Launch Your Financial Transactions Processing Firm in Burnaby Today
This page guides you through starting a Financial Transactions Processing, Reserve, and Clearinghouse business (NAICS 522320) in Burnaby. It offers a practical, step-by-step path from business registration to licensing and setup, with a clear breakdown of the seven essential requirements, the permits you’ll likely need, typical costs, and a realistic timeline. You’ll get a solid overview of what must be in place before you can operate, plus a straightforward starter checklist to keep you moving.
This guide walks you through the seven core requirements you’ll face, from choosing a legal structure and registering your company to securing a Burnaby business license and confirming zoning compliance. It covers FINTRAC registration for money services, implementing an AML/CTF program, and building solid data security (including PCI DSS considerations). You’ll also see estimated costs, ongoing compliance needs, and an achievable timeline.
Burnaby offers a practical launchpad—strong local talent, proximity to Vancouver’s fintech ecosystem, and supportive city services to help new financial-technology ventures grow. With clear next steps and a realistic timeline, you can move from planning to regulated operations faster.
Requirements Overview
Starting a financial transactions processing, reserve, and clearinghouse business in Burnaby requires several mandatory registrations. The four core items you must complete before you operate are: a Business Number (BN) from the Canada Revenue Agency; BC Business Name Registration if you are a sole proprietor or partnership; Financial Institution Registration with the appropriate regulator; and FINTRAC registration for anti-money-laundering compliance. These registrations are legally required and non-negotiable—you cannot legally run this type of business without them. Tackle them early to set a solid foundation before you start processing payments.
Mandatory Operational Requirements: Health, safety, and permits. Ensure you have WorkSafeBC coverage for any employees and implement basic safety practices. If you hire staff, set up payroll deductions and keep records. You’ll also meet ongoing regulatory expectations tied to FINTRAC and your registrations. This group covers day-to-day compliance that keeps your operation lawful and trusted.
Business Registration & Tax: In addition to BN and BC Name Registration, you’ll handle GST/HST and payroll obligations. Register for GST/HST if your revenue crosses the threshold, or if you expect it to. The BN ties you to federal tax accounts, and BC Name Registration confirms your business name in the province. Payroll deductions apply to employee taxes, and WorkSafeBC premiums may apply if you have staff.
Encouragement: Next steps are practical. Gather your business details, documents, and CRA/BC registration contacts; set up online accounts; and map out a simple plan with milestones. If you’d like, I can help build a Burnaby-specific checklist to keep you on track and avoid delays.
Detailed Requirements
Here are the specific requirements for starting a financial transactions processing, reserve, and clearinghouse activities 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 financial transactions processing, reserve, and clearinghouse activities:
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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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