Launch a Mortgage and Nonmortgage Loan Brokerage in Burnaby
This page shows you how to start a Mortgage and Nonmortgage Loan Brokerage in Burnaby, BC (NAICS 522310). It delivers a practical, step-by-step roadmap focused on the 10 essential requirements to operate legally, from company setup to licensing and oversight. You’ll find a clear overview of what’s needed, which permits or approvals matter, and a realistic path to move from idea to an open, compliant business.
You’ll learn exactly what the 10 requirements cover, including regulatory licenses, business registration, and any surety bonds or errors-and-omissions (E&O) insurance. We outline the permits and approvals you’ll encounter, along with the ongoing compliance program your team needs. The guide also breaks down start-up costs—licensing fees, insurance, office setup, and essential software—and provides a practical timeline, typically a 6–12 week window from start to launch.
Burnaby is a great place for a loan brokerage—close to Vancouver, with a vibrant real estate market and solid support for small businesses. This city–business combo gives you strong client access and growth potential right away.
Requirements Overview
The most critical requirement for operating a mortgage broker business in Burnaby is BC Mortgage Broker Registration (BCFSA). This license is the gatekeeper that lets you legally practice as a broker in British Columbia, and you cannot start or run the business without it. This is non-negotiable: without BCFSA registration, you cannot legally offer mortgage or non-mortgage loan brokerage services in Burnaby.
On the operational side, you’ll need to line up essential regulatory and safety requirements before serving clients. Key items include FINTRAC Registration (Anti-Money Laundering) and FINTRAC Reporting Entity Registration, along with implementing an Anti-Money Laundering Compliance Program. These act like the “rules of the road” for handling client funds and reporting suspicious activity. You’ll also want WorkSafeBC Coverage and Registration to meet workplace safety obligations. Depending on your setup, you may also have a Financial Institution Registration requirement as part of your lending activities; treat these as core compliance checks before onboarding any clients.
For business registration and taxes, secure a Business Number (BN) registration with the Canada Revenue Agency, then register your BC Business Name if you’re operating as a sole proprietorship or partnership. Plan for GST/HST registration and Payroll D deductions registration if you hire staff or handle payroll for yourself and others. These tax numbers and registrations keep your finances organized and ensure you collect and remit taxes correctly.
If you’d like, I can map out a quick checklist with steps and timelines (what to apply for first, where to submit, and typical turnaround times) to get you from planning to compliant startup. With clear milestones and support, you’ll feel confident moving forward.
Detailed Requirements
Here are the specific requirements for starting a mortgage and nonmortgage loan brokers in Burnaby:
-
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).
-
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.
-
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.
-
FINTRAC Reporting Entity Registration RequiredBusinesses engaged in financial activities must register with FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) as a reporting entity under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. Register with FINTRAC if you are a Money Services Business (MSB) or reporting entity: 1. Visit fintrac-canafe.canada.ca before beginning operations 2. Required for: MSBs, banks, credit unions, insurance, accountants, real estate, casinos 3. Submit registration form via secure Canada Post Connect 4. Need: Business info, criminal record checks (issued within 6 months) 5. Keep registration current and renew as required 6. Changes to business info must be reported within 30 days Recent changes: Title insurers, payment providers, crowdfunding now included
-
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.
-
BC Mortgage Broker Registration (BCFSA) RequiredRegistration for mortgage brokers and submortgage brokers in British Columbia through the Financial Services Regulatory Authority Register with BC Financial Services Authority (BCFSA). Registration fee: $1,500. Pre-licensing education required through approved providers. Must be employed by licensed brokerage. Criminal record check and errors & omissions insurance required. Processing: 10-20 business days. Contact: BCFSA at 604-660-3555.
-
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.
-
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.
-
Anti-Money Laundering Compliance Program ConditionalRequired for FINTRAC reporting entities: MSBs, banks, insurance, real estate, accountants, casinos. Implementation of a comprehensive AML/ATF compliance program including customer identification, record keeping, suspicious transaction reporting, and staff training. Establish AML/ATF Compliance Program under PCMLTFA: 1. Appoint a Compliance Officer responsible for program 2. Develop written policies and procedures for: - Customer identification and verification (KYC) - Record-keeping (5-year retention) - Suspicious transaction reporting to FINTRAC - Risk assessment and ongoing monitoring 3. Implement staff training program 4. Conduct independent effectiveness review every 2 years 5. Report listed persons/entities property to FINTRAC Details at fintrac-canafe.canada.ca/guidance-directives
-
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 mortgage and nonmortgage loan brokers:
-
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 …
Ready to Launch Your Business?
Starting a business can be complex, but you don't have to do it alone. Our AI-powered business matcher can help you understand exactly what you need for your specific situation.
Try Our AI Business Matcher Get Expert Help
No credit card required • Takes 2 minutes
Browse Other Business Sectors
Explore business requirements in other industries: