Canada is a large onshore financial market dominated by a small number of federally chartered banks supervised by OSFI. Securities, including crypto trading platforms, are regulated provincially through the Canadian Securities Administrators and CIRO, while AML registration of money services businesses sits with FINTRAC and payment service providers now register with the Bank of Canada.
Risk flagStandard
FATFNot listed
EU AML high-risk listNot listed
EU tax listNot listed
Licence regimes7
CurrencyCAD
S&P ratingAAA
Next election15 October 2029
Canada is not on the FATF lists (statement of 19 June 2026), the EU high-risk third country list (Delegated Regulation (EU) 2016/1675 as amended by 2026/83, in force 29 January 2026) or Annex I of the EU tax list (updated 17 February 2026). Checked 7 October 2026.
Government and politics
Government
Federal parliamentary constitutional monarchy (Commonwealth realm)
King (represented by Governor General Louise Arbour)
Charles III · since September 2022
Prime Minister
Mark Carney (Liberal Party of Canada)
Governing parties
Liberal Party of Canada (majority since April 2026, after floor crossings and by-elections)
Last election
Federal general election, 28 April 2025
Next election
Federal general election, 15 October 2029. fixed date under the Canada Elections Act; can be earlier if Parliament is dissolved
Legislature
Parliament: House of Commons (343 seats) and Senate (105 appointed seats)
Legal system
English common law, with civil law in Quebec
Economy and finance
Population
41.7m (2025)
GDP
USD 2.3tn (2025)
GDP per person
USD 55,765 (2025)
Currency
Canadian dollar (CAD), floating
Central bank
Bank of Canada
Credit rating
S&P AAA (stable) · Moody's Aaa (stable) · Fitch AA+ (stable) (as of July 2026)
A resource-rich, highly diversified economy closely tied to the United States, with a concentrated banking sector of large domestic banks and Toronto as a major global financial centre.
Bank
Letters patent of incorporation and order to commence and carry on business (Schedule I or Schedule II bank)
Minimum capitalUSD 3.5m
TimelineNot published
AuthorityMinister of Finance (letters patent) and Superintendent of Financial Institutions (order)
At least CAD 5 million paid in before the order to commence business (Bank Act s. 52(2)), or more if the Minister specifies; OSFI expects enough capital to meet target ratios for the longer of the first three years or until profitable
Law
Bank Act (S.C. 1991, c. 46), incl. s. 52(2) minimum capital
Fees
Service charges under the Service Charges (OSFI) Regulations; amount varies by application type
Passporting
No. Federal charter permits operation across Canada; no access to other markets.
Key requirements
Business plan with at least five years of projections, capital ratios and contingency analysis
Fit and proper directors and senior officers with security information forms
Owners able to give continuing financial support; certain foreign government related owners ineligible
Foreign bank subsidiaries (Schedule II) must show home regulator approval
Order must follow letters patent within one year; deposit takers become CDIC members
Securities dealer, adviser (portfolio manager) or investment fund manager registration
Minimum capitalUSD 18k
TimelineNot published
AuthorityProvincial and territorial securities regulators; investment dealers and mutual fund dealers must also be CIRO members
Minimum capital CAD 25,000 for an adviser, CAD 50,000 for a dealer and CAD 100,000 for an investment fund manager (Form 31-103F1); CIRO members follow CIRO capital rules
Law
Provincial securities acts and National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations, Part 12
Passporting
Passport system within Canada; no access to foreign markets
Key requirements
Excess working capital calculated monthly on Form 31-103F1
Chief compliance officer and ultimate designated person
Proficiency requirements for registered individuals
Office of the Superintendent of Financial Institutions (OSFI) · websitebanks
Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) · websitemsb, virtual currency dealers, aml
Bank of Canada (retail payments supervision) (BoC) · websitePayment service providers
Canadian Securities Administrators (provincial and territorial securities regulators) (CSA) · websiteInvestment firms, Virtual asset service providers (VASPs)
Canadian Investment Regulatory Organization (CIRO) · websiteInvestment firms, Virtual asset service providers (VASPs)
Alcohol and Gaming Commission of Ontario (AGCO) · websiteOnline gaming
Banking is federal, while securities and gaming are provincial, so there is no single national securities or gaming licence. The CSA stopped accepting new pre-registration undertakings from crypto trading platforms in August 2024 and new platforms now apply directly through CIRO. The Bank of Canada states it has new mandates for stablecoins and consumer-driven banking; no stablecoin licence details were confirmed for this file. Only Ontario operates an open licensing model for private online gaming operators. OSFI does not publish a statutory decision period for bank applications, so timeline is null; the RPAA registration timeline is also null because the Bank of Canada does not state one beyond the national security review period. Minimum capital for crypto trading platforms and CIRO members was not verified and is left null.
General information
About Canada
Natural Earth boundaries. Map is indicative.
Status
Sovereign state
Capital
Ottawa
Largest city
Toronto
Area
9,984,670 km²
Official languages
English, French
Time zone
UTC-05:00 (UTC-04:00 in summer); capital; country spans UTC-08:00 to UTC-03:30
Main exports
Crude petroleum
Cars
Gold
Natural gas
Refined petroleum
Main export partners
United States
China
United Kingdom
Japan
Mexico
Sources for the country information(10)
Country information checked 9 October 2026. Licensing data updated 7 October 2026. Information only, not legal advice; requirements change. Regulatory notice.
