As a result of new FINTRAC regulatory requirements, Intuit is updating certain elements within QuickBooks Online to be compliant. All QuickBooks customers in Canada using payments and payroll services must update their information before March 20, 2025.

How to update your information

Go to your payroll overview screen and you should have a notification show up.

 

What will happen if I don’t provide the requested information?

In order to comply with updated regulations from the Financial Transactions and Reports Analysis Centre of Canada, you must submit additional business information through QuickBooks by March 20, 2025 to continue processing payments and payroll. If you miss the deadline, these money movement services will be suspended.

 

For more information, visit the Intuit site.

What information does Intuit need from customers?

Depending on your type of business, you may be asked to provide the following information:

Sole proprietor:

• Owner title (use Chief Executive Officer as owner title if none of the options apply to you)

• Government issued ID

• Utility bill

Legal entity (corporations):

• Co-owners: Name and address of all individuals with 25% or more ownership in your business.

• Name and address of all directors if your business is a corporation

• A current and valid municipal, provincial, territorial or federal government issued document that contains (a) business name and address or (b) business name and director names or (c) business name, address, and directors. These can include:

  • Company/Corporate Profile Report

  • Articles of Incorporation

  • Certificate of Incorporation

  • Business license (unexpired)

(Not for profits and other legal entities may be required to send other documentation.)

If you have any questions, do not hesitate to get in touch.