A Canadian entity is a business that is incorporated in Canada.
Float is a registered MSB (Money Services Business) in Canada.
Both CAD and USD funds are in trust under your business's name within dedicated trust accounts at Scotiabank. This means that funds are legally separated from Float’s own assets, and in the extremely unlikely event that Float Financial were to go out of business, your funds would remain safe.
In addition, we've partnered with Scotiabank to offer our customers CDIC insurance of up to $100,000 CAD (combined across both CAD and USD cash accounts).
Please note: Float is not a bank or CDIC member institution. Float is a registered MSB (Money Services Business) in Canada. We are also SOC2, Type 2-certified, ensuring adherence to robust security protocols as verified by independent audits.
For more information, visit our Trust Centre
Frequently Asked Questions
What is CDIC insurance?
CDIC (Canada Deposit Insurance Corporation) is a federal crown corporation that protects deposits held at its member financial institutions in the event of one of those institutions failing.
Your funds held in Float (in both CAD and USD accounts) will be protected up to $100,000 CAD total.
What happens to Bill Pay funds?
Bill Pay funds are safeguarded separately from Float Cash balances and are held with Float’s payment partners, depending on the payment method used.
Float uses different partners to process Bill Pay payments:
CAD domestic transfers (EFT): Delivered through JPMorgan Chase Bank
USD ACH transfers: Delivered through Thread Bank
International and domestic Wire transfers: Delivered through Currencycloud
Can you provide more details on the upcoming RPAA protections?
The RPAA is a regulatory framework to improve the safety and efficiency of retail payments in Canada. Key obligations for PSPs (like Float) include:
- Risk Management & Incident Response: By Sept 8, 2025, PSPs must establish frameworks to manage operational risks and respond to incidents. This risk management and incident response framework has been in place since Sept 8, 2025
- Safeguarding End-User Funds: PSPs must protect customer funds in case of insolvency. This is done by holding funds in trust or in segregated accounts with insurance or guarantees. Float’s safeguarding framework was fully in place on Sept 8, 2025.
How does the trust account structure limit exposure?
Trust accounts keep customer funds legally separate from Float’s operational funds, reducing risks tied to insolvency, regulatory issues, or mismanagement.
Does RPAA compliance change how I use Float day-to-day?
No. Your account experience stays the same. You can continue to use Float as you always have, and log in anytime to view your balances and transactions.
What’s the timeline for these changes?
All requirements have been in place since September 8, 2025. Float has already registered under the RPAA and is finalizing the implementation of the required safeguards.
Are my funds still mine if they are in a trust account?
Yes. Your funds remain beneficially owned by you and are held in trust solely for your benefit. Float cannot use these funds for operational purposes.
Why is the government introducing the RPAA now?
The RPAA was created to strengthen trust in Canada’s payments ecosystem, making sure that customer funds are better protected and that payment providers have strong safeguards against risk.
What if I don’t consent to my funds being held in trust, or I don’t fully understand these changes?
Please contact us directly at security@floatfinancial.com. Our team will be happy to walk you through the details or assist with the next steps.