Canadian companies that operate QuickBooks Online will be expected to adhere to new compliance requirements related to FINTRAC by March 20, 2025.

If you use QuickBooks Payments or Payroll, you’ll need to submit specific business information to continue processing payments. The approval process takes 7-10 business days, so it’s important to act soon to avoid disruptions.

Required Documentation for QuickBooks Online and FINTRAC

Depending on your business structure, the following information may be required:

Sole Proprietors:

• Owner’s title (e.g., sole proprietor, business owner)
• Government-issued ID
• Utility bill

Corporations:

• Names and addresses of anyone owning 25% or more of the business
• Names and addresses of all directors
• A valid document showing business name, address, and directors, such as:
  • Corporate Profile Report (or provincial equivalent)
  • Articles of Incorporation
  • Certificate of Incorporation
  • Business license

Not-for-Profit Organizations:

• Name and title of the representative completing the process
• Names and addresses of directors and anyone with 25% or more control
• A valid document showing business name, address, and directors (same as above)

How to Get a Corporate Profile Report

One key requirement is what Intuit refers to as a Corporate Profile Report, which confirms your company’s registration details. The process to obtain this varies by province:

Alberta:

1. Contact an authorized registry agent or use an online service provider.
2. Provide your business name or registration number.
3. Request a Corporate Search Report (similar to Ontario’s Profile Report).
4. Fees vary but typically range from $10 to $30.

Ontario:

1. Visit the Ontario Business Registry.
2. Sign in or create a ‘My Ontario’ account.
3. Request the Profile Report and pay the $8.00 fee.
4. The report will be emailed to you.

Key Differences for FINTRAC Between Alberta and Ontario

While the fundamental requirements for FINTRAC compliance are consistent across Canada, the process for obtaining necessary corporate documents varies by province:

• Document Names: In Ontario, the document is referred to as a ‘Profile Report,’ whereas in Alberta, it’s commonly called a ‘Corporate Search Report.’
• Acquisition Process: Ontario offers a centralized online portal through the Ontario Business Registry, allowing for direct access to corporate documents. In contrast, Alberta utilizes authorized registry agents and online service providers, requiring businesses to select a provider to obtain their reports.
• Fees: The cost in Ontario is a standardized $8.00 per report when obtained through the official registry. In Alberta, fees can vary depending on the chosen service provider.

More Information on QuickBooks Online’s FINTRAC Changes

You can find more information on these new requirements and the steps you need to take here.

How KWB Accountants & Advisors Can Help

At KWB Accountants& Advisors, we business owners simplify your accounting, improve your profit, and achieve your goals. Book an introduction and fit discussion to learn more about we can support your success.