Launch Your Burnaby Lessors of Other Real Estate Property Business
This page offers a practical roadmap to start a Lessors of Other Real Estate Property business in Burnaby (NAICS 531190). It guides you from setup to licensing, with a clear view of costs and a realistic timeline. You’ll find a concise requirements overview designed to keep things simple, so you can move from idea to an operating lease portfolio with confidence.
This five-key path covers: 1) decide your structure and register with BC; 2) obtain a Burnaby business license and verify leasing zoning; 3) register for GST/HST with the CRA and set up basic accounting; 4) arrange essential insurance (general liability and property); 5) review landlord-tenant rules and secure any property-specific permits. You’ll also get a clear snapshot of typical startup costs and the permits you’ll encounter, so you know what to budget and when the spend happens.
Burnaby’s strong real estate market and its proximity to Vancouver create solid opportunities for steady leasing income, with friendlier startup costs and clear local processes. It’s a supportive setting for new landlords looking to scale responsibly while staying compliant.
Requirements Overview
The most critical requirement for operating a lessor of other real estate property business in Burnaby is a Business Number (BN) Registration. This BN is issued by the Canada Revenue Agency and acts as the universal identifier for taxes, payroll, and government programs. You cannot legally operate your rental business, hire staff, or open a business bank account in Canada without a BN, so treat this as non-negotiable and foundational.
Next come the mandatory operational requirements that keep you compliant and safe. If you hire employees or contract work, you must have WorkSafeBC coverage and register for payroll deductions. These steps protect workers and ensure you meet BC safety and employment standards. In addition, you may need local licenses or permits from Burnaby depending on the specific activities you undertake, so check municipal requirements to avoid any surprises.
On the registration and tax front, you’ll want to handle BC-specific business registrations and tax numbers. If you plan to operate under a name other than your own, you’ll need BC Business Name Registration (Sole Proprietorship/Partnership) in addition to your BN. You’ll also handle GST/HST registration with the Canada Revenue Agency if your taxable supplies meet the threshold or if you want to collect tax on your services. If you have employees, set up payroll deductions through the appropriate federal program, and coordinate any WorkSafeBC requirements as you grow.
Next steps and encouragement: start with applying for your BN, then register your business name if you’ll operate under a trade name, and set up GST/HST and payroll/WorkSafeBC plans as needed. Use official government resources to confirm current thresholds and forms, and consider talking with an accountant or business advisor to tailor these steps to your Burnaby rental business. With a clear, step-by-step plan, you’ll be on solid footing to launch confidently.
Detailed Requirements
Here are the specific requirements for starting a lessors of other real estate property 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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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 lessors of other real estate property:
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MLI Select is Canada Mortgage and Housing Corporation's multi-unit mortgage loan insurance product that uses a points-based scoring system to offer enhanced financing terms to borrowers who commit to affordability, accessibility, and/or energy-efficiency outcomes. Projects earn points across three pillars — affordability (rents at 30% of median regional renter income), …
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The Housing Accelerator Fund is a $4.4 billion CMHC initiative running to 2027–28 that provides non-repayable contributions to local governments. Funding is calculated per projected new housing unit enabled by the applicant's action plan, with per-unit amounts varying by housing type (approx. $12,000–$20,000+ per unit). Payments are delivered in four …
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$300M program that ran five competitive rounds (2019-2025) through Impact Canada and CMHC, each targeting different supply barriers. Round 5 (Level-Up, $65M) focused on transforming housing production at scale via skill enhancement, automation, and supply chain improvements. All five rounds are now completed with prize recipients announced.
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The $1.5B CHDP provides up to 100% of project costs via forgivable loans (up to 1/3 of costs, forgiven over 20 years) and repayable loans (up to 2/3 of costs, amortized up to 50 years at below-market rates). First intake ran July–September 2024; additional rounds planned through 2027. Third intake …
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The FLI is a $318.9M fund that makes surplus federal properties available to eligible housing providers at below-market or no cost. The level of discount depends on social outcomes committed to in the approved proposal. Over 90 properties are listed on the Canada Public Land Bank. Budget 2024 added $112.6M …
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