The fee is a non-refundable one-time payment that must be paid when a PSP submits a registration application. As of November 1, 2024, the fee is set at $2,500 and is exempt from Canadian sales tax. The fee is adjusted each calendar year based on the year-over-year percentage change in the September all-items consumer price index (CPI). If the calculated fee is less than the previous year’s fee, it will remain the same as the previous year’s fee. The new fee, effective from January 1, is announced every December 1 by the Bank of Canada. The fee must be paid in full by credit card through the PSP portal, and other payment options may be available after multiple unsuccessful card attempts. The Bank only evaluates applications once the full fee is received. Failure to register can result in enforcement actions.
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