Launch Your Insurance Agency in Burnaby: Eight Essential Requirements
This page provides a practical, step-by-step path to starting an insurance agencies and brokerages business in Burnaby (NAICS 524210). It highlights eight essential requirements, the permits and licenses you’ll need, typical startup costs, and a realistic timeline from registration to opening your doors. It also explains compliance basics to help you stay on track.
What you’ll learn: the exact steps to tackle licensing, register for a business number, and acquire the necessary insurance broker licenses and Burnaby business license. You’ll also budget for initial costs (licensing, office or home workspace, software, and E&O insurance) and map a practical 4–12 week timeline from setup to launch.
Burnaby is a great place to launch. Its proximity to Vancouver, diverse client base, and friendly small-business climate support growth for insurance agencies. You’ll also learn cost-saving tips and timelines specific to Burnaby, helping you move from idea to active agency with confidence.
Requirements Overview
The most critical requirement for operating a business in Burnaby is Business Number (BN) Registration. This is a federal obligation managed by the Canada Revenue Agency, and you cannot legally operate a business or open essential accounts without it. Getting your BN set up correctly is non-negotiable and will be the key reference point for taxes, payroll, and many government filings.
Next come the mandatory operational compliance steps that keep you on the right side of the rules. You’ll need FINTRAC Registration for anti-money-laundering controls, and you must hold a BC Insurance Agent/Broker Licence from the Insurance Council of BC before selling or brokering insurance in the province. If you’re using a business name, you’ll also need BC Business Name Registration, and it’s wise to carry Province of British Columbia Professional Liability Insurance. If you have employees, WorkSafeBC coverage and registration are essential to meet health and safety obligations.
Business Registration & Tax is the third pillar. You’ll need your BN alongside BC Business Name Registration, and you’ll handle tax-related registrations such as GST/HST and Payroll Deductions Registration. Having these numbers organized from day one makes billing, payroll, and tax reporting straightforward and compliant across federal and provincial systems.
You’ve got this. Take the next steps one by one: contact the Insurance Council of BC to begin broker-licensing steps, register your business name with BC, set up FINTRAC reporting, arrange WorkSafeBC coverage, and consult a tax professional to confirm your GST/HST and payroll requirements. With a clear plan and these non-negotiable milestones, you’ll be well on your way to a compliant, successful insurance agency in Burnaby.
Detailed Requirements
Here are the specific requirements for starting a insurance agencies and brokerages 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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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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BC Insurance Agent/Broker Licence (Insurance Council of BC) RequiredLicence to sell insurance products in British Columbia, regulated by Insurance Council of BC with three levels of licensing for general insurance, life insurance, and adjusters Apply through Insurance Council of BC. Level 1: Complete Fundamentals of Insurance ($249) or CAIB 1 + ICBC Autoplan Essentials. Exam fee: $195. Level 2: Work independently. Level 3: Manage brokerage. Must be nominated by licensed entity. April 2024: Level 3 no longer requires management role. Contact: Insurance Council of BC.
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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.
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Province of British Columbia Professional Liability Insurance RecommendedRegulated professionals must maintain professional liability (errors & omissions) insurance as required by their professional regulatory body. Not provincially mandated but STRONGLY RECOMMENDED for professional services: - Errors & Omissions (E&O) / Professional Liability: Covers negligence claims - General Liability: Min $1M-2M coverage, covers bodily injury/property damage - Required by many clients, landlords, and professional associations - Get quotes from commercial insurance brokers or professional associations - Premiums vary by profession, revenue, and claims history - Some professions (lawyers, accountants, health practitioners) have MANDATORY coverage through their regulatory college
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