Payouts and settlement times with Shopify Payments in Canada

With Shopify Payments in Canada, you can receive payouts in Canadian dollars (CAD) on all subscription plans. If your store is on the Advanced plan or the Shopify Plus plan, then you can receive payouts in multiple currencies. The currency that your customers use to pay for their orders can be different from the currency of your payouts from Shopify Payments. Learn more about selling and getting paid in different currencies.

Settlement times for Shopify Payments in Canada

Settlement time refers to the amount of time between the moment that a customer's payment is captured and when those funds are available to be sent to your bank account. The timestamp for capturing a customer's payment is recorded in Coordinated Universal Time (UTC). Payments captured on Friday, Saturday, and Sunday are consolidated and sent as a single payout.

In Canada, the minimum settlement time is 3 days. When you begin receiving payouts, your settlement time is longer, but as you reliably fulfill orders on time, your settlement time can decrease to match the minimum settlement time for your region. There is no minimum payout amount for Shopify Payments in Canada.

The actual timing for when the funds appear in your account depends on your bank's processing times. You have the option to customize your payout schedule to daily, weekly, or monthly payouts, but this won't impact the per-transaction settlement time. You can't receive payouts on weekends or public holidays.

When you switch from one payout schedule to another, any pending payouts are delayed until the next applicable payout date under your new schedule. Avoid frequent changes to your payout schedule to prevent delays in receiving your payouts.

Learn more about scheduling your payouts.

Fees for Shopify Payments in Canada

Shopify Payments fees are location-dependent and can vary. To get the most accurate and detailed information about fees, visit the plans and pricing page for Canada. This page provides a breakdown of the rates and fees associated with Shopify Payments based on your selected plan.

View payment rates in your Shopify admin

If you've set up Shopify Payments in Canada, then you can access information about the specific rates and fees applicable to your store location and chosen plan. For more details about applicable fees, you can access the Shopify Payments Terms of Service from your Shopify admin.

Steps:

1. From your Shopify admin, go to Settings > Payments.

2. In the Shopify Payments section, click Manage.

3. View the rates that apply to different payment methods.

Receiving payouts in multiple currencies with Shopify Payments in Canada

If your store is on the Advanced plan or the Shopify Plus plan, then you can set any supported payout currency as your default payout currency. If your default payout currency is your domestic currency of CAD in Canada, then you won't incur Multi-Currency Payout fees.

If you set up additional bank accounts for payouts, then Multi-Currency Payout fees apply based on your location and Shopify plan. Orders that are placed in a currency that isn't set up to receive Shopify Payments payouts are paid out to your default currency bank account. If the account is in a non-domestic currency, then you incur a currency exchange fee.

You aren't charged extra fees for orders in your domestic currency paid out to a bank in your domestic region, even if your domestic currency isn't your default payout currency.

If you choose a non-domestic currency as your default currency, then any payouts that you receive are charged a Multi-Currency Payout fee depending on your location and Shopify subscription plan. For example, if you use Shopify Payments in Canada and you choose USD as your default currency, then you're charged a Multi-Currency Payout fee.

Supported payout currencies with Shopify Payments in Canada

You can receive payouts in the following currencies when using Multi-Currency Payouts with Shopify Payments in Canada:

If you want to receive payouts in multiple currencies, then you must adhere to certain currency, Shopify subscription plan, location, and bank account requirements. Learn more about Multi-Currency Payouts.

View your payouts

You can view your payouts in the Shopify admin and review any payout transfers that are pending, in transit, paid, or failed.

Steps: