Launch Your Burnaby Residential Building Lessor Business Now
This page gives you a practical, friendly roadmap to launching a Lessors of Residential Buildings and Dwellings business in Burnaby (NAICS 531110). You’ll find a straightforward overview of what’s required, including a five-point requirements check, the permits you may need, typical start-up costs, and a realistic timeline from day one to your first rental. It’s designed to help new landlords move from idea to income with confidence.
You’ll learn exactly what to prepare and do: the five key requirements you must meet (ownership or operator details, business registration, landlord-tenant compliance, insurance, and building permits/zoning), which permits apply in Burnaby, and how to estimate costs such as licensing, insurance, registration, and any property improvements. We map out a practical timeline—when to file, when approvals typically come through, and when you can list your first unit. You’ll also spot common hurdles and how to avoid delays.
Burnaby’s steady growth, transit access, and strong rental demand make this a solid fit for a residential lessor business. With clear local processes and supportive resources, you can build a compliant, income-ready portfolio.
Requirements Overview
The most critical requirement for operating a business in Burnaby is the Business Number (BN) Registration. This is a legal must-have in Canada, and you cannot legally run a rental or property-management operation without it. This is non-negotiable. The BN is used to handle federal tax accounts and to open business banking arrangements with suppliers and government agencies.
Mandatory operational considerations include health and safety. If you have employees or contract workers, you must have WorkSafeBC Coverage and Registration. Keep rental properties up to code with basic safety measures (fire detectors, exits) and comply with local Burnaby bylaw requirements for property management. These items ensure you and your tenants stay safe and compliant and become part of the daily routine.
Business Registration & Tax: In addition to your BN, register your BC Business Name if you operate as a sole proprietor or partnership under a name other than yours. Plan for tax numbers: GST/HST Registration if your revenue meets the threshold, and Payroll Deductions Registration if you have employees. Linking these to your BN helps you file correctly and stay compliant with provincial and federal authorities.
Next steps: Decide your business structure, apply for the BN through the CRA, and complete BC Business Name registration if needed. If applicable, set up GST/HST and payroll accounts, and arrange WorkSafeBC coverage. Keep clear records and seek local guidance from Burnaby business services if you’d like help mapping the steps to your properties. You’ve got this—start with the BN and go from there.
Detailed Requirements
Here are the specific requirements for starting a lessors of residential buildings and dwellings 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 residential buildings and dwellings:
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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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