an EFT and the transmission, facilitation or reception of an instruction in relation to an EFT; and the provision of clearing or settlement services.