Nikolai Timofejev
15 years in FinTech and payments. Maps your business model to the right licence scope and leads the file all the way to the Bank of Canada and FINTRAC registrations, including banking and payment rails.
Get a payment license in Canada.
The G7's newest payments regime: the Retail Payment Activities Act put PSPs under Bank of Canada supervision - registration through PSP Connect, oversight live since September 2025 - alongside FINTRAC's MSB register. We build the Canadian stack end to end.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated
Canada in brief
A fresh federal regime with a central bank behind it.
Canada rebuilt its payments regulation from scratch: the Retail Payment Activities Act brought payment service providers under Bank of Canada supervision - registration filed through the Bank's PSP Connect platform during the November 2024 window, supervision live since September 2025, and the public registry rolling out with the Bank publishing its criteria and FAQ through 2026. The RPAA's substance is two duties: safeguarding end-user funds through trust or insurance arrangements, and an operational risk-management and incident-response framework the Bank actually reads. Alongside sits the AML layer that predates it - FINTRAC's money services business registration with its compliance-programme, reporting and record-keeping duties - and, for Quebec operations, the province's own MSB licence.
What Canada offers for the effort: a G7 market of forty million with high digital adoption, Interac rails at the centre of domestic flows, the US border for expansion logic, and now a federal supervisory stamp where there used to be a registration-only patchwork. The Bank of Canada regime is young, which cuts both ways: expectations are still being written (the Bank publishes steadily), and early, well-built registrants help define what good looks like. Combined corporate rates run roughly 23-27% by province with a small-business rate below. Realistic end-to-end for the full stack: 4-8 months - registration-based, not licence-based, which is the quiet advantage. We run the file from our Toronto office.
The federal pair: Bank of Canada PSP registration under the RPAA (PSP Connect; supervision live since Sep 2025; registry rolling out) + FINTRAC MSB registration - Quebec adds its licence.
Duties: safeguarding end-user funds + operational risk. Registration-speed, G7 supervision - months, not years.
The two routes
The RPAA registration - with the MSB layer beneath.
Two federal registers cover the model: the Bank of Canada's RPAA regime for payment functions, FINTRAC's MSB register for the AML layer - plus Quebec's licence where you operate there. We fix the stack first, then build once.
RPAA registration for payment functions. With the FINTRAC MSB layer beneath.
01 - RPAA · BANK OF CANADA
PSP registration
The core regime: PSPs performing payment functions register with the Bank of Canada through PSP Connect and carry the RPAA's two live duties. Safeguarding end-user funds and an operational risk framework the supervisor reviews.
The core regime: PSPs performing payment functions register with the Bank of Canada through PSP Connect and carry the RPAA's two live duties. Safeguarding end-user funds and an operational risk framework the supervisor reviews.
- ✓Registration via PSP Connect
- ✓Safeguarding - trust or insurance
- ✓Operational risk & incident framework
- ✓Supervision live since Sep 2025
- ✓Public registry rolling out
- ✓Criteria and FAQ published through 2026
02 - FINTRAC MSB · QUEBEC ROUTES
The AML layerMSB registration
FINTRAC's money services business register carries the AML duties. Compliance programme, reporting, record-keeping. While Quebec operations add the provincial MSB licence. Both sequenced with the RPAA as one stack.
FINTRAC compliance programme + reporting; Quebec licence where relevant; one coherent stack.
- ✓FINTRAC MSB registration
- ✓Compliance programme and reporting
- ✓Record-keeping to PCMLTFA standard
- ✓Quebec MSB licence where relevant
- ✓Sequenced with the RPAA
- ✓One coherent Canadian stack
Costs and timelines are confirmed for your case before any work begins. Bank of Canada and FINTRAC processes follow their published guides; safeguarding and substance costs are itemised in your quote.
Why Canada
A G7 stamp on a registration timeline.
The RPAA is registration-based with central-bank supervision above it. G7 credibility without licence-grade lead times.
✓
Central-bank supervision
The Bank of Canada supervises PSPs directly. A G7 central bank behind your registry entry, which counterparties price accordingly.G7 stamp on the registry entry.
✓
Registration, not licensing
The RPAA regime moves on registration timelines. Months, not the year-plus of licence regimes. With the duties applying once you operate.Months. The quiet advantage.
✓
A young regime, well documented
The Bank publishes steadily. Supervisory framework, criteria, FAQ through 2026, and early registrants help define expectations rather than inherit them.Criteria and FAQ through 2026.
✓
Forty million, one border
A wealthy, digital-first market with Interac at its centre, and the US next door when the model is ready for state licensing.Digital market, expansion logic.
✓
The safeguarding standard
Trust or insurance safeguarding of end-user funds. The RPAA's core duty reads like Europe's, which makes multi-jurisdiction programmes coherent.Coherent multi-jurisdiction stacks.
✓
Federal coherence
RPAA plus FINTRAC covers the country federally. Only Quebec adds a provincial layer, a far simpler map than the US state patchwork.Only Quebec adds a layer.
How it compares
How Canada differs from other routes.
Canada pairs G7 supervision with registration speed. The full comparison is below.
Canada vs other jurisdictions
| Feature |  Canada | Other jurisdictions |
|---|---|---|
| Regime | RPAA + FINTRAC - federal | Licence regimes |
| Supervisor | Bank of Canada | FSAs / central banks |
| Timeline | 4-8 months stack | 9-18 months |
| Sub-national layer | Quebec only | US: 50+ states |
Regime
CanadaRPAA + FINTRAC - federal
Other jurisdictionsLicence regimes
Supervisor
CanadaBank of Canada
Other jurisdictionsFSAs / central banks
Timeline
Canada4-8 months stack
Other jurisdictions9-18 months
Sub-national layer
CanadaQuebec only
Other jurisdictionsUS: 50+ states
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Canada | RPAA + MSB | ~23-27% combined | Registration-based, safeguarding |
 United States | State MTLs + FinCEN | 21% + state | State-by-state programme |
 United Kingdom | EMI/PI (FCA) | 25% CIT · 19% small | PSRs/EMRs regime |
 Lithuania | EMI (Bank of Lithuania) | 17% CIT (2026) | CENTROlink, EU passport |
CanadaLicense typeRPAA + MSB
Taxation~23-27% combined
RequirementsRegistration-based, safeguarding
United StatesLicense typeState MTLs + FinCEN
Taxation21% + state
RequirementsState-by-state programme
United KingdomLicense typeEMI/PI (FCA)
Taxation25% CIT · 19% small
RequirementsPSRs/EMRs regime
LithuaniaLicense typeEMI (Bank of Lithuania)
Taxation17% CIT (2026)
RequirementsCENTROlink, EU passport
Before you apply
Requirements for the Canadian stack.Requirements for the stack.
Two federal registers and two live duties. The craft is a stack that satisfies both supervisors coherently. The checklist below is what a passing programme contains.
01
Canadian presence. An incorporated entity or registered foreign PSP serving Canadian end users.
02
RPAA scoping. The payment functions your model performs, mapped against the Act in writing.
03
PSP Connect registration. The Bank of Canada filing, complete and consistent with the FINTRAC record.
04
Safeguarding. Trust or insurance arrangements for end-user funds, documented end to end.
05
Operational risk framework. Systems, incident response and continuity the Bank can review.
06
FINTRAC MSB registration. The AML layer live before operations.
07
Compliance programme. A named officer, risk assessment, policies, training and effectiveness review.
08
Reporting and record-keeping. PCMLTFA-grade systems, retrievable on examination.
09
Quebec licence. Where operations touch the province, the AMF layer added.
10
Consistency discipline. Every filing telling the same story across both regulators.
01
Canadian entity or registered foreign PSP.
02
RPAA functions scoped in writing.
03
PSP Connect filing, complete.
04
Safeguarding. Trust or insurance.
05
Operational risk framework.
06
FINTRAC MSB registered.
07
Named compliance officer.
08
PCMLTFA record-keeping.
09
Quebec layer where relevant.
10
Consistent story, both regulators.
Reflects the RPAA, the Bank of Canada's published supervisory materials and the PCMLTFA as of 2026.RPAA + BoC materials + PCMLTFA, as of 2026.
How it works
From scoping to the registries.
01
Stack and strategy
RPAA functions, MSB categories and the Quebec question. The stack fixed in writing with timeline.RPAA + MSB + Quebec, mapped.
02
Canadian entity and people
Incorporation, the compliance officer and the presence both regulators expect.Incorporation, compliance officer.
03
The registrations
PSP Connect and FINTRAC filings. Complete, consistent, with safeguarding and risk frameworks attached.Both filings, consistent.
04
Supervisory onboarding
The Bank's questions answered, examination readiness built - 4-8 months realistic for the stack.4-8 months realistic.
05
Registered and live
Registry entries, safeguarding running, reporting calendars live. A G7 supervisory stamp on the model.Registries, safeguarding, reporting.
Quick facts
Core regimeRPAA - Bank of Canada
PlatformPSP Connect
SupervisionLive since Sep 2025
RegistryRolling out · criteria 2026
AML layerFINTRAC MSB
ProvincialQuebec licence only
Realistic timeline4-8 months
DutiesSafeguarding · operational risk
Two regulators reading one model. Filings that tell the same story everywhere is the entire game, and our job.
On the ground in Canada
Run from our Toronto office.
Prifinance - Canada
Toronto · Canada
Toronto, Canada
01
Canadian company formation
Federal or provincial incorporation and the corporate layer both regulators expect. Structured for the stack from day one.Federal or provincial, structured.
02
The RPAA file
Payment-function scoping, safeguarding architecture and the operational risk framework. Filed through PSP Connect and consistent with everything else on record.Scoping, safeguarding, risk. Via PSP Connect.
03
The FINTRAC layer
MSB registration, the compliance programme and reporting lines. Built for examination, not just enrolment.Built for examination.
04
Substance and staffing
Compliance officer, risk lead and the Canadian presence the regime expects. Real substance from Toronto's and Montreal's pools.Toronto/Montreal talent, real ops.
We also have offices in
Tallinn
Estonia
Roseni 13
Vilnius
Lithuania
Gedimino pr. 2
Prague
Czech Republic
Vlkova 532/8, Žižkov
London
United Kingdom
7 Bell Yard
Dubai
UAE
33 Level, Al Saqr Business Tower
Madeira
Portugal
Rua da Alegria 31, 1F
Istanbul
Turkey
Perpa Ticaret Merkezi, A Blok
Good to know
Taxation of payment companies in Canada.
Federal-plus-provincial rates land most operators at 23-27% combined. With a small-business rate below and R&D credits that actually pay.
Combined ~23-27%
The 15% federal rate plus provincial layers. Ontario, BC and Quebec each price differently, and the seat is a modelling decision.Province choice modelled.
Small-business rate
The federal small-business deduction cuts the rate sharply on the first tranche of active income for qualifying CCPCs. Early-stage economics start gentle.Gentle first tranche.
SR&ED credits
Canada's R&D programme refunds a real share of qualifying development. Payment platforms building in Toronto, Montreal or Vancouver claim it routinely.R&D that actually refunds.
GST/HST - exempt finance
Financial services are largely exempt; GST/HST at 5-15% by province touches ordinary supplies, with input-credit maths modelled carefully.Input credits modelled.
Dividends 25% - treaty relief
Withholding on outbound dividends is reduced by treaties. Including the US treaty that most Canadian structures are built around.Treaty relief - US anchor.
Treaty network 90+
One of the world's deepest treaty networks. Group structures above the Canadian entity model cleanly.World-deep network.
Tax summary
Federal corporate tax15%
Combined typical~23-27% by province
Small-business rateReduced first tranche
GST/HST on financeLargely exempt
Dividend withholding25% · treaty relief
Tax treaties90+
*Figures as of 2026 per the CRA. Provincial choice and SR&ED outcomes are modelled per structure.
Turnkey professional support
Experienced lawyers and international consultants.
We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Oleksii Kindratenko
Builds the application itself: Canadian corporation, AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
Eugeniu Bevziuc
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a live, registered PSP.
Follow Prifinance
Active across our channels.
Canada · Bank of Canada & FINTRAC
Launch your payment project in Canada with expert support.
Full-service assistance - from incorporation to the RPAA and MSB registrations, safeguarding and ongoing compliance.
Get a consultation →Free legal opinion
Is Canada the right fit for your project?
Our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.
Written assessment within 2-5 business days
Request a free conclusion →FAQ
The Canadian payment stack: quick answers.
What does a payment business need in Canada?+
The federal pair: registration with the Bank of Canada under the Retail Payment Activities Act for payment functions, and FINTRAC MSB registration for the AML layer - plus Quebec's provincial licence where you operate there.
What is the RPAA and when did it go live?+
Canada's new retail-payments law: PSPs registered through the Bank's PSP Connect platform in the November 2024 window, supervision has been live since September 2025, and the public registry is rolling out with criteria and FAQ the Bank published into 2026.
What are the RPAA's core duties?+
Two: safeguarding end-user funds through trust or insurance arrangements, and an operational risk-management and incident-response framework the Bank reviews. Both are architecture questions - we design them into the model.
How long does the Canadian stack take?+
Registration-based, not licence-based: realistically 4-8 months for the RPAA and MSB layers together, with Quebec adding time where relevant. The quiet advantage over licence regimes.
What substance is expected?+
A Canadian entity or registered foreign PSP, a named compliance officer, safeguarding arrangements that actually hold, and operational risk documentation the Bank can examine - presence proportionate to the model.
How are payment companies taxed?+
Roughly 23-27% combined federal-provincial, a reduced small-business rate on the first tranche for qualifying CCPCs, largely exempt financial services under GST/HST, and SR&ED credits for platform development.
Does a foreign PSP serving Canadians need to register?+
The RPAA reaches foreign PSPs performing payment functions for Canadian end users - the scoping question is factual and we answer it in writing before anything is filed.
How does Canada compare with the US route?+
One federal regime versus fifty state licences: Canada's stack lands in months while a US multi-state programme takes years. Many groups run Canada first, then use the operating history in US applications - we sequence the pair.
Is the young regime a risk?+
It is a feature to manage: the Bank publishes steadily and expectations are still settling. Early registrants with clean frameworks help define the standard, and inherit no legacy assumptions.
Why Canada rather than the UK or EU?+
Different markets - Canada is a G7 home market with a registration-speed regime, not a passport hub. Models targeting North American users start here; EU-facing models pair it with an EMI. We build both.
What's needed?+
RPAA registration + FINTRAC MSB.
RPAA live?+
Supervision since Sep 2025; registry rolling.
Core duties?+
Safeguarding + operational risk.
How long?+
4-8 months for the stack.
Substance?+
Compliance officer, real frameworks.
Taxes?+
~23-27%; SR&ED; exempt finance.
Foreign PSPs?+
In scope when serving Canadians.
Vs the US?+
Months here; years of state licences there.
Young regime?+
Feature - define the standard early.
Quebec?+
The one provincial layer - added when relevant.
Client notes
Google4.7★★★★★
Founders who wanted it done right.
Google4.7★★★★★
“As a software development crew at FewMoreTaps OÜ, we've had the pleasure of working with Prifinance on some key financial moves.First of all, navigating the world of corporate banking and finance can be a maze, but Prifinance made it feel like a walk in the park. They helped us set up a corporate bank account without the hassle of jumping on a plane or drowning in paperwork. Everything was done remotely, smoothly…”
Google
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Google
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Google
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Google
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Google
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Get a free legal opinion on your project - our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.Free legal opinion: which Canadian route fits your project and what it will cost.
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Prifinance is an independent law and advisory firm. We are not a regulator and are not affiliated with, endorsed by, or acting on behalf of the Bank of Canada and FINTRAC or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.