Setting up your Wagepoint account is the first step toward running payroll smoothly and meeting Canadian payroll and FINTRAC compliance requirements. To keep things quick and frustration-free, gather the items below before you begin. This guide outlines everything you’ll need — from business documents to banking information — so you can breeze through setup and start paying your team with confidence.
1. Business Information & Official Documents
These details help us verify your business, so you can run your payroll ASAP.
Basic details
- Legal business name
- Doing Business As (DBA) name, if applicable
- Company address
- Phone number registered with the CRA
- Business type and main business activity
- Business number (BN) and/or CRA payroll account number (RP)
- Remittance frequency (regular, accelerated Threshold 1, or Threshold 2)
- Personal or Business type (corporation, partnership, not-for-profit, or sole proprietor)
- Incorporation type (if applicable)
- Industry subsector and main business activity
Not sure if you have a CRA payroll account? You may need to register with the CRA before continuing.
Beneficial owners
A beneficial owner is any individual who ultimately owns or controls the business — typically anyone with 25% or more ownership, either directly or indirectly.
You’ll need:
- Names and addresses of beneficial owners
- Ownership percentages for each beneficial owner
Directors
A director is a person appointed to the company’s board who is legally responsible for overseeing the business’s operations and making high-level decisions. Directors may or may not be owners, but they hold formal governance authority within the company.
You’ll need:
- Names of all company directors
2. Authorized signatory details
The Authorized Signatory (also called the Signing Officer) is the person with authority to sign banking documents on behalf of your business. The Account Owner and Authorized Signatory may be the same person, but don’t have to be. FINTRAC regulations require identity verification for this individual.
You’ll need the following information for your Authorized signatory:
- Name
- Phone number
- Government-issued photo ID (front and back)
- Home address
- Date of birth
- Social Insurance Number (SIN)
- Email address
The Authorized Signatory will also need to:
- Sign into their Wagepoint account
- Complete identity verification using a smartphone and valid ID
3. Banking Details
Your banking information is used for direct deposit, tax remittances, and subscription billing.
Have these ready
- Bank name
- Branch / transit number
- Account number
- A bank verification document (void cheque, direct deposit form, or official bank statement)
4. Payroll Setup Details
Collecting these ahead of time ensures your first payroll runs accurately and on schedule.
Pay schedule
- Payroll frequency (weekly, bi-weekly, semi-monthly, monthly)
- Expected hours per pay period (if applicable)
- The start date for your first pay period
- The pay date for your first pay period
Next steps
With these details in hand, you’re all set to move smoothly from sign-up to a verified account.
When you’re ready to begin, follow the step-by-step account setup instructions here.
Once you’re verified, you can start onboarding your team and customizing your payroll settings to fit your business.