Launch Your Burnaby Consumer Lending Business — Step by Step
This page offers a clear, practical path to starting a consumer lending business in Burnaby under NAICS code 522291. It covers the seven essential requirements you must meet to operate legally, including business registration, provincial lending licenses, and the permits and filings Burnaby regulators expect. You’ll also see how costs stack up, how to budget, and the typical timeline from start to first loan. It’s written in plain language, with real-world tips to avoid common pitfalls.
From licenses and permits to capital requirements and anti-money-laundering controls, you'll learn what the seven steps look like in practice. We'll break down upfront setup costs (registrations, insurance, and technology), ongoing compliance fees, and a realistic timeline—from your initial registration to when you can start taking regulated loans. Expect practical checklists, example budgets, and a realistic pace that keeps you compliant without slowing growth.
Burnaby offers a growing fintech scene, easy access to Vancouver clients, and supportive small-business programs that make launching a consumer lending business practical. Plus, a strong local talent pool and a straightforward regulatory environment help you build trust with borrowers from day one.
Requirements Overview
The most critical requirement for operating a consumer lending business in Burnaby is the Business Number (BN) Registration. This is the federal identifier you use to deal with the Canada Revenue Agency for taxes and reporting. You cannot legally operate without a BN, and without it you won’t be able to open a business bank account, issue receipts, or file your tax returns. This requirement is non-negotiable and forms the foundation for everything else you’ll do as a business.
Beyond the BN, you’ll need to stay on top of mandatory regulatory and safety obligations. Key operational requirements include FINTRAC Registration for anti-money-laundering rules, and potentially Financial Institution Registration if your lending activities fall under regulated financial services. You’ll also want WorkSafeBC coverage and registration to ensure workplace safety and to provide coverage for any employees. Treat these as ongoing compliance duties that protect you and your customers.
For registration and tax administration, plan on BC Business Name Registration if you operate under a name other than your own, and make sure you have a BN handy for all filings. You’ll also likely handle tax registrations such as GST/HST, as well as Payroll Deductions Registration if you hire staff. These items help you collect and remit the right taxes and manage payroll properly, keeping you aligned with provincial and federal requirements.
Ready to get started? Break it into steps: confirm which registrations apply to your exact lending model, gather the needed documents, and apply online or with the appropriate agencies. Consider looping in a small business advisor or an accountant to keep you on track and avoid surprises. You’ve got this—take the first step and build your compliance plan one piece at a time.
Detailed Requirements
Here are the specific requirements for starting a consumer lending in Burnaby:
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Business Number (BN) Registration RequiredA 9-digit Business Number is required for most businesses operating in Canada. It is used to interact with the Canada Revenue Agency and other federal programs. Required for GST/HST, payroll, corporation income tax, and import/export accounts. Register FREE online through Business Registration Online (BRO) at canada.ca. Takes 15-30 minutes. As of November 3, 2025, online registration is MANDATORY for new BNs - phone registration no longer available. You'll need: business name, address, owner SIN, business type, and start date. BN (9-digit number) issued INSTANTLY online. Available 21 hours/day, 7 days/week (closed 3-6am ET for maintenance).
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Financial Institution Registration RequiredFinancial institutions must be registered/licensed with federal (OSFI) or provincial (FSRA) regulators depending on incorporation and services offered. OSFI regulates federally incorporated banks, trust companies, insurance companies. Bank Act, Trust and Loan Companies Act, Insurance Companies Act. Provincial alternatives for credit unions. Minimum capital requirements. Governance requirements. Contact OSFI: 1-800-385-8647.
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FINTRAC Registration (Anti-Money Laundering) RequiredFinancial services must register with FINTRAC and implement anti-money laundering and terrorist financing compliance programs. Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). Mandatory for: MSBs, casinos, real estate, securities, accountants, BC notaries. Register online. Compliance program required. Suspicious transaction reporting. Large cash reporting ($10K+). Keep records 5 years. Contact FINTRAC: 1-866-346-8722.
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BC Business Name Registration (Sole Proprietorship/Partnership) RequiredRegistration of sole proprietorship or partnership business names with BC Registries Register sole proprietorship or partnership at bcregistry.gov.bc.ca. Name reservation: $30 (standard) or $100 (priority 1-2 days). Registration fee: $40. Total: ~$70. Name reserved for 56 days after approval. Registration is continuous (no renewal required). No name protection for sole proprietorships. Personal names operating under own name do not require registration. Contact BC Registries: 1-877-526-1526.
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GST/HST Registration ConditionalRequired if annual taxable revenue exceeds $30,000 (small supplier threshold). Taxi/ride-share drivers must register regardless of revenue. Businesses with gross revenues over $30,000 in any single quarter or over four consecutive quarters must register for, collect, and remit GST/HST. Small suppliers (under $30,000) may register voluntarily. Register FREE online through Business Registration Online (BRO) when your revenue exceeds $30,000 in any 4 consecutive quarters (small supplier threshold). Takes 15-30 minutes. You MUST register within 29 days of exceeding threshold and start charging GST/HST immediately on the sale that made you exceed it. Need your BN (or get one simultaneously). As of Nov 3, 2025, online registration is mandatory. Voluntary registration available anytime for input tax credits.
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Payroll Deductions Registration ConditionalRequired if you pay salaries, wages, or other remuneration to employees. Must register before first pay period. Required if you have employees. You must withhold Canada Pension Plan (CPP), Employment Insurance (EI), and income tax from employee wages and remit to CRA. Register FREE online through Business Registration Online (BRO) when you hire your first employee. Takes 15-20 minutes. You'll need your Business Number (BN) or can get one simultaneously. Payroll account (RP) added to your BN instantly. Register BEFORE your first pay date. Required to deduct CPP, EI, and income tax from employee wages. For 2025: CPP rate 5.95%, EI employee rate $1.66/$100 insurable earnings.
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WorkSafeBC Coverage and Registration ConditionalRequired if you have workers in BC. Workers compensation insurance coverage through WorkSafeBC for employers in British Columbia WorkSafeBC coverage required for most BC employers. Average base premium rate: 1.55% of assessable payroll ($1.55 per $100). Register online at worksafebc.com. Apply 30 days before starting business or hiring workers. Processing: ~10 business days. Premium rates vary by industry classification (514 classification units). COR certified employers eligible for 10% rebate. Contact: 604-276-3100 or 1-888-967-5377.
Funding & Grants
Available funding programs that may apply to your consumer lending:
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The Invest Nova Scotia Payroll Rebate is a negotiated incentive for knowledge-based companies creating at least 20 net new full-time positions in Nova Scotia. The rebate is 5–10% of eligible gross payroll, disbursed annually over a set period (typically up to 5 years), after audited confirmation of job creation. Eligible …
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