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ARTICLE · 28 FEBRUARY 2025

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New Compliance Requirements For Businesses Using Accounting & Bookkeeping Software

Bateman MacKay LLP
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Recent regulatory changes in Canada require businesses using accounting and bookkeeping software—including payroll and payment services—to provide additional business information. These changes, introduced as part.

CanadaAccounting and Audit
Oscar Torres
Oscar Torres
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Recent regulatory changes in Canada require businesses using accounting and bookkeeping software—including payroll and payment services—to provide additional business information. These changes, introduced as part of the 2024 Federal Budget, aim to strengthen anti-money laundering (AML) and anti-terrorist financing compliance.

Accounting and bookkeeping software providers, such as QuickBooks, have updated their compliance protocols to meet these new standards. As a result, business owners may need to submit specific documentation to maintain access to these services. Businesses should be prepared to provide the necessary documentation by March 20, 2025. Failure to comply could result in service disruptions.

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