Skip to content
English
More support
Contact us
  • There are no suggestions because the search field is empty.

Business & Personal Account Verification Requirements

To ensure compliance with Canadian regulatory standards, Remitian follows specific identity verification requirements for both personal and business tax accounts. Below is an overview of what’s required and why.

Personal Tax Accounts (KYC Requirement)

For Canadian personal tax accounts, users are required to complete Know Your Customer (KYC) identity verification.

  • Verification is completed securely through Plaid.
  • No additional business documentation is required.
  • Once identity verification is successfully completed, the account can proceed with payments.

Business Tax Accounts (KYC + KYB Requirement)

For Canadian business tax accounts, additional compliance requirements apply.

In addition to individual identity verification (KYC), we are required by FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) to collect Know Your Business (KYB) information.

What We Collect

KYB documentation typically includes:

  • Business address
  • Nature of business
  • Directors of the company
  • Ultimate Beneficial Ownership (UBO) information

Ultimate Beneficial Ownership (UBO)

UBO documentation must clearly identify all individuals who own 25% or more of the company.

This is a regulatory requirement and helps ensure transparency in business ownership structures.

Review & Approval Process

  1. The associated user must complete individual identity verification (KYC).
  2. The business must submit all required KYB documentation.
  3. Our team reviews the submitted records.
  4. Once approved, the business account can proceed with remitting payments.

Why We May Contact You Directly

In some cases, required business documentation is not readily available through provincial registries. When this happens, we will contact your firm directly to request the necessary records.

The form link previously shared will guide you through the exact information and documents required.

Temporary Manual Process

Please note:

  • These documentation requests are part of a temporary manual process.
  • We are currently building a more integrated compliance framework.
  • In the future, KYB information will be collected and verified before a business account can schedule transactions.

If you have any questions about the verification process, please don’t hesitate to contact our support team.