At the University of Toronto's Space Flight Laboratory, two satellites, CanX-4 and CanX-5, are currently in development for the purpose of demonstrating autonomous formation flying using nanosatellite buses. The use of a nanosatellite bus offers a cost-effective means to investigate the possibility of future satellite missions involving multiple spacecraft that together act as a single mission spacecraft for coordinated observations, in situ measurements, or virtual instrumentation. In order for formation flying to take place, a novel cold-gas propulsion system called the Canadian Nanosatellite Advanced Propulsion System (CNAPS), is also being developed to provide the thrust needed for formation maintenance and augmentation. The technologies and design schemes used in CNAPS stem from the Nanosatellite Propulsion System (NANOPS), which was built as a technology demonstrator on the CanX-2 nanosatellite. While NANOPS is a key payload on CanX-2, several other key enabling technologies are being tested in an attempt to mitigate risk and improve the reliability of the critical components intended for the CanX-4/-5 mission such as a GPS receiver and antenna, attitude control system, and CMOS imaging system. The details of the design and testing as well as recommendations for further development for both NANOPS and CNAPS are discussed.