Welcome to approved msb newsletter
We're excited to share the very first edition of our newsletter with you.
Whether you're new to the MSB space or already operating, we're here to keep you informed with relevant updates, insights, and guidance tailored to your journey.
We're excited to have you here, and we're always just an email away if you have questions or feedback.
- The Approved MSB Team
Whether you're new to the MSB space or already operating, we're here to keep you informed with relevant updates, insights, and guidance tailored to your journey.
We're excited to have you here, and we're always just an email away if you have questions or feedback.
- The Approved MSB Team
Important Reminder: Annual Corporate Tax Return Filing Deadline – March 31st
As we enter the thick of tax season, we want to remind Canadian corporations with a December 31st year-end that March 31st is the deadline to pay any taxes owed. In accordance with the Canadian laws, CRA requires filing of the corporate tax return and payment of all tax amounts owed within three months of your fiscal year-end to avoid interest charges and penalties. If a corporation does not owe taxes, it can extend the filing deadline until June 30.
Industry Insight: How U.S. Tariff Policies Could Impact Canadian MSBs
With Donald Trump returning to office in 2025, Canadian businesses, particularly Money Services Businesses (MSBs), should be aware of the potential ripple effects of renewed or expanded U.S. tariffs.
One of the key proposals under discussion is a 10% across-the-board tariff on all imports, which could reignite trade tensions and directly impact cross-border commerce between Canada and the U.S.
One of the key proposals under discussion is a 10% across-the-board tariff on all imports, which could reignite trade tensions and directly impact cross-border commerce between Canada and the U.S.
Regulatory Change Ahead: Ensure your compliance with the Bank of Canada regulations Before September 7, 2025
Canadian regulatory frameworks for Money Services Businesses (MSBs) operating online are entering a period of significant transition. Starting November 1, 2024, all MSB’s that offer online money services (international transfers, remittances, exchange platforms, online accounts, e-wallets and more) must register with the Bank of Canada. Although we are currently in the second phase of the transition period, a thorough compliance with the regulations (RPAA and RPAR) is mandatory as of September 7, 2025.
