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8861 Results

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

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