What a Canadian MSB costs in 2026: FINTRAC charges no fee, the Quebec licence is C$826 per service category, with official processing times for each stage.
A Canadian money services business (MSB) pays no registration fee to FINTRAC, the federal regulator. The government line items that do carry a price are federal incorporation (C$200 online), for a business that offers money services in Quebec a Revenu Québec licence at C$826 per service category for the licence year 1 April 2026 to 31 March 2027 plus C$163 for each security clearance report, and, for a payment service provider, the Bank of Canada registration application fee of C$2,500. FINTRAC states that most complete registration applications are processed within three months of receipt. Revenu Québec targets 50 calendar days for 90% of licence applications.
Everything else in the budget has no published tariff: the registered office and agent, the bank, the compliance officer, the translation of foreign criminal-record documents, and the advisers. This guide keeps the two groups apart, so a quote can be read line by line against the official numbers. The legal route itself is in Setting Up an MSB in Canada.
Last verified 2 October 2026 on the FINTRAC, Revenu Québec and Corporations Canada pages listed under Sources. Fee lists change on 1 April each year in Quebec, so re-read the official list before paying.
Planning an MSB in Canada? We quote one fixed fee once we have scoped the task and show which lines are government fees, which are third-party costs and which are ours. MSB licensing in Canada → · Book a paid 30-minute consultation (USD 99, credited to the project)
| Item | Amount | Period or unit | Source |
|---|---|---|---|
| FINTRAC MSB registration | C$0 | registration valid two years | FINTRAC |
| Bank of Canada registration of a payment service provider (Retail Payment Activities Act) | C$2,500 | flat application fee, non-refundable; applies to a business that performs retail payment activities | Bank of Canada |
| Federal incorporation under the CBCA, online | C$200 | one filing, processed in 1 business day | Corporations Canada |
| Express service on the filing | C$100 extra | 4 business hours, C$300 in total | Corporations Canada |
| CBCA annual return, online | C$12 | each year | Corporations Canada |
| Quebec licence: currency exchange | C$826 | licence year 1 April 2026 to 31 March 2027 | Revenu Québec |
| Quebec licence: funds transfer | C$826 | same licence year | Revenu Québec |
| Quebec licence: money orders, traveller's cheques, bank drafts | C$826 | same licence year | Revenu Québec |
| Quebec licence: cheque cashing | C$826 | same licence year | Revenu Québec |
| Quebec licence: automated teller machine | C$272 | per machine | Revenu Québec |
| Quebec licence: cryptoasset ATM | C$577 | per machine; the C$272 ATM tariff is added when the machine can also dispense legal tender | Revenu Québec |
| Quebec administrative fee, more than 25 points of service | C$514 | per additional point of service | Revenu Québec |
| Quebec security clearance report | C$163 | per natural or legal person associated with the business | Revenu Québec |
Quebec lists each service category as its own line, and a single application can cover several categories. A business that exchanges currency and transfers funds in Quebec therefore sees two lines of C$826, C$1,652 for the licence year, plus C$163 for every natural or legal person associated with the business for whom a clearance report is issued, so a corporate shareholder counts as well. With three such persons the government cost of the Quebec licence comes to C$2,141. That is arithmetic on the published list; Revenu Québec issues the invoice.
Two rules change what a first year costs. Fees and tariffs have to be paid for the licence's entire validity period, 1 April to 31 March, even when the licence starts part-way through it, and they are non-refundable. The renewal invoice arrives by mail in mid-February and falls due on 31 March, whenever in the year the licence began. Unpaid fees lead to an advance notice of suspension in early April, with 10 days to pay.
These lines exist in almost every MSB budget. Each depends on the provider and the file, so a quote is the only reliable figure.
| Item | Why it appears | What sets the price |
|---|---|---|
| Registered office in Canada and, for a foreign MSB, the Canadian representative for service | A federal corporation needs a registered office. A foreign MSB names a representative who lives in Canada and accepts FINTRAC notices | the provider, the service level |
| Criminal-record documents for the CEO, president, directors and every person who owns or controls 20% or more of the entity or its shares | FINTRAC requires them, issued by the competent authority where the person lives, no more than 6 months before the application | the issuing country |
| Certified translation of any document that is not in English or French | FINTRAC requires a certified translator's certificate | page count and language |
| AML compliance programme, risk assessment and training | Obligatory for an MSB. FINTRAC does not price it | scope of services, number of products and corridors |
| Compliance officer | The programme needs a named officer. FINTRAC allows the owner or a senior manager | in-house salary or an outsourced engagement |
| Two-year effectiveness review | Required at least every two years. An internal or external auditor may run it, or the business itself when it has no auditor | internal time or an external reviewer's fee |
| Business bank account | Operating the business needs one. FINTRAC asks for bank details in the registration | the bank's own tariffs and how long its review takes |
| Legal and advisory work | Optional. FINTRAC registration is an online process | scope |
The figures below come from the regulators. Stages overlap, and each stage counts only the regulator's own working time.
| Stage | Official figure | What it covers |
|---|---|---|
| Federal incorporation | 1 business day online, 4 business hours with express | Corporations Canada filing time |
| Bank of Canada registration (RPAA) | a registration decision is required before any retail payment activity | applies to a payment service provider; plan it next to the FINTRAC step |
| FINTRAC registration | most complete applications within 3 months of receipt of the complete package | FINTRAC review time |
| FINTRAC clarification requests | 30 days for you to respond | a late answer can lengthen the total processing time |
| Quebec security clearance reports | 30 days to receive the reports from the Sûreté du Québec | starts once Revenu Québec holds all information and documents |
| Quebec licence decision | target 50 calendar days for 90% of applications | the clock stops while you supply requested information |
| Quebec licence change requiring a clearance report or inspection | target 50 calendar days | the same inspection process as a new application |
| Quebec licence change with no clearance report or inspection | target 25 calendar days | an application that needs neither |
| Updates and renewal at FINTRAC | tell FINTRAC within 30 days of a change; renew before the two years run out | late renewal can lead to penalties |
The INNOVA planning range for a clean file is 3 to 4 months for the MSB track, in line with FINTRAC's own three-month statement. Missing documents, unclear ownership and answers to clarification requests add time.
FINTRAC's registration page describes three steps for a Canadian MSB and a foreign MSB alike.
Documents go through FINTRAC's Secure Document Transfer System, and the link it generates expires within 15 days. A foreign MSB, one with no Canadian place of business that directs money services at clients in Canada, also designates a representative for service in Canada who lives in Canada and accepts FINTRAC notices on the business's behalf.
FINTRAC lists eight services that require registration: foreign exchange dealing; remitting or transmitting funds; issuing or redeeming money orders and similar instruments; dealing in virtual currency, which covers exchange and transfer; crowdfunding platform services; armoured car services; cheque cashing; and acquirer services for private automated banking machines. A province's own licence does not replace the federal step: FINTRAC states that a business registered or licensed with a province or territory must still register with FINTRAC. FINTRAC's registration page adds that failure to register may result in administrative monetary penalties or criminal charges. For violations after 26 March 2026, FINTRAC's penalty page states that the maximum penalty amounts rise to up to 40 times the previous limits.
A business that is an MSB can also be a payment service provider under the Retail Payment Activities Act, which the Bank of Canada supervises. A payment service provider registers with the Bank of Canada if it has a place of business in Canada and performs retail payment activities, or if it has no place of business in Canada, performs a retail payment activity for an end user in Canada and directs retail payment activities at individuals or entities in Canada. The Bank states that since 8 September 2025 a business that plans to perform retail payment activities must be registered, meaning it has received a registration decision from the Bank, before it performs any of them. The application fee is a flat C$2,500, the same for all applicants and non-refundable. The Bank describes failure to register as a very serious violation that may lead to a notice of violation and a substantial administrative monetary penalty.
Whether a given service counts as a retail payment activity is settled against the Act's definitions and the Bank's guidance for the specific product; the Bank's FAQ describes the Act as covering functions performed in relation to an electronic funds transfer. The FINTRAC registration and the Bank of Canada registration are separate steps with separate regulators.
Any person or entity that wants to operate a money-services business for payment in Quebec must hold a licence under the Money-Services Businesses Act. Revenu Québec issues it. A licence is required for each of these services: currency exchange, funds transfer, the issue or redemption of traveller's cheques, money orders or bank drafts, cheque cashing, operating automated teller machines, and operating cryptoasset ATMs. Banks, credit unions and insurers, which are governed by other laws, sit outside the Act.
Who files and who must live in Quebec. The MSB's respondent completes form SM-3-V. The respondent is a director, officer or partner of the MSB. Where the MSB is not constituted under a Quebec law and has no head office or establishment in Quebec, the respondent need not be a director, officer or partner. In every case the respondent must live in Quebec and must be formally appointed, by a board or shareholder resolution or by a mandate from the operator, with the appointment document filed with the application.
Forms and documents. The application takes form SM-3-V, form SM-3.A-V for each person associated with the MSB, and form SM-3.GA-V for each ATM. The document list includes:
Persons associated with the MSB include directors and officers, anyone who directly or indirectly owns or controls the MSB, the ultimate beneficiary, partners, employees in Quebec whose duties relate to money services, and certain lenders. Each one is the subject of a security clearance report from the Sûreté du Québec, which checks previous convictions and good moral character. Revenu Québec decides only after it has received those reports.
Crypto businesses. Revenu Québec states that a cryptoasset ATM needs its own licence from 1 April 2025. It interprets "funds transfer" broadly: an online platform where users buy, sell or exchange cryptoassets and transfer legal tender needs a funds transfer licence. A platform that takes deposits in one currency and pays out in another is treated as offering currency exchange and funds transfer, so it needs both licences. Applications with cryptoasset activity carry additional documents, which Revenu Québec gives on request. Revenu Québec also points to the Autorité des marchés financiers for cryptoasset trading platforms.
Operating without a licence. A person or entity is authorised to operate an MSB in Quebec only once the licence is issued. Revenu Québec states that contravening this makes the operation illegal and exposes it to fines under the Act. Whether a platform run from abroad operates "in Quebec" is a legal question to settle before launch.
INNOVA prepares the file and the plan. The client holds the licence and runs the business. The scope covers the structure, the registration, the compliance programme and the bank file, with the Quebec licence as an added step where the business serves Quebec.
| Package | Price line | What it covers |
|---|---|---|
| Licence application | from US$18,000, fixed after scoping | the licence application alone |
| Full package | from US$24,000, fixed after scoping | the application, the AML programme and the bank file moving together |
| AML programme development | from US$6,500 | the written programme, risk assessment and training |
Government fees, third-party costs and any Quebec licence invoice sit outside these lines. The price lines are the published "from" figures on INNOVA pricing and the service pages; the fixed fee follows the scoping once the services, corridors and volumes are known. Ongoing work, such as the two-year effectiveness review and an outsourced compliance officer, is quoted separately.
The table above in a printable file, with the source for every row and the verification date: canada-msb-cost-timeline-2026.csv. Last verified 2 October 2026.
FINTRAC charges no registration fee. The published government lines are C$200 for federal incorporation online, for money services in Quebec a Revenu Québec licence of C$826 per service category for 1 April 2026 to 31 March 2027 plus C$163 per security clearance report, and, for a payment service provider, a C$2,500 Bank of Canada registration application fee. Registered office, bank, compliance officer, translations and advisers have no published tariff.
FINTRAC states that the majority of complete applications are processed within three months of receiving a complete application package. A clarification request gives you 30 days to respond, and a late response may lengthen the processing time.
If the business operates a money-services business in Quebec for payment, yes: the Money-Services Businesses Act requires a Revenu Québec licence for each service category. FINTRAC states that a provincial registration or licence does not replace the federal registration, so the two run side by side.
Revenu Québec's target is 50 calendar days for 90% of licence applications, counted from the day it registers the file to the day you hear the decision, and excluding the time you take to supply requested information. The security clearance reports from the Sûreté du Québec take 30 days.
The respondent must live in Quebec. When the MSB is not constituted under a Quebec law and has no head office or establishment in Quebec, the respondent does not have to be a director, officer or partner of the business, though the respondent must meet the requirements of section 5 of the Act and its regulation.
No. FINTRAC registers the business and supervises it under the PCMLTFA. It does not issue an operating licence. Quebec is the province with a separate licence, issued by Revenu Québec.
For a Canadian MSB we map your services to the FINTRAC categories, decide whether Quebec is in scope, and give you the line-by-line budget. Canada MSB licensing and pricing → · Canada incorporation · Canada banking · Contact us
Related: Setting Up an MSB in Canada, Canada MSB banking memo, When does a business need an MSB registration or a VASP licence?.
Sources (checked 2 October 2026):
For information only; checked against the official pages above on 2 October 2026. Fees, forms and processing targets are set by the regulators and change. The decision on a registration or a licence rests with FINTRAC and Revenu Québec.
This material is for general information only and does not constitute legal or tax advice. Accurate as of the publication date.
