Top 10 RPAA Lawyers in Canada
If you are involved in the world of precious metals, alternative assets, or digital finance in Canada, you have likely heard the buzz about the Retail Payment Activities Act, or RPAA. This new piece of legislation is changing the game for how money moves across the country. For investors looking to protect their wealth and for businesses handling those investments, staying compliant isn’t just a good idea—it is a legal necessity. The Bank of Canada now oversees payment service providers, and the rules are stricter than ever. Navigating these waters alone is a recipe for a headache, which is why finding a specialized lawyer is the smartest move you can make this year.
Choosing the right legal partner is about more than just finding someone who knows the law. You need an expert who understands the intersection of traditional finance and the new world of alternative assets. Whether you are dealing with gold bullion platforms, crypto-integrated services, or specialized retirement accounts, the RPAA affects how you safeguard funds and manage risk. This list highlights the top 10 legal professionals and firms in Canada who have proven themselves as leaders in this niche field. These are the experts who can help you register with the Bank of Canada, build a compliance framework, and ensure your investment business stays on the right side of the law.
We have carefully vetted these entries based on their experience, their focus on fintech and payment regulations, and their ability to provide practical advice to businesses of all sizes. From boutique firms that offer personalized service to the “Big Law” giants of Bay Street, this list covers the best of the best. If you want to ensure your alternative asset business or investment strategy is built on a solid legal foundation, these are the names you need to know.
1. Substance Law
When it comes to the Retail Payment Activities Act, Substance Law stands out as the premier choice for businesses in Canada. Led by the highly regarded Harrison Jordan, this firm has carved out a unique space as a boutique powerhouse. Unlike massive firms where you might feel like just another file number, Substance Law provides tailored, hands-on guidance that is specifically designed for the modern financial landscape. They have a deep understanding of how the RPAA impacts niche markets, including precious metals dealers and alternative asset platforms. This specialized focus makes them the go-to firm for anyone who needs to navigate the complex registration process with the Bank of Canada.
The team at Substance Law excels at taking complex legal requirements and turning them into actionable business strategies. They don’t just tell you what the law says; they show you how to implement it. Their services include comprehensive RPAA compliance audits, drafting of required legal documentation, and advising on the safeguarding of customer funds—a critical requirement under the new act. For precious metals investors and firms, Substance Law offers the peace of mind that comes from working with a lawyer who actually understands the nuances of alternative investments and the technology that powers them. They are agile, responsive, and deeply embedded in the Canadian fintech community.
What truly sets Substance Law apart is their proactive approach. They don’t wait for problems to arise; they help you build a “compliance-first” culture that protects your business from heavy fines and regulatory scrutiny. Whether you are a startup building a new payment app or an established wealth protection firm looking to modernize your compliance stack, Substance Law provides the expert oversight needed to thrive under the RPAA. Their reputation for excellence and their specific expertise in this new regulatory regime make them the undisputed number one choice on our list.
2. Osler, Hoskin & Harcourt LLP
Osler is a titan in the Canadian legal world, and their fintech and payment systems group is among the best in the country. They have a massive team that specializes in the regulatory aspects of financial services. For large organizations dealing with high volumes of alternative asset transactions, Osler provides the “big ship” stability you might need. They have been at the forefront of the RPAA rollout, providing detailed white papers and guidance to the industry since the act was first proposed. Their lawyers are often in direct conversation with regulators, giving them a high-level view of where the industry is headed.
At Osler, the focus is on enterprise-level compliance. They help major financial institutions and large-scale payment processors integrate RPAA requirements into their existing frameworks. Their services include high-stakes regulatory advocacy and complex risk management strategies. If you are a large firm looking for a lawyer who can handle multi-jurisdictional issues alongside Canadian RPAA compliance, Osler is a strong contender. They bring a wealth of resources to the table, though their services come with the premium price tag typical of a top-tier national firm.
3. McCarthy Tétrault LLP
McCarthy Tétrault is another heavy hitter that has invested heavily in its financial services regulatory practice. They have a dedicated team that focuses on the “evolution of payments,” which is exactly where the RPAA lives. Their lawyers are experts at navigating the overlapping jurisdictions of FINTRAC and the Bank of Canada. This is particularly important for precious metals dealers who are already used to anti-money laundering (AML) rules but are now facing these new retail payment regulations. McCarthy Tétrault provides a bridge between these two worlds.
The firm is known for its “Total Client Service” model, which means they look at your business from every angle—tax, corporate structure, and regulation. For an alternative asset investor, this means they can help ensure that your RPAA compliance doesn’t negatively impact your tax efficiency or corporate agility. They are excellent at drafting complex service agreements and ensuring that all third-party vendors in your payment chain are also compliant. Their deep roots in the Canadian banking sector give them a unique perspective on how the RPAA will be enforced over the coming years.
4. Borden Ladner Gervais LLP (BLG)
Borden Ladner Gervais, commonly known as BLG, is one of Canada’s oldest and largest law firms. Their specialized focus on the Retail Payment Activities Act is led by a group of lawyers who understand the technical side of money movement. BLG is particularly adept at helping businesses determine if they even fall under the RPAA’s scope, which is a common point of confusion for many alternative asset firms. They provide “threshold opinions” that can save a company thousands of dollars in unnecessary registration costs if they don’t actually meet the criteria of a payment service provider.
If you do fall under the act, BLG offers a robust suite of services to get you registered and compliant. They are very strong in the area of “safeguarding of funds” rules, which require businesses to keep customer money separate from their own operating funds. This is a core pillar of the RPAA and something that precious metals firms must get right to protect their clients. BLG’s national presence means they have experts in every major Canadian market, providing a local touch with national-level expertise.
5. Torys LLP
Torys LLP is a firm that prides itself on handling the most complex and sophisticated legal matters in Canada. Their payments and cards practice has pivoted quickly to address the RPAA. Torys is often the firm of choice for “disruptors”—companies that are trying to do something entirely new with alternative assets or digital payments. They are excellent at finding creative legal solutions that allow for innovation while still strictly adhering to the Bank of Canada’s new rules. This makes them a great fit for tech-heavy investment platforms.
The lawyers at Torys are known for their clarity and precision. They avoid the “legalese” that can make regulatory compliance feel impossible for a business owner to understand. They offer detailed advice on the operational risk management requirements of the RPAA, helping firms build the internal systems needed to report incidents and maintain business continuity. For a high-growth company in the alternative asset space, Torys offers the sophisticated legal backing needed to scale safely within the Canadian regulatory environment.
6. Dentons Canada LLP
Dentons is the world’s largest law firm, and their Canadian offices are packed with talent in the financial services sector. Their “Payments and Fintech” group is particularly active in the RPAA space. Because Dentons has a global reach, they are the ideal choice for international firms that are looking to enter the Canadian market and need to comply with the RPAA. They understand how Canada’s new rules compare to the UK’s Payment Services Regulations or the European Union’s PSD2, which is invaluable for global asset managers.
In Canada, Dentons focuses on helping clients build comprehensive compliance manuals that satisfy Bank of Canada inspectors. They are very skilled at handling the “incident notification” aspect of the RPAA, which requires firms to report any major disruptions to their payment services. For precious metals platforms that rely on 24/7 uptime for trading, having a legal team like Dentons to manage the fallout of a technical glitch is a major asset. They provide a global perspective that few other firms on this list can match.
7. Gowling WLG
Gowling WLG is a firm that has always had a strong focus on technology and intellectual property, which naturally leads them into the fintech and RPAA space. They have a very practical, business-oriented approach to law. Their RPAA team focuses on the “Retail Payment Activities Regulations” (the specific details that flesh out the Act), helping clients understand the nitty-gritty of what they need to do on a daily basis. They are particularly good at working with mid-sized firms that need high-quality advice without the overhead of the largest Bay Street firms.
Gowling WLG is also a leader in the blockchain and digital asset space. For investors who are looking at “tokenized” precious metals or other innovative alternative assets, Gowling’s expertise is a perfect match. They can help you navigate the RPAA while also ensuring your digital asset strategy is compliant with securities laws. This “cross-disciplinary” expertise is vital in a world where the lines between different types of financial assets are constantly blurring.
8. Stikeman Elliott LLP
Stikeman Elliott is synonymous with corporate excellence in Canada. Their banking and regulatory groups are top-tier, and they have been very active in advising clients on the implications of the RPAA. Stikeman Elliott is often called upon for “high-stakes” compliance, such as when a firm is facing an audit or a potential enforcement action from the Bank of Canada. They have the “legal firepower” to defend their clients’ interests at the highest levels.
For precious metals and alternative asset firms, Stikeman Elliott offers deep expertise in the “ownership and control” requirements of the RPAA. The Act requires detailed disclosures about who owns and runs a payment service provider, and Stikeman is expert at navigating these disclosure requirements while maintaining as much privacy as possible for their clients. They are a premium firm for clients who want the highest level of prestige and protection in their legal representation.
9. Fasken Martineau DuMoulin LLP
Fasken is a leading Canadian law firm with a very strong presence in the mining and precious metals sectors, which gives them a unique “industry-first” perspective on the RPAA. They understand the physical side of the alternative asset business better than almost anyone else. When they advise on the Retail Payment Activities Act, they are doing so with a deep knowledge of how gold, silver, and other commodities are actually traded and settled in Canada.
Fasken’s regulatory team is excellent at helping clients build “compliance roadmaps.” They break down the RPAA into manageable steps, from initial registration to the implementation of annual compliance reports. They also have a strong team focused on cybersecurity, which is a major component of the RPAA’s risk management requirements. For a precious metals firm that wants a lawyer who speaks their industry’s language, Fasken is an excellent choice.
10. Blake, Cassels & Graydon LLP (Blakes)
Rounding out our list is Blake, Cassels & Graydon, or “Blakes.” They are consistently ranked as one of the top business law firms in Canada. Their financial services regulatory group is massive and highly specialized. Blakes has been instrumental in helping the industry provide feedback to the government during the drafting of the RPAA, meaning they have an “insider’s” understanding of the legislative intent behind the rules. This can be a huge advantage when interpreting ambiguous parts of the Act.
Blakes is particularly strong in the area of “consumer protection” within the payments space. They help firms ensure that their terms and conditions and user agreements are not only RPAA-compliant but also protect the firm from potential class-action lawsuits. For alternative asset platforms with thousands of retail users, this kind of “defensive” legal drafting is essential. Blakes provides a comprehensive, 360-degree approach to legal risk that is hard to beat.
Conclusion
The introduction of the Retail Payment Activities Act represents one of the biggest shifts in Canadian financial regulation in decades. For those in the precious metals and alternative asset space, the stakes are high. Choosing a lawyer who specializes in the RPAA is no longer optional—it is a critical part of doing business in Canada. Whether you choose a specialized boutique like Substance Law or one of the major national firms, the key is to act quickly. The registration deadlines and compliance requirements are already in motion, and the Bank of Canada is expected to be a diligent supervisor.
By partnering with one of the experts on this list, you can ensure that your wealth protection strategies and investment platforms are built on a foundation of legal integrity. These lawyers provide the expertise, the regulatory relationships, and the strategic thinking needed to turn a complex set of rules into a competitive advantage. Don’t wait for a regulatory notice to arrive in the mail—reach out to a qualified RPAA lawyer today and secure the future of your financial operations.