Launch a Mortgage and Nonmortgage Loan Brokerage in Calgary
This page serves as your practical, step-by-step guide to starting a Mortgage and Nonmortgage Loan Brokerage (NAICS 522310) in Calgary. It outlines what you need to launch, including the 13 requirements you’ll complete, the permits and licenses involved, and a realistic cost and timeline so you can plan with confidence.
You’ll learn exactly what to prepare: the 13 requirements, which permits apply in Calgary, typical startup costs (licensing, insurance, software, and office setup), and a clear timeline from registration to opening. The guide breaks down essential steps—choosing a business structure, obtaining licensing and compliance approvals, forming lender relationships, and building a client-ready operation—so you can move forward with clarity.
Calgary is a strong fit for mortgage and loan brokers: a growing market, active real estate and business communities, and a welcoming startup climate. The city’s dynamic lenders and diverse client base create steady demand for trusted lending advice, making Calgary a smart place to launch and grow your brokerage.
Requirements Overview
The most critical requirement for operating a mortgage broker business in Calgary is Alberta Mortgage Broker/Associate Licence (RECA). This licence is issued by the Real Estate Council of Alberta and you cannot legally run as a mortgage broker without it. It is non-negotiable—without RECA licensure you are not allowed to originate or broker mortgages in Alberta, so securing this credential should be your first step.
Beyond licensing, you must meet ongoing regulatory obligations that keep your business compliant and protect consumers. Core operational requirements include FINTRAC Registration (Anti-Money Laundering) and FINTRAC Reporting Entity Registration, plus maintaining an Anti-Money Laundering Compliance Program. Depending on your activities, you may also need Financial Institution Registration. These rules are mandatory and enforceable, and failing them can lead to penalties.
Business Registration & Tax: To operate, you’ll need a Business Number (BN) and, if you’re using a trade name or operating as a sole proprietorship, Alberta Business Name registration. A Calgary Business Licence is typically required to operate locally. You’ll also want to set up GST/HST registration and Payroll Deductions Registration if you have employees. If you form a corporation or partnership, you’ll need Alberta Corporation Registration or Partnership Registration, and consider Alberta WCB Employer Registration for any staff.
Next steps: start with obtaining the RECA licence, then complete FINTRAC registrations and implement an AML program. Set up your BN, business name, and local business licence, and arrange the necessary tax registrations. Decide on your business structure early (sole proprietor, corporation, or partnership) and plan a practical timeline. If you’d like, I can outline a step-by-step checklist to keep you on track and avoid delays.
Detailed Requirements
Here are the specific requirements for starting a mortgage and nonmortgage loan brokers in Calgary:
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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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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
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Alberta Mortgage Broker/Associate Licence (RECA) RequiredMortgage brokers and agents arranging residential or commercial mortgages must be licensed by provincial financial services regulatory authorities. Licensing requires completion of approved pre-licensing education, passing examinations, background checks, errors and omissions insurance, and ongoing continuing education. Brokers operate licensed brokerages, while agents work under licensed brokers. License holders must follow disclosure requirements, suitability assessments, fair dealing obligations, and advertising standards. Brokers must maintain trust accounts for client funds, implement privacy protections, and comply with anti-money laundering requirements. Provincial regulators conduct audits and investigate complaints. Mortgage fraud, unlicensed activity, or violations of conduct standards result in license suspension, fines, and potential criminal charges. Requirements protect consumers from predatory lending and ensure professional mortgage advice. Apply to RECA for mortgage broker/associate licence. Complete pre-licensing education (Fundamentals and Practice courses), pass exams, obtain employment with brokerage, and apply for licence. $475 annual fee plus $100 assurance fund.
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Business Licence RequiredGeneral business licence required to operate a business in City of Calgary. Apply to City of Calgary for Business Licence: 1. Determine business category 2. Complete business licence application 3. Submit required documents (ID, lease, zoning confirmation) 4. Pay application and annual fees 5. Await approval and receive licence Contact City of Calgary Business Licensing for specific requirements. Home-based businesses may have different requirements. Annual renewal required.
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Alberta Business Name Registration (Trade Name/Sole Proprietorship) RequiredRegistration of business names (trade names) for sole proprietorships and partnerships with Alberta Corporate Registry (CORES) Register through authorized registry agent. Fee: $10 government + ~$50 service fee. Complete Declaration of Trade Name form (REG3018). Requires government-issued photo ID. Cannot use "limited", "incorporated", or "corporation". Registration does not grant name ownership. Contact: Service Alberta registry agent.
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Alberta WCB Employer Registration ConditionalRequired if you have employees or contractors in Alberta. Workers' Compensation Board employer registration for workplace injury coverage in Alberta Register online at wcb.ab.ca. Most employers required by law. Minimum premium: $200. Premium rate based on industry classification per $100 assessable earnings. File annual return with worker earnings. Some industries exempt but can apply voluntarily. Contact: WCB at 1-866-922-9221.
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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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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
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Alberta Corporation Registration ConditionalRequired if incorporating a business in Alberta. Registration to incorporate a business in Alberta. Incorporate through Alberta Corporate Registry: 1. Conduct NUANS name search ($30-40) 2. Prepare Articles of Incorporation 3. Submit through registry agent 4. Pay incorporation fees Government fee: $275 + ~$100 service fee. Annual return required ($50 government fee + ~$25 service fee). Federal incorporation is alternative option.
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Partnership Registration ConditionalRequired for partnerships. Registration for general or limited partnerships in Alberta. Register through Alberta Corporate Registry: 1. Conduct NUANS name search 2. Complete Partnership Registration form 3. Submit through registry agent 4. Pay registration fees General and limited partnerships require registration. Government fee similar to trade name registration. Service fees not regulated - compare agents.
Funding & Grants
Available funding programs that may apply to your mortgage and nonmortgage loan brokers:
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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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