As part of Wagepoint's ongoing compliance with Canada's Financial Transactions and Reports Analysis Centre (FINTRAC), all existing clients are required to complete an additional business and identity verification process.
This article walks you through each step of the FINTRAC verification update in your Wagepoint account. Depending on your business type, you'll be asked to provide details such as your business information, beneficial owners, directors, and authorized signatory, along with a government-issued photo ID.
Note: FINTRAC verification is planned for roll-out beginning in May 2026. If you do not see the pages below in your Wagepoint account, you will soon!
Before you start
Gather the required information
You'll need this information about your business to complete the FINTRAC process:
- Your business number (9-digit CRA identifier)
- Details for any beneficial owners (individuals who own 25% or more of the company)
- Names of all current directors
- A government-issued photo ID for your authorized signatory (passport, driver's licence, provincial ID, or permanent resident card)
Ensure the needed individuals are available
The FINTRAC verification requires a signature from your Authorized signatory. In many cases, the Account owner is also the Authorized signatory, but they can be two different individuals.
To check which individual is designated as the Authorized signatory, go to Company > Banking. If this needs to be changed, do so before you begin the FINTRAC verification process. Keep in mind that this may interrupt your payroll while your account is being re-verified.
If you are not the Authorized signatory for the company, you will need to coordinate for the Authorized signatory to sign into their Wagepoint account and sign the required forms.
| Who can complete this step? | |
| Step 1: Add required details | An account owner, administrator, authorized signatory, or bookkeeping/accounting partner. |
| Step 2: Sign and submit documents | Only someone with Authorized signatory capabilities. This may be the same individual as the Account owner, or it may be a separate individual. |
Complete your FINTRAC update
The FINTRAC verification has two parts:
- Add business and identity details. This step can be completed by the Account owner or a Wagepoint bookkeeping/accounting partner.
- Sign and submit required documents. This step must be completed by the Authorized signatory.
Step 1: Add required details
1. Go to Company > FINTRAC update.
2. Click Get started.
Business information
3. Under Type of Wagepoint account, select your account type:
- Personal, or
- Business
4. Based on your selection, fill out additional fields. The specific fields in this section will adjust based on your previous selections.
Personal
For Personal accounts, the Personal type will automatically be filled out as Nanny or caregiver. No further information is required. You can skip to step X.
Business
For Business accounts, further information is required.
Depending on business type, you will be asked to input different details, including:
-
Business type:
- Corporation
- Partnership
- Not-for-profit
- Sole Proprietor
- Incorporation type: For Corporations only, indicate whether the incorporation type is Federal or Provincial.
- Business number: This is a 9-digit identifier for your business, also used in your CRA account number.
- Industry subsector: Select the best fit category for your business.
- Main business activity: Select the best fit category for your business. The options available in this drop-down menu depend on your selection for Industry subsector.
- Business description (Optional): Enter a brief description of your business. You can use up to 256 characters.
Beneficial owners
5. For corporations, partnerships, and sole proprietors, enter any beneficial owners. A beneficial owner is someone who directly or indirectly owns 25% or more of the company.
- Indicate if any individual owns 25% or more of the company.
- If yes, click Add beneficial owner, enter the beneficial owner's details including their percentage owner, and click Save. Repeat for each beneficial owner.
Directors
6. For all business types, add information for all current directors of the company.
- Under Directors, click Add director
- Enter the first and last name of the director, then click Save.
- Repeat for each director. Add information for all current directors of the company.
Authorized signatory
7. Enter the home address details for your authorized signatory.
- By default, the name and date of birth of your Authorized signatory will be automatically populated.
- If you need to change the authorized signatory, go to Company > Banking. Changing your Authorized signatory will temporarily pause payroll until your account is re-verified by our Risk team. Please be mindful of your upcoming payroll processing deadlines when making this change.
8. Under Photo identification, upload government-issued photo ID for your authorized signatory. Accepted documents include a passport, driver's licence, provincial ID, or permanent resident card.
You must include clear images of:
- the front of a government-issued photo ID
- the back of the government-issued photo ID
9. Once all details are entered and photo identification has been uploaded, click Generate documents.
Step 2: Sign and submit documents
This step must be completed by the Authorized signatory. If you are not the Authorized signatory, then your Authorized signatory will need to sign into their Wagepoint account, navigate to Company > FINTRAC verification, and complete these steps.
1. Click E-sign to open Adobe Sign in a new tab.
2. Review and complete any remaining fields, add your signature, then click Submit to sign.
3. After you've signed the document successfully, go back to the Wagepoint tab. You should see a loading circle.
4. In the Wagepoint tab, wait for your signed document to load. Once complete, you'll see "Required document signed" along with a timestamp.
5. Click Submit.
6. Check the box to confirm that all information is correct, then click Submit. Note that any changes made after submission may impact your payroll.
Your documents have been submitted for review. If there are issues with your submission, a member of our Risk Operations team will reach out to you directly.
FAQs: Complete FINTRAC verification
- FINTRAC is a federal agency that monitors financial activity to help prevent money laundering and terrorist financing. As a regulated money services business (MSB), Wagepoint is required to meet these compliance standards in order to continue processing payroll securely and legally. For more information, please review this FAQ page.
- As a part of recent changes in regulatory requirements under FINTRAC to include payroll systems, Wagepoint is now required to collect this information retroactively. We have designed our FINTRAC compliance process, working with industry experts, to be as seamless as possible.
- Thank you for completing the FINTRAC steps! The required steps are complete and we will let you know if anything additional is required. In the meantime, you will be able to continue processing payroll!
- Yes, you can continue running payroll while completing your FINTRAC verification update. If your Authorized signatory remains the same, there will be no interruption in your ability to run payroll.
- As soon as possible! We recommend completing FINTRAC verification as soon as possible, to allow plenty of time if you require assistance.
- Step 2 (signing and submitting documents) must be completed by the Authorized signatory. They'll need to sign into their own Wagepoint account, navigate to Company > FINTRAC update, sign the forms, and click Submit.
- You can update your authorized signatory under Company > Banking. Keep in mind that making this change will temporarily pause payroll until your account is re-verified by our Risk team. Make sure to consider any upcoming payroll deadlines before making this change.
- Wagepoint supports one authorized signatory in your account setup, so even if your bank account has two, you'll need to just choose one to list in your Wagepoint account. That said, we completely understand wanting an extra layer of oversight on payroll and that's exactly what our 2-step approval feature is designer for. If you just want to make sure that both individuals are set up as administrators with the ability to run payroll and manage your account, you can do that too.