Bruno Ciaburro, 43, and Julie Paquette, 39, are expected to face charges of fraud exceeding $5,000 as well as making false documents.
RCMP spokesman, Sgt. Christian Sabourin said Industry Canada's small business financing program was targeted.
Authorities believe the couple set up 46 false companies as part of the scheme. They have been investigating the couple since 2008.
Sabourin said the couple was so persuasive that they allegedly recruited people with good credit rating to front the bogus companies.
"Basically, you're talking about 46 district investigations. You have to prove 46 events, so it's a huge file. We're happy that today we're able to deliver on this big file," said Sabourin.
Both suspects are set to appear in the Longueuil courthouse on October 16.