DaxAir is a 703 company that provides air taxi services. While it is most definitely regulated by Transport Canada, it is not subject to SMS and it does not have to assume any of the related costs at this time, but eventually, it will be.
In terms of commercial requirements, this company must have an operations manual and follow a maintenance schedule, just like Air Canada, although the requirements are not as stringent, since it is a 703 company. However, the fact remains that this company must account for its commercial activities.