Should I apply for a new Canadian MSB registration or acquire an existing registered company?

I would compare the two routes against your actual operating model, available capital, and launch requirements.

Starting a new company lets you build the structure around your own business from the beginning. You still need to prepare the registration information, compliance framework, supporting documents, banking applications, and operating arrangements. The administrative work and processing time need to be included in the plan.

An acquisition may provide an existing entity and some useful infrastructure. Its value depends on what comes with it: operating history, compliance standing, records, banking relationships, technology, and a workable handover. An inexpensive company can become an expensive project if those foundations need rebuilding.

Check regulatory status carefully. FINTRAC registration is not an endorsement or license, and a seller's statement that an RPAA application has been “filed” is different from confirmed Bank of Canada registration. Verify the actual records and the obligations attached to the transaction. FINTRAC registry guidance, Bank of Canada registration framework

For an already registered payment service provider, a change of control requires a new registration before the acquisition. That can materially affect the timetable. RPAA, section 24

I would therefore compare total cost to an operational business, including due diligence, remediation, regulatory work, and handover. Avoid choosing solely on the purchase price or a promised transfer date. Establish whether FINTRAC, RPAA, or both apply from the outset, rather than assuming that one process can always wait until after the other.