Frequently asked questions

Payments where value moves as a transaction on a blockchain, usually in a stablecoin or a native crypto-asset, instead of through card networks or bank rails. See what are blockchain payments.

A crypto-asset designed to hold a steady value against a reference such as the US dollar. It reduces price risk compared with native crypto-assets but is not the same as holding that currency in a bank. Read what is a stablecoin.

They settle on a public network rather than between banks, they work the same way whether the payer is in Canada or abroad, and once confirmed they are generally irreversible. Payment rails in Canada compares them side by side.

Generally yes: once a transaction reaches the confirmation or finality threshold you set, it cannot practically be reversed. How long that takes varies by network; see on-chain settlement and finality.

Not as of October 30, 2026. Payments Canada targets a Q4 2026 launch after industry testing, so treat it as planned until Payments Canada announces launch. See Real-Time Rail.

Under the site's illustrative default assumptions the stablecoin path costs less per payment than a card, but conversion and off-ramp costs, staff time and the share of customers who would actually use them all matter. Run your own numbers in the payment cost comparison.

Mostly from conversion: the spread or fee to turn a crypto-asset into Canadian dollars, off-ramp charges and network fees. Price movements while you hold a native crypto-asset can add a gain or loss.

It is the gap between the mid-market rate and the rate you are actually given. It can cost more than a posted fee; the FX spread calculator shows the dollar amount.

It reduces the money you have in transit, which has a financing cost. In the site's examples that effect is real but usually smaller than fee differences; model it in the settlement cash-flow simulator.

For domestic invoices, under the site's default assumptions, yes by a wide margin, because a wire has a flat fee while stablecoin conversion is a percentage. Cross-border invoices are closer and depend on your bank's FX spread; see B2B invoicing.

Yes. From October 19, 2024, agreements with Visa and Mastercard lowered credit card interchange for eligible small businesses, according to Finance Canada. Interchange is only one part of what a merchant pays.

FINTRAC lists an exclusion for a business that solely accepts payment for goods or services it supplied to its own customer. If you also handle payments for others, read FINTRAC MSB registration and ask FINTRAC.

A money services business, such as one that remits or transmits funds or deals in virtual currency through exchange or transfer services. MSBs must register with FINTRAC before offering those services.

A FINTRAC report that reporting entities file when they receive virtual currency worth $10,000 or more in one transaction, or in linked amounts within 24 hours, within five working days. See LVCTRs.

A FINTRAC requirement, in effect since June 1, 2021, that virtual currency transfers carry originator and beneficiary names, addresses and account or reference numbers. Read the travel rule page.

No. The Act received Royal Assent on March 26, 2026, but Finance Canada expects it to come into force in 2027, so no stablecoin is approved or registered under it yet. See the Stablecoin Act page.

No. The Bank of Canada keeps a public registry under the Retail Payment Activities Act but says it does not license or endorse registered PSPs. See the RPAA page.

FINTRAC records must generally be kept for at least five years, and the CRA expects records that support your income and GST/HST. Record keeping lists what to keep.

PCI DSS covers entities that store, process or transmit cardholder data, so it still applies to your card acceptance. There is no direct PCI equivalent for crypto; key management and wallet security take its place. See PCI DSS vs crypto.

The CRA treats paying with crypto like a barter transaction: use the fair market value in Canadian dollars at the time of the transaction, and record how you determined it. See CRA crypto business income.

If you are a GST/HST registrant making a taxable supply, yes, calculated on the fair market value of the crypto at the time of the transaction. See GST/HST on crypto payments.

It depends on the facts, such as frequency, holding period, knowledge and time spent, according to the CRA. A CPA can tell you which applies.

Spending a crypto-asset is a disposition, so it can create a gain or loss you need to track. Keep a record of what you paid and its Canadian-dollar value when you spent it.

The date, time, Canadian-dollar value, wallet addresses and how fair market value was determined. The crypto receipt record builds a record you can keep.

They encode the address, amount and other details in a link or QR code that a wallet can read, so nobody types an address. Try them in the payment request QR sandbox.

When it reaches a confirmation or finality threshold you set per network and amount, not when it first appears in the mempool. Bitcoin targets about 10-minute blocks; Ethereum finality typically takes about 12.8 minutes.

Verify each event's signature, such as an HMAC over the raw body, and process events idempotently using an event ID. Practise in the webhook explorer.

No. Receiving only needs an address, which can be derived from public key material. Keep signing keys off application servers.

Only by sending a new payment back; there is no chargeback. Businesses need a written refund policy; see refunds on-chain.

Demands to pay a bill or fine in crypto, romance and investment schemes, fake support agents asking for seed phrases, and overpayment refund tricks. Report suspected fraud to the Canadian Anti-Fraud Centre; see crypto payment scams.

Treat the change as suspicious and confirm it by phone on a number you already had before sending anything. On-chain payments sent to the wrong address are generally unrecoverable.

No. Anyone with your seed phrase controls your funds, and no legitimate service, support agent or sandbox needs it. Read wallet security for businesses.

It is an independent Canadian educational site, part of the MITEY network. It has no partnerships with payment providers and holds no licences or regulatory registrations. More on the about page.

No. The site does not process payments, hold or transmit funds, offer wallets or custody, or exchange currencies. It explains how these things work and provides free calculators.

No. The sandbox is simulation-only, uses no real funds and will never ask for a private key or seed phrase.

From illustrative default assumptions that you can change, not from any provider's current pricing. The methodology page explains the models and their limits.

It is free. Describe your situation through the form on the scenario review page and MITEY replies by email. It is educational, not legal, tax or financial advice, and no reply time is guaranteed.

No. Content is educational and general; check with FINTRAC, the CRA, your provincial securities regulator, a CPA or a lawyer for your situation. See the disclaimer.